Company Registration No. 11130017 (England and Wales)
Furniture And Interiors, Education, Skills Training Alliance Limited
Unaudited accounts
for the year ended 31 December 2023
Furniture And Interiors, Education, Skills Training Alliance Limited
Unaudited accounts
Contents
Furniture And Interiors, Education, Skills Training Alliance Limited
Company Information
for the year ended 31 December 2023
Directors
Achieve and Partners Ltd
BFM Ltd
Contract Furnishing And Design Association Ltd
Mr Sean Holt
The Assn of Master Upholsterers and Soft Furnishers Ltd
The National Bed Federation Ltd
Worshipful Company of Furniture Makers
Company Number
11130017 (England and Wales)
Registered Office
Acorn House Straight Bit
Flackwell Heath
High Wycombe
HP10 9LS
England
Accountants
Link Accounting Limited
Bloxham Mill Business Centre
Barford Road
Bloxham
Oxfordshire
OX15 4FF
Furniture And Interiors, Education, Skills Training Alliance Limited
Statement of financial position
as at 31 December 2023
Cash at bank and in hand
6,953
5,600
Creditors: amounts falling due within one year
(8,847)
(3,530)
Net current assets
5,273
10,570
Profit and loss account
5,273
10,570
Members' funds
5,273
10,570
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2024 and were signed on its behalf by
Mr Sean Holt
Director
Company Registration No. 11130017
Furniture And Interiors, Education, Skills Training Alliance Limited
Notes to the Accounts
for the year ended 31 December 2023
Furniture And Interiors, Education, Skills Training Alliance Limited is a private company, limited by guarantee, registered in England and Wales, registration number 11130017. The registered office is Acorn House Straight Bit, Flackwell Heath, High Wycombe, HP10 9LS, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in pounds sterling, the functional currency, rounded to the nearest £1.
The accounts are presented in £ sterling.
The directors have assessed the use of going concern and have considered possible events or conditions that might cast significant doubt on the ability of the company to continue as a going concern. The directors have made this assessment for a period of at least one year from the date of the approval of these financial statements. The directors have concluded that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the company's ability to continue as a going concern. The directors, therefore, continue to adopt the going concern basis in preparing these financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Furniture And Interiors, Education, Skills Training Alliance Limited
Notes to the Accounts
for the year ended 31 December 2023
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Furniture And Interiors, Education, Skills Training Alliance Limited
Notes to the Accounts
for the year ended 31 December 2023
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.
Amounts falling due within one year
Accrued income and prepayments
6,667
-
5
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
(1,243)
1,610
Furniture And Interiors, Education, Skills Training Alliance Limited
Notes to the Accounts
for the year ended 31 December 2023
6
Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
7
Transactions with related parties
Owing to the nature of the operations of the alliance, and the directors being organisations within that alliance, it is inevitable that transactions take place between the alliance and the organisations in which directors have an interest.
All transactions with the various companies and the alliance are at arms length and are on the same basis for all member companies. None of the directors of Furniture and Interiors, Education, Skills Training Alliance Limited receive any benefit from these arrangements.
During the current year and prior year the company was controlled equally by all 7 members. All 7 members are also directors of the company.
9
Average number of employees
During the year the average number of employees was 0 (2022: 0).