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REGISTERED NUMBER: 00739777 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Cutlery And Allied Trades Research
Association

Cutlery And Allied Trades Research
Association (Registered number: 00739777)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

Cutlery And Allied Trades Research
Association

Company Information
for the Year Ended 31 December 2023







DIRECTORS: D J Greensmith
C Inman



REGISTERED OFFICE: Henry Street
Sheffield
S3 7EQ



REGISTERED NUMBER: 00739777 (England and Wales)



ACCOUNTANTS: Heather Lea Business Services
49 Heather Lea Avenue
Sheffield
S17 3DL



SOLICITORS: Wake Smith LLP
No 1 Velocity
2 Tenter Street
Sheffield
S1 4BY

Cutlery And Allied Trades Research
Association (Registered number: 00739777)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 522,220 561,923

CURRENT ASSETS
Stocks 159,972 144,850
Debtors 5 27,550 27,348
Cash at bank and in hand 154,694 136,604
342,216 308,802
CREDITORS
Amounts falling due within one year 6 140,582 140,031
NET CURRENT ASSETS 201,634 168,771
TOTAL ASSETS LESS CURRENT
LIABILITIES

723,854

730,694

CREDITORS
Amounts falling due after more than one
year

7

(68,845

)

(118,647

)

PROVISIONS FOR LIABILITIES (21,156 ) (10,999 )
NET ASSETS 633,853 601,048

RESERVES
Revaluation reserve 9 351,797 359,042
Income and expenditure account 9 282,056 242,006
633,853 601,048

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Cutlery And Allied Trades Research
Association (Registered number: 00739777)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:




D J Greensmith - Director



C Inman - Director


Cutlery And Allied Trades Research
Association (Registered number: 00739777)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Cutlery And Allied Trades Research Association is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company is a private company limited by guarantee and consequently does not have a share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing their annual financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - in accordance with the property
Plant and machinery - 25% on reducing balance and 20% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Cutlery And Allied Trades Research
Association (Registered number: 00739777)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to surplus or deficit over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 16 ) .

Cutlery And Allied Trades Research
Association (Registered number: 00739777)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 500,000 554,758 75,805 6,348 1,136,911
Additions - (1,015 ) 3,621 - 2,606
Disposals - (39,827 ) - (6,348 ) (46,175 )
At 31 December 2023 500,000 513,916 79,426 - 1,093,342
DEPRECIATION
At 1 January 2023 34,152 469,034 65,454 6,348 574,988
Charge for year 11,383 22,228 3,492 - 37,103
Eliminated on disposal - (34,621 ) - (6,348 ) (40,969 )
At 31 December 2023 45,535 456,641 68,946 - 571,122
NET BOOK VALUE
At 31 December 2023 454,465 57,275 10,480 - 522,220
At 31 December 2022 465,848 85,724 10,351 - 561,923

Included in cost or valuation of land and buildings is freehold land of £ 44,645 (2022 - £ 44,645 ) which is not depreciated.

Cost or valuation at 31 December 2023 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Valuation in 1998 116,124 - - 116,124
Valuation in 2019 332,044 - - 332,044
Cost 51,832 513,916 79,426 645,174
500,000 513,916 79,426 1,093,342

If freehold property had not been revalued it would have been included at the following historical cost:

31.12.23 31.12.22
£    £   
Cost 51,832 51,832
Aggregate depreciation 26,242 26,242

Freehold property was valued on an open market basis on 31 December 2019 by the directors .

Cutlery And Allied Trades Research
Association (Registered number: 00739777)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under finance leases are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 62,745
DEPRECIATION
At 1 January 2023 21,961
Charge for year 12,549
At 31 December 2023 34,510
NET BOOK VALUE
At 31 December 2023 28,235
At 31 December 2022 40,784

FRS102 requires that the right to use an asset held under a finance lease is recognised in the financial statements as an asset, and a liability is recognised to represent the present value of the minimum lease payments.The directors wish to point out that they disagree with this treatment. In their opinion, the asset should not be included an the balance sheet, as it is not owned by the company and is only rented.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 23,152 23,547
Other debtors 4,398 3,801
27,550 27,348

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 38,006 36,364
Finance leases 13,438 12,253
Payments on account 13,077 10,052
Trade creditors 63,955 53,942
Taxation and social security 8,473 20,811
Other creditors 3,633 6,609
140,582 140,031

Cutlery And Allied Trades Research
Association (Registered number: 00739777)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans 51,515 87,879
Finance leases 17,330 30,768
68,845 118,647

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Finance Leases 30,768 43,021

The Coronavirus Business Interruption Loan Scheme is not secured and is guaranteed by the UK government.

9. RESERVES
Income
and
expenditure Revaluation
account reserve Totals
£    £    £   

At 1 January 2023 242,006 359,042 601,048
Surplus for the year 29,962 29,962
Deferred tax movement - 2,843 2,843
Transfer excess depreciation
on revalued assets 10,088 (10,088 ) -
At 31 December 2023 282,056 351,797 633,853

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Cutlery And Allied Trades Research
Association


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cutlery And Allied Trades Research Association for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Cutlery And Allied Trades Research Association, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Cutlery And Allied Trades Research Association and state those matters that we have agreed to state to the Board of Directors of Cutlery And Allied Trades Research Association, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cutlery And Allied Trades Research Association and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Cutlery And Allied Trades Research Association has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Cutlery And Allied Trades Research Association. You consider that Cutlery And Allied Trades Research Association is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Cutlery And Allied Trades Research Association. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Heather Lea Business Services
49 Heather Lea Avenue
Sheffield
S17 3DL


17 September 2024