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2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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2023-12-31
00130649
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2023-12-31
COMPANY REGISTRATION NUMBER:
00130649
THE BRITISH HOROLOGICAL INSTITUTE LIMITED |
|
Company Limited by Guarantee |
|
FILLETED FINANCIAL STATEMENTS |
|
THE BRITISH HOROLOGICAL INSTITUTE LIMITED |
|
COMPANY LIMITED BY GUARANTEE |
|
STATEMENT OF FINANCIAL POSITION |
|
31 December 2023
Fixed assets
Tangible assets |
6 |
|
238,444 |
277,230 |
|
|
|
|
|
Current assets
Stocks |
2,417 |
|
2,644 |
Debtors |
7 |
43,785 |
|
62,195 |
Cash at bank and in hand |
155,601 |
|
142,122 |
|
--------- |
|
--------- |
|
201,803 |
|
206,961 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
(
162,294) |
|
(
108,577) |
|
--------- |
|
--------- |
Net current assets |
|
39,509 |
98,384 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
277,953 |
375,614 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
(
19,102) |
(
29,158) |
|
|
--------- |
--------- |
Net assets |
|
258,851 |
346,456 |
|
|
--------- |
--------- |
|
|
|
|
|
Reserves
Profit and loss account |
|
258,851 |
346,456 |
|
|
--------- |
--------- |
Members funds |
|
258,851 |
346,456 |
|
|
--------- |
--------- |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
5 September 2024
, and are signed on behalf of the board by:
Company registration number:
00130649
THE BRITISH HOROLOGICAL INSTITUTE LIMITED |
|
COMPANY LIMITED BY GUARANTEE |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 2023
1.
General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Upton Hall, Upton, Newark, Notts, NG23 5TE.
The principal activity of the company during the year was the promotion and protection of the art and science of horology.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows, and the impact of subsequent events in making their assessment. Based on these assessments, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. No critical judgements were required in order to apply the company's accounting policies, and there are no key sources of estimation uncertainty.
Revenue recognition
The turnover shown in the profit and loss account represents work done during the year, exclusive of Value Added Tax. Income from subscriptions represents income receivable during the year excluding that which is received in advance of the due date. Income from educational services and other associated income is recognised in line with the date that the services have been provided. Income from the sale of goods is recognised on despatch.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold property |
- |
4% straight line |
|
Plant and machinery |
- |
20-33% straight line
|
|
|
|
|
Land is not depreciated.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are valued at the lower of cost and net realisable value on a first-in-first-out basis, after making due allowance for obsolete and slow moving items. Cost is based on purchase price.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at face value. Financial liabilities - trade creditors and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Bhi branches
The company acts as an "umbrella" for local branch members' interests. The "BHI" name is used solely for identification of linkage, not management and the various branches are regarded as autonomous. The financial statements do not include the activities of these branches, but donations from them are included in income as received.
4.
Company limited by guarantee
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
5.
Employee numbers
The average number of persons employed by the company during the year amounted to
7
(2022:
8
).
6.
Tangible assets
|
Land and buildings |
Plant and equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 January 2023 |
188,776 |
345,783 |
534,559 |
Additions |
– |
13,849 |
13,849 |
|
--------- |
--------- |
--------- |
At 31 December 2023 |
188,776 |
359,632 |
548,408 |
|
--------- |
--------- |
--------- |
Depreciation |
|
|
|
At 1 January 2023 |
71,420 |
185,909 |
257,329 |
Charge for the year |
6,856 |
45,779 |
52,635 |
|
--------- |
--------- |
--------- |
At 31 December 2023 |
78,276 |
231,688 |
309,964 |
|
--------- |
--------- |
--------- |
Carrying amount |
|
|
|
At 31 December 2023 |
110,500 |
127,944 |
238,444 |
|
--------- |
--------- |
--------- |
At 31 December 2022 |
117,356 |
159,874 |
277,230 |
|
--------- |
--------- |
--------- |
|
|
|
|
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
4,527 |
7,842 |
Other debtors |
39,258 |
54,353 |
|
-------- |
-------- |
|
43,785 |
62,195 |
|
-------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
10,056 |
9,808 |
Trade creditors |
16,167 |
34,958 |
Social security and other taxes |
4,071 |
4,081 |
Other creditors |
132,000 |
59,730 |
|
--------- |
--------- |
|
162,294 |
108,577 |
|
--------- |
--------- |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
19,102 |
29,158 |
|
-------- |
-------- |
|
|
|
10.
Deferred tax
The company has accumulated trading losses totalling £65,986 (2021 - £39,958) which are eligible to be utilised against future trading profits. Due to the uncertainty over the future split of taxable and non-taxable profit, and over the timings of the relief no deferred tax asset has been recognised in respect of trading losses.
11.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
2,953 |
1,974 |
Later than 1 year and not later than 5 years |
2,300 |
– |
|
------- |
------- |
|
5,253 |
1,974 |
|
------- |
------- |
|
|
|
12.
Summary audit opinion
The auditor's report dated
16 September 2024
was
unqualified
.
The senior statutory auditor was
Georgina Gale
, for and on behalf of
Streets Audit LLP
.
13.
Related party transactions
During the year the company charged £28,152 (2022 - £27,657) to the Museum of Timekeeping (previously BHI Museum Trust), an associated charity. The charges represent costs incurred on behalf of the charity.