Registered number
01921520
The Automated Customs and International Trade Association
Filleted Accounts
31 December 2024
The Automated Customs and International Trade Association
Registered number: 01921520
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1 1
Current assets
Debtors 4 2,931 4,558
Cash at bank and in hand 17,660 35,400
20,591 39,958
Creditors: amounts falling due within one year 5 (5,591) (9,420)
Net current assets 15,000 30,538
Net assets 15,001 30,539
Capital and reserves
Profit and loss account 15,001 30,539
Shareholders' funds 15,001 30,539
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Hiscock
Director
Approved by the board on 12 June 2025
The Automated Customs and International Trade Association
Notes to the Accounts
for the year ended 31 December 2024
Status of the Company
The company is a company limited by guarantee so does not have issued share capital. Its members consist of the subscribers to the memorandum of association and any other persons admitted by the company in General Meeting. During the year there were 105 members (2023: 111); each member guaranteeing the company up to an amount of £25.
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover consisting of joining fees, annual membership and guest meeting attendance fees for the period to which they relate.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Website and software costs are included in fixed assets where they are likely to generate future economic benefits which can be reasonable identified. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 3 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
The company has no employees and there was no Council Members' remuneration paid in the year.
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024 2,581
At 31 December 2024 2,581
Depreciation
At 1 January 2024 2,580
At 31 December 2024 2,580
Net book value
At 31 December 2024 1
At 31 December 2023 1
4 Debtors 2024 2023
£ £
Trade debtors 840 4,558
Other taxes recoverable 2,091 -
2,931 4,558
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 4,941 2,681
Taxation and social security costs - 1,139
Other creditors 650 5,600
5,591 9,420
6 Other information
The Automated Customs and International Trade Association is a private company limited by shares and incorporated in England. Its registered office is:
ACITA
c/o Thornhill Scott Ltd
65 High Street
Harpenden
AL5 2SL
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