The British Quality Foundation
Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 02770257 (England and Wales)
The British Quality Foundation
Company Information
Directors
M Johnson
K Leftley
P Nolan
A Williams
L Iftikhar-Ali
G Kildare
Company number
02770257
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Auditors
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Bankers
HSBC
The Peak
333 Vauxhall Bridge Road
Victoria
London
SW1V 1EJ
The British Quality Foundation
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 7
The British Quality Foundation
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
3,144
1,944
Current assets
Debtors
6
49,355
49,777
Cash at bank and in hand
452,012
288,951
501,367
338,728
Creditors: amounts falling due within one year
7
(377,330)
(419,726)
Net current assets/(liabilities)
124,037
(80,998)
Total assets less current liabilities
127,181
(79,054)
Creditors: amounts falling due after more than one year
8
(2,250)
(12,002)
Net assets/(liabilities)
124,931
(91,056)
Reserves
Profit and loss reserves
124,931
(91,056)
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
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 9 August 2024 and are signed on its behalf by:
K Leftley
Director
Company Registration No. 02770257
The British Quality Foundation
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information
The British Quality Foundation is a private company limited by guarantee, domiciled and incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with section 1A of 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 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
Going concern
The company has net assets of £124,931 as at 31 December 2023 (2022: net liabilities of £91,056) after making a surplus for the year ended 31 December 2023 of £215,987 (2022: £165,187). The net assets position is stated after accounting for deferred income totalling £294,377 (2022: £313,000).
The directors have prepared detailed cash flow forecasts for the period covering the twelve months from the date of approval of these financial statements which show that the company will have sufficient cash resources to continue trading throughout that period and as such the directors continue to adopt the going concern basis of accounting in preparing these financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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:
Software
4 years straight line
The British Quality Foundation
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.5
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:
Computers
4 years straight line
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 profit or loss.
1.6
Impairment of fixed assets
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 (or cash-generating unit) 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 (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, 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.
1.7
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
1.8
Financial instruments
This company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments at fair value.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Foreign exchange
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.
The British Quality Foundation
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 4
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
4
Intangible fixed assets
Other
£
Cost
At 1 January 2023
12,200
Disposals
(12,200)
At 31 December 2023
Amortisation and impairment
At 1 January 2023
12,200
Disposals
(12,200)
At 31 December 2023
Carrying amount
At 31 December 2023
At 31 December 2022
The British Quality Foundation
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
9,221
Additions
1,954
Disposals
(5,422)
At 31 December 2023
5,753
Depreciation and impairment
At 1 January 2023
7,277
Depreciation charged in the year
754
Eliminated in respect of disposals
(5,422)
At 31 December 2023
2,609
Carrying amount
At 31 December 2023
3,144
At 31 December 2022
1,944
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
29,860
17,215
Prepayments and accrued income
19,495
32,562
49,355
49,777
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,284
Trade creditors
34,490
48,434
Taxation and social security
21,833
21,162
Other creditors
1,588
1,215
Accruals and deferred income
319,419
343,631
377,330
419,726
The British Quality Foundation
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
12,002
Other creditors
2,250
-
2,250
12,002
The bank loan was repaid in full on 5 July 2023.
The British Quality Foundation
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified but was subject to an emphasis of matter in respect of going concern.
The senior statutory auditor was John Staniforth.
The statutory auditor was Moore Kingston Smith LLP.
10
Related party transactions
During the year, a company in which there are directors in common charged the British Quality Foundation £31,942 (2022: £61,600) for consultancy services. During the year, £7,125 (2022: £25,449) was invoiced to the same company in respect of sponsorship and certification income.
During the year, the British Quality Foundation invoiced a company in which there are directors in common £5,000 (2022: £5,000) in respect of membership income.
11
Controlling party
The BQF is a company limited by guarantee, therefore there is no single controlling party.