Company registration number 02261660 (England and Wales)
THE ASSOCIATION FOR PETROLEUM AND EXPLOSIVES ADMINISTRATION
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE ASSOCIATION FOR PETROLEUM AND EXPLOSIVES ADMINISTRATION
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
THE ASSOCIATION FOR PETROLEUM AND EXPLOSIVES ADMINISTRATION
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2,186
7,745
Current assets
Stocks
2,644
290
Debtors
7
45,623
34,495
Investments
8
227,585
226,294
Cash at bank and in hand
82,941
114,684
358,793
375,763
Creditors: amounts falling due within one year
9
(120,001)
(114,087)
Net current assets
238,792
261,676
Total assets less current liabilities
240,978
269,421
Creditors: amounts falling due after more than one year
10
(3,668)
(3,601)
Provisions for liabilities
(5,670)
(6,574)
Net assets
231,640
259,246
Capital and reserves
Capital redemption reserve
8,840
8,840
Profit and loss reserves
222,800
250,406
Total equity
231,640
259,246
The directors of the company have elected not to include a copy of the profit and loss 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 31 July 2024 and are signed on its behalf by:
Mr G Bourhill
Director
Company Registration No. 02261660
THE ASSOCIATION FOR PETROLEUM AND EXPLOSIVES ADMINISTRATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
The Association for Petroleum and Explosives Administration is a private company limited by guarantee, incorporated in England and Wales. The registered office is Third Floor Connexions Building, 159 Princes Street, Ipswich, Suffolk, IP1 1QJ.
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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents invoiced sales of goods and services and arises from the ordinary activities of the company, net of VAT.
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:
Fixtures & fittings
35% reducing balance
Plant and machinery
33% straight line
Chairman's Jewel
10% reducing balance
Website
33% straight line
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
1.6
Investments
Investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in the profit and loss.
THE ASSOCIATION FOR PETROLEUM AND EXPLOSIVES ADMINISTRATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
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.
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.
1.8
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks including term deposits, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.9
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 balance sheet 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.
Basic financial liabilities
Basic financial liabilities, including creditors, 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 receipts 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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
THE ASSOCIATION FOR PETROLEUM AND EXPLOSIVES ADMINISTRATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
Deferred tax
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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.
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
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
5,700
4,300
THE ASSOCIATION FOR PETROLEUM AND EXPLOSIVES ADMINISTRATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
17
20
5
Tangible fixed assets
Fixtures & fittings
Plant and machinery
Chairman's Jewel
Website
Total
£
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
6,829
4,253
1,758
14,400
27,240
Depreciation and impairment
At 1 January 2023
6,626
3,242
1,228
8,399
19,495
Depreciation charged in the year
71
635
53
4,800
5,559
At 31 December 2023
6,697
3,877
1,281
13,199
25,054
Carrying amount
At 31 December 2023
132
376
477
1,201
2,186
At 31 December 2022
203
1,011
530
6,001
7,745
6
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
227,585
226,294
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
23,466
17,098
Other debtors
22,157
17,397
45,623
34,495
THE ASSOCIATION FOR PETROLEUM AND EXPLOSIVES ADMINISTRATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
8
Current asset investments
2023
2022
£
£
Other investments
227,585
226,294
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
7,424
3,217
Corporation tax
666
13,128
Other taxation and social security
7,892
855
Other creditors
4,981
3,488
Accruals and deferred income
99,038
93,399
120,001
114,087
10
Creditors: amounts falling due after more than one year
2023
2022
£
£
Deferred income
3,668
3,601
11
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.
Senior Statutory Auditor:
Helen Rumsey
Statutory Auditor:
Ensors Accountants LLP
Date of audit report:
28 August 2024
THE ASSOCIATION FOR PETROLEUM AND EXPLOSIVES ADMINISTRATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
12
Related party transactions
The company trades with its members, as such this income is derived from related parties. Control is only exercised by the directors, so only the transactions and balances with directors have been disclosed.
During the year, training course speakers' fees and honoraria were paid to directors, being:
Mr J Thompson received £4,500 (2022: £7,500) in respect of training.
Mr B Humm received £11,450 (2022: £9,050 ) in respect of training and honoraria.
Mr G Bourhill received £2,450 (2022: £6,050) in respect of training and honoraria.
Mr T Daly received £6,050 (2022: £9,400 ) in respect of training.
Miss C L Scawthorn received £1,800 (2022:£1,600) in respect of training.
Mr A Kennedy received £1,250 (2022: £1,250) in respect of honoraria.
Mr I Hillier received £1,800 (2022: £2,400) in respect of training.
Four of the company's Directors (Jamie Thompson, Claire Scawthorn, Brian Humm and Tom Daly) have been involved in developing online training courses for the company. It was agreed that they would each receive 10% of the income generated by these courses. During the year, a total of £1,794 (2022: £698) was paid to these four Directors.