Company registration number 03256068 (England and Wales)
THE BRITISH ALPACA SOCIETY
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
THE BRITISH ALPACA SOCIETY
COMPANY INFORMATION
Directors
E J Taylor
K L Freivokh
C D Boulton
I Mitchell
S Loach
A J Monkcom
N R Payne
D Sporton
(Appointed 1 November 2023)
M J Henderson
(Appointed 1 November 2023)
C A Kerr
(Appointed 1 November 2023)
Secretary
D Pullar
Company number
03256068
Registered office
2 Barnfield Crescent
Exeter
Devon
England
EX1 1QT
Accountants
Bush & Co Limited
2 Barnfield Crescent
Exeter
EX1 1QT
THE BRITISH ALPACA SOCIETY
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
THE BRITISH ALPACA SOCIETY
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,953
4,953
Tangible assets
4
360
573
4,313
5,526
Current assets
Debtors
5
46,586
45,905
Cash at bank and in hand
326,292
317,548
372,878
363,453
Creditors: amounts falling due within one year
6
(38,037)
(74,880)
Net current assets
334,841
288,573
Net assets
339,154
294,099
Reserves
Income and expenditure account
339,154
294,099
Members' funds
339,154
294,099
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 March 2024 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 BRITISH ALPACA SOCIETY
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
I Mitchell
Director
Company Registration No. 03256068
THE BRITISH ALPACA SOCIETY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
The British Alpaca Society is a private company limited by guarantee incorporated in England and Wales. The registered office is 2 Barnfield Crescent, Exeter, Devon, England, EX1 1QT.
1.1
Accounting convention
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, 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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
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.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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:
Development costs are being amortised evenly over their estimated useful life of three years.
Website is being amortised evenly over its estimated useful life of five years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
THE BRITISH ALPACA SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Depreciation 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:
Plant and equipment
20% on cost
Computers
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.5
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.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial instruments are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts/payments discounted at a market rate of interest. Financial instruments classified as receivable or payable within one year are not amortised.
1.7
Taxation
The company operates under a mutual trading status for taxation and as such tax is currently only charged on bank interest received.
THE BRITISH ALPACA SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
11
3
Intangible fixed assets
Software
Development costs
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
21,392
16,000
37,392
Amortisation and impairment
At 1 April 2023
16,439
16,000
32,439
Amortisation charged for the year
1,000
1,000
At 31 March 2024
17,439
16,000
33,439
Carrying amount
At 31 March 2024
3,953
3,953
At 31 March 2023
4,953
4,953
Development costs represents the cost of developing the society's own member and judge training courses and are written off over three years. The Web site cost, is in respect of the sites rewrite and will be written off over five years.
THE BRITISH ALPACA SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
14,031
6,062
20,093
Depreciation and impairment
At 1 April 2023
14,031
5,489
19,520
Depreciation charged in the year
213
213
At 31 March 2024
14,031
5,702
19,733
Carrying amount
At 31 March 2024
360
360
At 31 March 2023
573
573
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Service charges due
44,913
44,523
Other debtors
1,673
1,382
46,586
45,905
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
13,054
16,720
Taxation and social security
9,795
11,694
Other creditors
15,188
46,466
38,037
74,880
THE BRITISH ALPACA SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Members' liability
The company is limited by guarantee and has no share capital.
Every member of the society undertakes to contribute to the assets of the Society, in the event of a winding up, such an amount as may be required, not exceeding £10.
8
Related party transactions
During the period some of the directors' instructed the society to carry out registrations, screening, transfers and paid to go on courses provided by the society. Some of the directors' also provided training and judging on behalf of the society. All of these transactions were carried out on commercial terms.
9
Courses
During the year ended 31 March 2024 there were a number of education courses operated by the society. The expenditure exceeded income on education courses by £1,791 (2023: £505).
Included in the costs were payments to the following company officers:
2024
2023
£
£
E Taylor
-
341
M Hensderson
537
-
K Brookes
-
447
E Clarke
-
684
P Hetherington
-
1,855
537
3,327
10
Motor and travelling costs
The expenditure incurred in the year in respect of motor and travelling costs included reimbursement of expenses to the following company officers:
2024
2023
£
£
D Pullar
553
450
THE BRITISH ALPACA SOCIETY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
10
Motor and travelling costs
(Continued)
- 8 -
553
450
11
Shows and Conferences
During the year ended 31 March 2024, the society earned approximately £158,556 in income and incurred of expenses of £178,404 relating to shows and conferences. The expenditure exceeded income in the year by £19,848 (2023: £8,220).