Womens' International Shipping and Trading Association Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 05396872 (England and Wales)
Womens' International Shipping and Trading Association Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Womens' International Shipping and Trading Association Limited
Statement Of Financial Position
As at 31 December 2023
Page 1
2023
2022
Notes
Fixed assets
Intangible assets
3
12,804
17,156
Current assets
Debtors
4
8,865
14,873
Cash at bank and in hand
515,252
587,935
524,117
602,808
Creditors: amounts falling due within one year
5
(39,908)
(196,494)
Net current assets
484,209
406,314
Net assets
497,013
423,470
Reserves
Other reserves
26,174
26,174
Profit and loss account
470,839
397,296
Members' funds
497,013
423,470

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 9 September 2024 and are signed on its behalf by:
C J Roozen
Director
Company Registration No. 05396872
Womens' International Shipping and Trading Association Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information

Womens' International Shipping and Trading Association Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Claremont, Holland Road, Maidstone, Kent, England, ME14 1UT.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Income and expenditure

Income represents annual subscriptions receivable, entry fees and sponsorships fees received from members towards the conference held during the year by the company. Additionally it includes sponsorship fees received from non-members during the year towards the conference.

 

Subscription revenue is recognised evenly over the annual membership period. Conference income including sponsorship is recognised at the date of the conference.

 

Expenses include VAT where applicable as the company cannot reclaim it.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website
5 years straight line
1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has only basic financial instruments measured at amortised cost.

1.6
Taxation

The company is not subject to taxation on income and expenses in relation to members. Corporation tax due on any taxable profit arising from trading with non members is accrued in the year to which it relates.

Womens' International Shipping and Trading Association Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.10

Capital grant

Grants relating to an asset are recognised in income systematically over the asset's expected useful life on the same period as the depreciation and amortisation expense of the related assets. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
-
0
Womens' International Shipping and Trading Association Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 4
3
Intangible fixed assets
Website
Cost
At 1 January 2023 and 31 December 2023
79,622
Amortisation and impairment
At 1 January 2023
62,466
Amortisation charged for the year
4,352
At 31 December 2023
66,818
Carrying amount
At 31 December 2023
12,804
At 31 December 2022
17,156
4
Debtors
2023
2022
Amounts falling due within one year:
Trade Debtors
-
0
11,006
Other debtors
2,865
157
Prepayments and accrued income
6,000
3,710
8,865
14,873
5
Creditors: amounts falling due within one year
2023
2022
Corporation tax
2,713
-
0
Other taxation and social security
3,178
-
0
Accruals and deferred income
34,017
196,494
39,908
196,494

In 2022, WISTA received a grant from the International Maritime Organization for the set up and the maintenance of a Maritime Speakers' Bureau website. The website serves the existing objectives of the company.

 

The grant is recognised as deferred income and is released over the useful economic life of the website.

Womens' International Shipping and Trading Association Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
6
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding €1.

7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
2,250
-
0
8
Controlling party

The company does not have a controlling party.

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