Company registration number 02806604 (England and Wales)
British Gear Association
UNAUDITED FINANCIAL STATEMENTS
for the year ended 31 December 2024
PAGES FOR FILING WITH REGISTRAR
British Gear Association
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
British Gear Association
Statement of financial position
as at 31 December 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
20,675
24,495
Cash at bank and in hand
220,435
223,677
241,110
248,172
Creditors: amounts falling due within one year
(5,937)
(9,911)
Net current assets
235,173
238,261
Reserves
Income and expenditure account
235,173
238,261
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
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 31 December 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 Executive Council and authorised for issue on
14 April 2025
14 April 2025
and are signed on its behalf by:
D F Radley
Chair
Company Registration No. 02806604
British Gear Association
Notes to the financial statements
for the year ended 31 December 2024
- 2 -
1
Accounting policies
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.
Going concern
Atruet the time of approving the Executive Council have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the Executive Council continue adopt the going concern basis of accounting in preparing the financial statements.
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The association's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Retirement benefits
The association operates a defined contribution scheme. Contributions are payable to the income and expenditure account as they are paid, in accordance with the rules of the scheme. The assets of the scheme are held separately from those of the association.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
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.
4
Company information
British Gear Association is a company limited by guarantee without share capital. The registered office is West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB.