Registration number:
Chambre De Commerce Francaise De Grande-Bretagne Limited
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
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2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Profit and loss account |
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Total equity |
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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
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Chambre De Commerce Francaise De Grande-Bretagne Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
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:
England
Principal activity
The principal activity of the Company is that of promoting Franco-British trade.
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
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
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.
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
Staff numbers and costs |
The average number of persons employed by the Company (including directors) during the year, was
2023 |
2022 |
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£ |
£ |
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Wages and salaries |
1,144,337 |
1,162,243 |
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Social security costs |
113,590 |
107,178 |
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Other pension costs |
41,452 |
40,422 |
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1,299,379 |
1,309,843 |
Other operating income |
2023 |
2022 |
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Foreign currency gains/(losses) |
8,617 |
13,155 |
Government grant- COVID relief refund |
- |
8,018 |
Other income |
26,882 |
- |
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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
Intangible assets |
Website |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Amortisation |
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At 1 January 2023 |
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Amortisation charge |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Chambre De Commerce Francaise De Grande-Bretagne Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Land and buildings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
- |
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Disposals |
- |
( |
( |
At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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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
Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals |
80,023 |
80,522 |
Deferred income |
746,661 |
709,372 |
Other creditors |
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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
Operating leases |
The total of future minimum lease payments is as follows:
2023 |
2022 |
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Not later than one year |
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Later than one year and not later than five years |
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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.
Company limited by guarantee |
The company is limited by guarantee and does not have share capital.
Audit report |