Company registration number 13134288 (England and Wales)
FRAMEWORKS UK RESEARCH & COMMUNICATIONS
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
FRAMEWORKS UK RESEARCH & COMMUNICATIONS
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
FRAMEWORKS UK RESEARCH & COMMUNICATIONS
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,698
3,852
Current assets
Debtors
5
96,303
174,804
Cash at bank and in hand
461,650
423,644
557,953
598,448
Creditors: amounts falling due within one year
6
(238,216)
(289,618)
Net current assets
319,737
308,830
Net assets
323,435
312,682
Reserves
Income and expenditure account
323,435
312,682
Members' funds
323,435
312,682
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 30 June 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 member has 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 17 September 2024 and are signed on its behalf by:
D Phillips
Director
Company registration number 13134288 (England and Wales)
FRAMEWORKS UK RESEARCH & COMMUNICATIONS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
FrameWorks UK Research & Communications is a private company limited by guarantee incorporated in England and Wales. The registered office is 71-75 Shelton Street, London, WC2H 9JQ.
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, The principal accounting policies adopted are set out below.
1.2
Income
Income represents amounts receivable for services net of VAT. Income on projects is recognised to the extent to which the project is complete.
1.3
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.
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
4 years straight line
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.
1.4
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 only has financial instruments which are classified as basic financial instruments.
Short-term debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in profit and loss.
FRAMEWORKS UK RESEARCH & COMMUNICATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
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
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
6
FRAMEWORKS UK RESEARCH & COMMUNICATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023
5,689
Additions
1,449
At 30 June 2024
7,138
Depreciation and impairment
At 1 July 2023
1,837
Depreciation charged in the year
1,603
At 30 June 2024
3,440
Carrying amount
At 30 June 2024
3,698
At 30 June 2023
3,852
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
69,212
157,239
Other debtors
27,091
17,565
96,303
174,804
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,376
9,348
Amounts owed to group undertakings
140,040
142,654
Corporation tax
2,556
15,872
Other taxation and social security
24,940
20,007
Other creditors
67,304
101,737
238,216
289,618
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Amounts due at the balance sheet date totaled £3,620 (2023: £4,327), these are included within taxation and social security.
FRAMEWORKS UK RESEARCH & COMMUNICATIONS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
7
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of the member is limited, subject to an undertaking by the member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
The sole member of the company is Frameworks Institute, an entity registered in the United States.