Company registration number 01209092 (England and Wales)
THE BRITISH PRECAST CONCRETE FEDERATION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE BRITISH PRECAST CONCRETE FEDERATION LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 6
THE BRITISH PRECAST CONCRETE FEDERATION LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The director presents his annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company was that of a trade association representing the interests of United Kingdom precast concrete manufactures. After the 2021 balance sheet date the company ceased trading and will follow the dissolution procedures contained within the Memorandum and Articles of Association. As a result of the closure, the company is not considered to be a going concern. Further details are disclosed in the notes to the accounts.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr W J Doherty
(Resigned 19 August 2024)
Mr A H Smith
(Resigned 19 August 2024)
Mr M Russell
(Appointed 19 August 2024)
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the director individually has taken all the necessary steps that they ought to have taken as a director in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr M Russell
Director
9 September 2024
THE BRITISH PRECAST CONCRETE FEDERATION LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
1,323
95,205
Cash at bank and in hand
240,841
419,009
242,164
514,214
Creditors: amounts falling due within one year
4
(17,191)
(291,018)
Net current assets
224,973
223,196
Reserves
Income and expenditure account
224,973
223,196
Members' funds
224,973
223,196

The director of the company has 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 and signed by the director and authorised for issue on 9 September 2024
Mr M Russell
Director
Company Registration No. 01209092
THE BRITISH PRECAST CONCRETE FEDERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members of liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation. The registered office is The Old Rectory, Main Street, Glenfield, Leicester, LE3 8DG.

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
Going concern

At the date of approval of these accounts the activities of The British Precast Concrete Federation had ceased and the company is expected to be dissolved in accordance with its governing documents. The Mineral Products Association, who provided management services to The British Precast Concrete Federation, are continuing the activities which the company undertook. The product associations, which are separate legal entities managed by The British Precast Concrete Federation, have also ceased and have been reformed as required by The Mineral Products Association. Further details are disclosed in note 7.

 

In order to qualify as a going concern, a company must be expected to continue for twelve months after the date of approval of the accounts. Due to the closure of the The British Precast Concrete Federation the company does not qualify for the going concern accounting treatment.

 

FRS 102 does not specify the policies to be used in the event of the accounts being prepared on a non-going concern basis. The company had no fixed assets which would be expected to be written down to their recoverable value. All material debtors not received by the date of approval of the accounts, have been considered to be irrecoverable.

1.3
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.

1.4
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.

THE BRITISH PRECAST CONCRETE FEDERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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 and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from product associations, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

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 at transaction price.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on interest earned for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.6

Product Associations

Product associations are formed in accordance with the articles of association of The British Precast Concrete Federation Limited. In accordance with the by-laws, each product association is self financing in pursuit of its own objectives and are not part of the British Precast Concrete Federation Limited. Any funds held/forwarded to a product association is shown as a current account due to or from an association.

 

During the year the majority of the funds due to be returned to the members of the product associations have been retuned.

1.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

1.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2
Employees

The average monthly number of persons (including directors) employed by the company under a contract of employment during the year was nil (2022 - nil).

THE BRITISH PRECAST CONCRETE FEDERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,323
81,786
Other debtors
-
0
0
13,419
1,323
95,205

Included in trade debtors are provisions for doubtful debts of £nil (2022: £6,321).

 

4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,856
3,582
Corporation tax
468
38
Other creditors
5,067
275,208
Accruals and deferred income
7,800
12,190
17,191
291,018
5
Financial commitments, guarantees and contingent liabilities

In previous years it was thought possible that the tax status of the product associations could be challenged by HMRC. The product associations have now been dissolved and the director considers that the likelihood of liability to the Federation in respect of any product association tax is remote.

6
Related party transactions

At the year end there was a net balance owing to MPA of £3,750 (2022: from MPA £12,355).

 

During the year the company repaid the majority of the money due to product associations. The net total owing to the product associations at the balance sheet date was £5,067 (2022: £275,208). The remaining balance will be repaid after the balance sheet date.

 

7
Matters relating to the cessation of trading

On the 13th April 2021 the members approved a resolution to allow the directors to wind down the activities of The British Precast Concrete Federation in advance of the interests of the precast industry being managed within The Mineral Products Association. The approved change was enacted from the 1st January 2022. At this point the product associations, which are separate legal entities managed by The British Precast Concrete Federation, also ceased and have been reformed as required by The Mineral Products Association.

 

During the year the Federation repaid the majority of the product association balances. Once the director has ensured that the final creditors have been paid, he will commence the dissolution procedures for the Federation.

THE BRITISH PRECAST CONCRETE FEDERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
8
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.

Emphasis of matter

We draw your attention to note 1.2 of the accounting policies. This note explains that the directors took the decision to cease the activities of The British Precast Concrete Federation from 1st January 2022. Accordingly, this company is not a going concern.

 

We also draw your attention to note 5 of the accounts which described the ongoing review of the taxation status of the product associations.

 

Our opinion is not modified in this matter.

Senior Statutory Auditor:
Katherine Dee FCA
Statutory Auditor:
Begbies Chartered Accountants
Date of audit report:
9 September 2024
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