Company registration number 06927391 (England and Wales)
STORAGE EQUIPMENT MANUFACTURERS ASSOCIATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
STORAGE EQUIPMENT MANUFACTURERS ASSOCIATION LIMITED
COMPANY INFORMATION
Directors
N W Betteley
K W Bibb
M J Grierson
C J Humphries
J Vos
Company number
06927391
Registered office
Unit 10, Burntwood Business Park
Attwood Road
Burntwood
Staffordshire
WS7 3GJ
Accountants
Jerroms GCN Limited
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
STORAGE EQUIPMENT MANUFACTURERS ASSOCIATION LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
STORAGE EQUIPMENT MANUFACTURERS ASSOCIATION LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF STORAGE EQUIPMENT MANUFACTURERS ASSOCIATION LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Storage Equipment Manufacturers Association Limited for the year ended 30 June 2024 which comprise, the 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of Storage Equipment Manufacturers Association Limited, as a body, in accordance with the terms of our engagement letter dated 23 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Storage Equipment Manufacturers Association Limited and state those matters that we have agreed to state to the board of directors of Storage Equipment Manufacturers Association Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Storage Equipment Manufacturers Association Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Storage Equipment Manufacturers Association Limited 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 surplus of Storage Equipment Manufacturers Association Limited. You consider that Storage Equipment Manufacturers Association Limited 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 Storage Equipment Manufacturers Association Limited. 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.
Jerroms GCN Limited
6 November 2024
Chartered Certified Accountants
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
STORAGE EQUIPMENT MANUFACTURERS ASSOCIATION LIMITED
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
27,625
33,779
Current assets
Debtors
5
288,392
186,428
Investments
6
619,289
Cash at bank and in hand
408,433
883,902
1,316,114
1,070,330
Creditors: amounts falling due within one year
7
(570,687)
(449,962)
Net current assets
745,427
620,368
Net assets
773,052
654,147
Reserves
Other reserves
508,796
508,796
Income and expenditure account
264,256
145,351
Members' funds
773,052
654,147
STORAGE EQUIPMENT MANUFACTURERS ASSOCIATION LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
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 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 financial statements were approved by the board of directors and authorised for issue on 6 November 2024 and are signed on its behalf by:
M J Grierson
Director
Company registration number 06927391 (England and Wales)
STORAGE EQUIPMENT MANUFACTURERS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
Storage Equipment Manufacturers Association Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 10, Burntwood Business Park, Attwood Road, Burntwood, Staffordshire, WS7 3GJ.
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 and expenditure
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business and is shown net of value added tax.
Revenue is recognised when the service provided to the customer has been completed and the amount of revenue can be measured reliably.
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:
Leasehold property
10% on cost over period of the lease
Plant and machinery
10% on cost
Fixtures and fittings
33.3% on cost
Computer equipment
33.3% 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.
1.4
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
STORAGE EQUIPMENT MANUFACTURERS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 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
11
10
3
Tangible fixed assets
Leasehold property
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
22,115
8,731
7,146
7,755
45,747
Additions
1,100
270
971
2,341
At 30 June 2024
22,115
9,831
7,416
8,726
48,088
Depreciation and impairment
At 1 July 2023
3,885
1,513
4,174
2,396
11,968
Depreciation charged in the year
2,220
984
2,396
2,895
8,495
At 30 June 2024
6,105
2,497
6,570
5,291
20,463
Carrying amount
At 30 June 2024
16,010
7,334
846
3,435
27,625
At 30 June 2023
18,230
7,218
2,972
5,359
33,779
4
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through surplus or deficit
619,289
-
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Service charges due
238,815
150,464
Prepayments and accrued income
49,577
35,964
288,392
186,428
STORAGE EQUIPMENT MANUFACTURERS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
6
Current asset investments
2024
2023
£
£
Other investments
619,289
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
52,035
23,700
Corporation tax
33,236
26,025
Other taxation and social security
63,074
47,831
Other creditors
632
Accruals and deferred income
422,342
351,774
570,687
449,962
8
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.