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Registration number: 00322528

Chambre De Commerce Francaise De Grande-Bretagne Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

Pages for Filing with Registrar

 

Chambre De Commerce Francaise De Grande-Bretagne Limited

(Registration number: 00322528)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

6

4,293

6,440

Tangible assets

7

14,465

11,925

 

18,758

18,365

Current assets

 

Debtors

9

721,296

929,185

Cash at bank and in hand

 

2,276,783

1,657,694

 

2,998,079

2,586,879

Creditors: Amounts falling due within one year

10

(1,926,706)

(1,697,867)

Net current assets

 

1,071,373

889,012

Net assets

 

1,090,131

907,377

Capital and reserves

 

Profit and loss account

1,090,131

907,377

Total equity

 

1,090,131

907,377

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 April 2024 and signed on its behalf by:
 

.........................................
Fabienne Paule Viala
Director

 

Chambre De Commerce Francaise De Grande-Bretagne Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by guarantee without share capital, incorporated in England and Wales.

The address of its registered office is:
Becket House
1 Lambeth Palace Road
London
SE1 7EU
England

Principal activity

The principal activity of the Company is that of promoting Franco-British trade.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

 

Chambre De Commerce Francaise De Grande-Bretagne Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

4 years straight line

Leasehold improvements

4 years straight line

Intangible assets

Separately acquired software and licences are shown at historical cost.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

Chambre De Commerce Francaise De Grande-Bretagne Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Asset class

Amortisation method and rate

Website

3 to 4 years straight line

Financial instruments

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 non-puttable ordinary shares.

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 profit or loss.

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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

 

Chambre De Commerce Francaise De Grande-Bretagne Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Significant judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion the significant judgements or key sources of estimation uncertainty is bad debt provision. The company makes an estimate of the recoverable value of its debtors and amounts due from members. When carrying out the assessment board consider factors including the aging profile of debtors, historic experience and performance of the debtors' business. As at the year end provision for doubtful or irrecoverable debts were £55,930 (2022:£47,783)

 

Chambre De Commerce Francaise De Grande-Bretagne Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Staff numbers and costs

The average number of persons employed by the Company (including directors) during the year, was 29 (2022 - 28).

2023

2022

£

£

Wages and salaries

1,144,337

1,162,243

Social security costs

113,590

107,178

Other pension costs

41,452

40,422

1,299,379

1,309,843

5

Other operating income

2023
£

2022
£

Foreign currency gains/(losses)

8,617

13,155

Government grant- COVID relief refund

-

8,018

Other income

26,882

-

35,499

21,173


 

During the year the company received a total of £nil (2022: £8,018) of government grants under the Coronavirus Job Retention Scheme.

 

Chambre De Commerce Francaise De Grande-Bretagne Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Intangible assets

Website
£

Total
£

Cost or valuation

At 1 January 2023

20,203

20,203

At 31 December 2023

20,203

20,203

Amortisation

At 1 January 2023

13,763

13,763

Amortisation charge

2,147

2,147

At 31 December 2023

15,910

15,910

Carrying amount

At 31 December 2023

4,293

4,293

At 31 December 2022

6,440

6,440

 

Chambre De Commerce Francaise De Grande-Bretagne Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

4,048

90,757

94,805

Additions

-

9,660

9,660

Disposals

-

(34,877)

(34,877)

At 31 December 2023

4,048

65,540

69,588

Depreciation

At 1 January 2023

1,822

81,058

82,880

Charge for the year

809

6,310

7,119

Eliminated on disposal

-

(34,876)

(34,876)

At 31 December 2023

2,631

52,492

55,123

Carrying amount

At 31 December 2023

1,417

13,048

14,465

At 31 December 2022

2,226

9,699

11,925

8

Fixed asset investments

The Chamber's investments at the Balance Sheet date in the share capital of companies include the following:

FrenchTech London Ltd is a membership organisation which is limited by guarantee, the company is registered in England and Wales. The object of the organisation is to coordinate activities relating to the French technology sector in London. The Chamber is a founding member and guarantor to FrenchTech London Ltd. The maximum liability of the Chamber is £10.

 

Chambre De Commerce Francaise De Grande-Bretagne Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Debtors

2023
£

2022
£

Trade debtors

665,968

872,578

Prepayments

55,328

56,607

721,296

929,185

10

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

26,172

561

Taxation and social security

200,688

215,580

Accruals

80,023

80,522

Deferred income

746,661

709,372

Other creditors

873,162

691,832

1,926,706

1,697,867

Other creditors include deposits and other amounts held on behalf of members.

 

Chambre De Commerce Francaise De Grande-Bretagne Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Operating leases

The total of future minimum lease payments is as follows:

2023
 £

2022
 £

Not later than one year

65,424

65,424

Later than one year and not later than five years

114,492

179,916

179,916

245,340

12

Related party transactions

Some Members of the Board make use of the services offered by the Chamber, via member companies. The services utilised are principally advertising in the Chamber's publications and sponsoring Chamber events. All transactions are conducted on a commercial basis.

During the year, the Chamber used the legal services and rented an office from companies which have Directors that are also members of the Board of Directors of the French Chamber. All transactions are conducted on a commercial basis.

13

Company limited by guarantee

The company is limited by guarantee and does not have share capital.

14

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 23 April 2024 was Russell Joseph, who signed for and on behalf of Bourner Bullock.