COMPANY REGISTRATION NUMBER:
09306326
The European Shellac Association Limited |
|
Company Limited by Guarantee |
|
Filleted Unaudited Financial Statements |
|
The European Shellac Association Limited |
|
Company Limited by Guarantee |
|
Statement of Financial Position |
|
31 December 2023
Current assets
Cash at bank and in hand |
27,947 |
|
24,087 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
812,876 |
|
815,730 |
|
|
--------- |
|
--------- |
|
Net current liabilities |
|
784,929 |
|
791,643 |
|
|
--------- |
|
--------- |
Total assets less current liabilities |
|
(
784,929) |
|
(
791,643) |
|
|
--------- |
|
--------- |
Net liabilities |
|
(
784,929) |
|
(
791,643) |
|
|
--------- |
|
--------- |
|
|
|
|
|
|
Capital and reserves
Income and expenditure account |
|
(
784,929) |
|
(
791,643) |
|
|
--------- |
|
--------- |
Members deficit |
|
(
784,929) |
|
(
791,643) |
|
|
--------- |
|
--------- |
|
|
|
|
|
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 comprehensive income has not been delivered.
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.
Director's responsibilities:
-
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
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act 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
23 September 2024
, and are signed on behalf of the board by:
Company registration number:
09306326
The European Shellac Association 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 146 New London Road, Chelmsford, Essex, CM2 0AW, United Kingdom.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in euro, which is the functional currency of the entity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Company activities
The company's role is to promote the interest of its members by undertaking research and making representations on behalf of the industry to which the members belong. The company is supported by its members only to the extent that it is able to meet its objectives and does so with a non-profit making objective.
Any surplus or deficit in one accounting period is intended to be offset by adjustments to contributions in a later period. Any surplus contribution at the year end are included as creditors.
Going concern
The financial statements have been prepared on the going concern basis. The company is reliant on the support of the membership. If this support was withdrawn the company would be unable to continue in operational existence. Adjustments would then have to be made to reduce the balance sheet values of assets to their recoverable amounts and to provide for any further liabilities that may arise. The company is unable to quantify the effect of such adjustments on the financial statements. The directors believe that it is appropriate for the financial statements to be prepared on a going concern basis.
Debtors and creditors receivable or payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Cash and cash equivalents
Cash and cash equivalents comprise of cash balances and deposits
Revenue recognition
Turnover represents contributions received during the period.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
4.
Company limited by guarantee
The company is a private limited company limited by guarantee without share capital.
5.
Average number of employees
The average number of employees during the year was 1 (2022: 1)
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
€ |
€ |
Accruals and deferred income |
2,200 |
5,054 |
Other creditors |
810,676 |
810,676 |
|
--------- |
--------- |
|
812,876 |
815,730 |
|
--------- |
--------- |
|
|
|
7.
Related party transactions
The European Shellac Association (TESA) members are collectively considered to be related parties in view of the company operations of the company. Drawn from the membership, the director is also considered to be related parties by virtue of common directorships of TESA Ltd and their respective TESA member company. During the period TESA members contributed to the company a total of €nil (2022: €nil) and the company received loans from some TESA members in total of €nil (2022: €41,324). At the balance sheet date the total loans received by the company from the twelve members was €810,676 (2022: €810,676). These loans are interest free, unsecured and payable on demand, subject to the ability of the company to make the repayment.