4 21 November 2024 false false false false false false false false false false true false false false false true false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 6,410 2,726 641 3,367 3,043 3,684 12,175 1,135 13,310 10,108 2,281 12,389 921 2,067 xbrli:pure xbrli:shares iso4217:GBP 3589631 2023-07-01 2024-06-30 3589631 2024-06-30 3589631 2023-06-30 3589631 2022-07-01 2023-06-30 3589631 2023-06-30 3589631 2022-06-30 3589631 bus:Director1 2023-07-01 2024-06-30 3589631 bus:Director5 2023-07-01 2024-06-30 3589631 core:PatentsTrademarksLicencesConcessionsSimilar 2023-06-30 3589631 core:PatentsTrademarksLicencesConcessionsSimilar 2024-06-30 3589631 core:PlantMachinery 2023-06-30 3589631 core:PlantMachinery 2024-06-30 3589631 core:PlantMachinery 2023-07-01 2024-06-30 3589631 core:WithinOneYear 2024-06-30 3589631 core:WithinOneYear 2023-06-30 3589631 core:RetainedEarningsAccumulatedLosses 2024-06-30 3589631 core:RetainedEarningsAccumulatedLosses 2023-06-30 3589631 core:PatentsTrademarksLicencesConcessionsSimilar 2023-07-01 2024-06-30 3589631 core:PatentsTrademarksLicencesConcessionsSimilar 2023-06-30 3589631 core:PlantMachinery 2023-06-30 3589631 bus:SmallEntities 2023-07-01 2024-06-30 3589631 bus:Audited 2023-07-01 2024-06-30 3589631 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 3589631 bus:CompanyLimitedByGuarantee 2023-07-01 2024-06-30 3589631 bus:FullAccounts 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: 3589631
BRITISH COMPRESSED AIR SOCIETY LIMITED
Company Limited by Guarantee
FILLETED FINANCIAL STATEMENTS
30 June 2024
BRITISH COMPRESSED AIR SOCIETY LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
6
3,043
3,684
Tangible assets
7
921
2,067
-------
-------
3,964
5,751
Current assets
Debtors
8
47,605
34,661
Cash at bank and in hand
650,587
580,704
----------
----------
698,192
615,365
Creditors: amounts falling due within one year
9
73,322
170,311
----------
----------
Net current assets
624,870
445,054
----------
----------
Total assets less current liabilities
628,834
450,805
Provisions
10
24,828
34,103
----------
----------
Net assets
604,006
416,702
----------
----------
Capital and reserves
Profit and loss account
604,006
416,702
----------
----------
Members funds
604,006
416,702
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income (including income and expenditure account) has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 21 November 2024 , and are signed on behalf of the board by:
V Jones
J A Morgan
Director
Director
Company registration number: 3589631
BRITISH COMPRESSED AIR SOCIETY LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
1. General information
The company is a private company limited by guarantee, registered in England & Wales. The address of the registered office is Numeric House, 98 Station Road, Sidcup, DA15 7BY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through statement of comprehensive income.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
There are no significant estimates or assumptions made that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Revenue recognition
Turnover represents members' subscriptions, training and other services rendered. All income is accounted for on a receivable basis.
Income tax
The taxation expense represents the current tax recognised in the reporting period. Current tax is recognised on non-mutual taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Trademarks
-
10 Years Straight Line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
3 Years Straight Line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable from the company to the fund. All contributions were payable in the year.
Debtors
Debtors are initially recorded at fair value and are assessed for impairment at each year end date. If any impairments exist the debtors are re-measured to the present value of the expected future cash inflows.
Creditors
Creditors are initially recorded at fair value and are then re-measured to the present value of the expected future cash outflows.
4. Company limited by guarantee
The company is limited by guarantee and has no share capital.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
6. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 July 2023 and 30 June 2024
6,410
-------
Amortisation
At 1 July 2023
2,726
Charge for the year
641
-------
At 30 June 2024
3,367
-------
Carrying amount
At 30 June 2024
3,043
-------
At 30 June 2023
3,684
-------
7. Tangible assets
Fixtures, fittings & equipment
Total
£
£
Cost
At 1 July 2023
12,175
12,175
Additions
1,135
1,135
--------
--------
At 30 June 2024
13,310
13,310
--------
--------
Depreciation
At 1 July 2023
10,108
10,108
Charge for the year
2,281
2,281
--------
--------
At 30 June 2024
12,389
12,389
--------
--------
Carrying amount
At 30 June 2024
921
921
--------
--------
At 30 June 2023
2,067
2,067
--------
--------
8. Debtors
2024
2023
£
£
Trade debtors
23,525
15,818
Other debtors
24,080
18,843
--------
--------
47,605
34,661
--------
--------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
16,003
24,220
Corporation tax
153
153
Other creditors
57,166
145,938
--------
----------
73,322
170,311
--------
----------
10. Provisions
Computer projects
Commercial projects
Total
£
£
£
At 1 July 2023
9,828
24,275
34,103
Additions
5,000
5,000
Charge against provision
( 14,275)
( 14,275)
-------
--------
--------
At 30 June 2024
9,828
15,000
24,828
-------
--------
--------
The provision for computer projects of £9,828 relates to website development costs. The company entered into an agreement with a contractor to develop the company's website, the work has been on-going process, however there is uncertainty of the timing of the outflow. The amount was the originally estimated per the amounts quoted in June 2020, therefore there is also an uncertainty about the total final costs for this project. Commercial projects provision of £15,000 relates to a datasheet project that will assist the company with compliance with Data Privacy. This project commenced during the year and there are uncertainties of the timing of the project. The board estimated the costs for this project to be £10,000 based on original quotes obtained in 2023, however the board now estimate the final cost to be in the region of £15,000. Included in the Commercial project brought forward was a provision of £14,275 for contract legislation tracking, this project was completed during year and the final amount invoiced to the company was £14,806.
11. Summary audit opinion
The auditor's report dated 21 November 2024 was unqualified .
The senior statutory auditor was Philip Benson Woodman FCCA , for and on behalf of Opass Billings Wilson & Honey LLP .
12. Related party transactions
During the year the Association provided services of £8,132 to Direct Air & Pilewort Limited, £4,200 to Mattei Compressors Limited, £8,855 to HPC Public Limited and £2,409 to Compressed Air Centre Limited. At the year ending 30th June 2024 the Association owed Direct Air & Pilewort Limited £257 and the Association was due £567 from Compressed Air Centre Limited. The above companies are related to British Compressed Air Society Limited by the virtue they have Directors in common.