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COMPANY REGISTRATION NUMBER: 07083863
International Salvage Union
Company Limited by Guarantee
Filleted Unaudited Financial Statements
31 December 2023
International Salvage Union
Company Limited by Guarantee
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
International Salvage Union
Company Limited by Guarantee
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
1,300
1,690
Current assets
Debtors
7
91,459
68,230
Cash at bank and in hand
357,485
357,821
---------
---------
448,944
426,051
Creditors: amounts falling due within one year
8
34,784
23,961
---------
---------
Net current assets
414,160
402,090
---------
---------
Total assets less current liabilities
415,460
403,780
---------
---------
Net assets
415,460
403,780
---------
---------
Capital and reserves
Other reserves
9
130,685
130,685
Profit and loss account
9
284,775
273,095
---------
---------
Members funds
415,460
403,780
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
International Salvage Union
Company Limited by Guarantee
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 6 August 2024 , and are signed on behalf of the board by:
J A Witte
J M T Herbert
Director
Director
Company registration number: 07083863
International Salvage Union
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by guarantee, registered in England and Wales, registration number 07083863 . The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The majority of the income relates to membership subscriptions which are recognised in the profit and loss account over the term of the membership.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Company limited by guarantee
The Company is limited by guarantee and does not have any share capital. Consequently, there are no disclosable interests in share capital. In the event of the Company being wound up, each member has guaranteed to contribute £1.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 3 ).
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 January 2023
14,419
14,419
Disposals
( 11,999)
( 11,999)
--------
--------
At 31 December 2023
2,420
2,420
--------
--------
Depreciation
At 1 January 2023
12,729
12,729
Charge for the year
390
390
Disposals
( 11,999)
( 11,999)
--------
--------
At 31 December 2023
1,120
1,120
--------
--------
Carrying amount
At 31 December 2023
1,300
1,300
--------
--------
At 31 December 2022
1,690
1,690
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
23,448
26,106
Prepayments and accrued income
52,099
25,597
Other debtors
15,912
16,527
--------
--------
91,459
68,230
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
14,810
6,668
Accruals and deferred income
8,444
4,221
Social security and other taxes
10,594
13,052
Other creditors
936
20
--------
--------
34,784
23,961
--------
--------
9. Other reserves
The reserve arose when the total asset and liabilities were transferred from the unincorporated association International Salvage Union on 1 January 2010.