Registered number
01091391
Federation of Environmental Trade Associations Limited
Filleted Accounts
31 December 2023
Federation of Environmental Trade Associations Limited
Registered number: 01091391
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 4 8,930 -
Tangible assets 5 377,787 385,697
386,717 385,697
Current assets
Debtors 6 63,296 65,638
Cash at bank and in hand 437,556 520,744
500,852 586,382
Creditors: amounts falling due within one year 7 (289,894) (364,076)
Net current assets 210,958 222,306
Total assets less current liabilities 597,675 608,003
Creditors: amounts falling due after more than one year 8 (61,239) (73,910)
Net assets 536,436 534,093
Capital and reserves
Called up share capital 100 100
Other reserves 10 16,738 16,738
Profit and loss account 519,598 517,255
Shareholders' funds 536,436 534,093
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A R Macklin
Director
Approved by the Board on: 19 September 2024
Federation of Environmental Trade Associations Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents subscriptions and secretariat fees receivable from trade associations, stated net of VAT
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Long Leasehold Buildings Over 40 years
Office equipment 10-25% on cost
Computer equipment 33% on cost
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Christopher Pexton FCA
Firm: Begbies
Date of audit report: 23 September 2024
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
4 Intangible fixed assets £
Website
Cost
Additions 9,400
At 31 December 2023 9,400
Amortisation
Provided during the year 470
At 31 December 2023 470
Net book value
At 31 December 2023 8,930
The website is being written off in equal annual instalments over its estimated economic life of five years.
5 Tangible fixed assets
Long leasehold land and buildings Office equipment Total
£ £ £
Cost
At 1 January 2023 708,188 97,238 805,426
Additions - 6,088 6,088
At 31 December 2023 708,188 103,326 811,514
Depreciation
At 1 January 2023 329,546 90,183 419,729
Charge for the year 9,279 4,719 13,998
At 31 December 2023 338,825 94,902 433,727
Net book value
At 31 December 2023 369,363 8,424 377,787
At 31 December 2022 378,642 7,055 385,697
The Federation also owns ceremonial regalia valued for insurance purposes at £24,250.
This regalia is not reflected in the accounts.
6 Debtors 2023 2022
£ £
Trade debtors and prepayments 61,569 61,255
Deferred corporation tax asset 1,727 4,383
63,296 65,638
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loan 12,863 10,376
Value added tax 670 -
Monies held on behalf of associations 238,050 295,494
Taxation and social security costs 17,468 12,778
Trade creditors, accruals and deferred income 20,843 45,428
289,894 364,076
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loan 61,239 73,910
9 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 74,102 84,286
The bank loan is secured by a legal charge on the long leasehold property.
10 Other reserves 2023 2022
£ £
At 1 January 2023 16,738 16,738
At 31 December 2023 16,738 16,738
On 1 May 1984 the following bodies amalgamated to form the present Federation.
1) Heating, Ventilating and Air Conditioning Manufacturers Association Limited.
2) British Refrigeration and Air Conditioning Manufacturers.
3) Federation of Environmental Trade Associations.
The above transferred all their assets and liabilities at book value to the Federation of
Environmental Trade Associations on 1 May 1984. No consideration was required to be paid
for this transfer. The amount of £16,738 is the excess of the net book value of assets acquired
over the liabilities assumed and is shown in the Statement of Financial Position as
Other reserves.
11 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 1,768 5,452
12 Other information
Federation of Environmental Trade Associations Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Waltham Court
Milley Lane, Hare Hatch
Reading
Berkshire
RG10 9TH
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