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COMPANY REGISTRATION NUMBER: SC208363
British Aggregates Association
Company Limited by Guarantee
Filleted Unaudited Abridged Financial Statements
For the year ended
31 March 2024
British Aggregates Association
Company Limited by Guarantee
Abridged Financial Statements
Year ended 31 March 2024
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
British Aggregates Association
Company Limited by Guarantee
Abridged Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
401
472
Current assets
Debtors
25,665
21,292
Cash at bank and in hand
70,396
85,521
--------
---------
96,061
106,813
Creditors: amounts falling due within one year
Bank loans and overdrafts
30,000
45,000
Accruals and deferred income
13,992
17,403
--------
---------
43,992
62,403
--------
--------
Net current assets
52,069
44,410
--------
--------
Total assets less current liabilities
52,470
44,882
--------
--------
Net assets
52,470
44,882
--------
--------
Capital and reserves
Profit and loss account
52,470
44,882
--------
--------
Members funds
52,470
44,882
--------
--------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
British Aggregates Association
Company Limited by Guarantee
Abridged Statement of Financial Position (continued)
31 March 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
Mr R H Clemmey
Director
Company registration number: SC208363
British Aggregates Association
Company Limited by Guarantee
Notes to the Abridged Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by guarantee, registered in Scotland. The address of the registered office is Cloburn Quarry, Pettinain, Lanark, ML11 8SR.
2. Statement of compliance
These abridged 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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Equipment
-
15% reducing balance
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
4. Company limited by guarantee
The company is limited by guarantee and does not have a share capital. Every member of the association undertakes to contribute an amount not exceeding £1 in the event of the association being wound up.
5. Tangible assets
£
Cost
At 1 April 2023 and 31 March 2024
675
----
Depreciation
At 1 April 2023
203
Charge for the year
71
----
At 31 March 2024
274
----
Carrying amount
At 31 March 2024
401
----
At 31 March 2023
472
----
6. Related party transactions
A number of member companies have provided loans to fund the association. The members and the loans advanced at the balance sheet date are listed below. Sherburn Stone Company Limited £20,000 (2023 - £20,000) D.Geddes (Contractors) Limited £10,000 (2023 - £10,000) Longcliffe Quarries Limited £nil (2023 - £15,000)