The director presents his annual report and financial statements for the year ended 31 December 2023.
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.
The director who held office during the year and up to the date of signature of the financial statements was as follows:
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
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.
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 £.
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.
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.
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, 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.
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.
Debtors
Short term debtors are measured at transaction price, less any impairment.
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.
The average monthly number of persons (including directors) employed by the company under a contract of employment during the year was nil (2022 - nil).
Included in trade debtors are provisions for doubtful debts of £nil (2022: £6,321).
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.
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.
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.
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