Company registration number 3320040 (England and Wales)
RESEARCH QUALITY ASSOCIATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
RESEARCH QUALITY ASSOCIATION LIMITED
COMPANY INFORMATION
Directors
A Wilkinson
P Bones
R Cope
J Donald
M Jones
T Stiles
G Sandom
S Thanathparambil
Secretary
A Wilkinson
Company number
3320040
Registered office
3 Wherry Lane
Ipswich
IP4 1LG
Accountants
Ensors Accountants LLP
Connexions
159 Princes Street
Ipswich
IP1 1QJ
RESEARCH QUALITY ASSOCIATION LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2
Notes to the financial statements
3 - 9
RESEARCH QUALITY ASSOCIATION LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF RESEARCH QUALITY ASSOCIATION LIMITED FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Research Quality Association Limited for the year ended 30 April 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Research Quality Association Limited, as a body, in accordance with the terms of our engagement letter dated 9 January 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Research Quality Association Limited and state those matters that we have agreed to state to the board of directors of Research Quality Association Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Research Quality Association Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Research Quality Association Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Research Quality Association Limited. You consider that Research Quality Association Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Research Quality Association Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ensors Accountants LLP
15 August 2024
Chartered Accountants
Connexions
159 Princes Street
Ipswich
IP1 1QJ
RESEARCH QUALITY ASSOCIATION LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
114,897
148,122
Tangible assets
5
14,017
10,541
128,914
158,663
Current assets
Stocks
1,740
2,485
Debtors
6
116,911
158,371
Cash at bank and in hand
782,597
760,084
901,248
920,940
Creditors: amounts falling due within one year
7
(440,084)
(453,708)
Net current assets
461,164
467,232
Net assets
590,078
625,895
Reserves
Income and expenditure account
590,078
625,895
Members' funds
590,078
625,895

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 13 August 2024 and are signed on its behalf by:
A Wilkinson
Director
Company registration number 3320040 (England and Wales)
RESEARCH QUALITY ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Research Quality Association Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 3 Wherry Lane, Ipswich, IP4 1LG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover compromises revenue recognised by the association in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

 

Turnover generated from the provision of information, training, conferences and meetings is recognised in the financial statements on inception of the service being provided. Invoices are raised in advance of the service being provided. Any income generated in a financial period that relates to services not provided at that date is deferred and included within other creditors.

 

Turnover generated from subscriptions is recognised in the financial statements for the period which the service is being provided to members. Membership services are for the period 1 January to 31 December, therefore income is deferred from 1 May for the service not provided at the Balance Sheet date and included within other creditors.

1.3
Intangible fixed assets other than goodwill

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

 

Development costs on defined projects, which have been assessed for technical feasibility and commercial viability, are capitalised and amortised in relation to the revenue flows originating from the use of the product.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

CRM development
10% straight line
E-Learning Courses
20% straight line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% straight line
RESEARCH QUALITY ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

RESEARCH QUALITY ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

RESEARCH QUALITY ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Defined contribution pension plan

The association operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the association pays fixed contributions into a separate entity. Once the contributions have been paid, the association has no further payment obligations.

 

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position, The assets of the plan are held separately from the association in independently administered funds.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Foreign exchange

The association's functional and presentation currency is GBP.

 

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.13

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

RESEARCH QUALITY ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Leases

Determine whether leases entered into by the association as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Impairment of tangible and intangible assets

Determine whether there are indicators of impairment of the association's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets (see note 5)

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
8
8
RESEARCH QUALITY ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
4
Intangible fixed assets
CRM development
E-Learning Courses
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
332,246
128,825
461,071
Amortisation and impairment
At 1 May 2023
184,124
128,825
312,949
Amortisation charged for the year
33,225
-
0
33,225
At 30 April 2024
217,349
128,825
346,174
Carrying amount
At 30 April 2024
114,897
-
0
114,897
At 30 April 2023
148,122
-
0
148,122
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
121,615
Additions
9,957
At 30 April 2024
131,572
Depreciation and impairment
At 1 May 2023
111,074
Depreciation charged in the year
6,481
At 30 April 2024
117,555
Carrying amount
At 30 April 2024
14,017
At 30 April 2023
10,541
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
70,256
86,600
Other debtors
46,655
71,771
116,911
158,371
RESEARCH QUALITY ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
31,741
46,568
Corporation tax
999
5,732
Other taxation and social security
30,031
20,066
Other creditors
377,313
381,342
440,084
453,708
8
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

9
Pension commitments

The association operates a defined contributions pension scheme on behalf of the employees. The assets of the scheme are held separately from those of the association in independently administered funds. The pension cost charge represents contributions payable by the association to the funds and amounted to £28,084 (2023: £27,141). A contribution of £Nil (2023: £Nil) was due to the fund at the balance sheet date.

10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
120,771
15,513
11
Related party transactions

During the year, course fees, subscriptions and other income received from the directors was £686 (2023: £686) and fees paid on behalf of directors was £6,850 (2023: £5,750).

2024-04-302023-05-01false15 August 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityP BonesR CopeJ DonaldM JonesT StilesG SandomS ThanathparambilS ThanathparambilA Wilkinsonfalsefalse33200402023-05-012024-04-303320040bus:CompanySecretaryDirector12023-05-012024-04-303320040bus:Director12023-05-012024-04-303320040bus:Director22023-05-012024-04-303320040bus:Director32023-05-012024-04-303320040bus:Director42023-05-012024-04-303320040bus:Director52023-05-012024-04-303320040bus:Director62023-05-012024-04-303320040bus:Director72023-05-012024-04-303320040bus:CompanySecretary12023-05-012024-04-303320040bus:Director82023-05-012024-04-303320040bus:RegisteredOffice2023-05-012024-04-3033200402024-04-3033200402023-04-303320040core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-04-303320040core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2024-04-303320040core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-04-303320040core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-04-303320040core:OtherPropertyPlantEquipment2024-04-303320040core:OtherPropertyPlantEquipment2023-04-303320040core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-303320040core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-303320040core:CurrentFinancialInstruments2024-04-303320040core:CurrentFinancialInstruments2023-04-303320040core:RetainedEarningsAccumulatedLosses2024-04-303320040core:RetainedEarningsAccumulatedLosses2023-04-303320040core:IntangibleAssetsOtherThanGoodwill2023-05-012024-04-303320040core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-05-012024-04-303320040core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-05-012024-04-303320040core:PlantMachinery2023-05-012024-04-3033200402022-05-012023-04-303320040core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-04-303320040core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-04-3033200402023-04-303320040core:OtherPropertyPlantEquipment2023-04-303320040core:OtherPropertyPlantEquipment2023-05-012024-04-303320040core:WithinOneYear2024-04-303320040core:WithinOneYear2023-04-303320040bus:CompanyLimitedByGuarantee2023-05-012024-04-303320040bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-303320040bus:FRS1022023-05-012024-04-303320040bus:AuditExemptWithAccountantsReport2023-05-012024-04-303320040bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP