Company registration number 01237440 (England and Wales)
ASSOCIATION OF ILLUSTRATORS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ASSOCIATION OF ILLUSTRATORS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
ASSOCIATION OF ILLUSTRATORS LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,286
5,313
Current assets
Debtors
4
152,260
145,068
Cash at bank and in hand
568,213
620,240
720,473
765,308
Creditors: amounts falling due within one year
5
(88,241)
(134,191)
Net current assets
632,232
631,117
Total assets less current liabilities
636,518
636,430
Creditors: amounts falling due after more than one year
6
(15,549)
(9,848)
Net assets
620,969
626,582
Capital and reserves
Called up share capital
Profit and loss reserves
620,969
626,582
Total equity
620,969
626,582
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 12 May 2025 and are signed on its behalf by:
Mr D S Gilbert
Director
Company registration number 01237440 (England and Wales)
ASSOCIATION OF ILLUSTRATORS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Association of Illustrators Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Somerset House, T7 3rd Floor Somerset House, Strand, London, England, WC2R1LA.
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 £.
1.2
Turnover
These financial statements for the year ended 30 September 2024 are the first financial statements of Association of Illustrators Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 October 2022. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
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:
Fixtures and fittings
25%
Computers
25%
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
ASSOCIATION OF ILLUSTRATORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
As lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
7
Total staff costs during the year was £348,475 (2023 - £353,684).
There were no employee whose emoluments exceeded £60,000 during the year. Pension contributions in respect of the employee amounted to £9257 (2023 - £8,560).
ASSOCIATION OF ILLUSTRATORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023
55,727
Additions
1,583
At 30 September 2024
57,310
Depreciation and impairment
At 1 October 2023
50,415
Depreciation charged in the year
2,609
At 30 September 2024
53,024
Carrying amount
At 30 September 2024
4,286
At 30 September 2023
5,313
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
121,283
111,362
Other debtors
30,977
33,706
152,260
145,068
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
41,278
84,657
Corporation tax
1,461
Other taxation and social security
17,047
7,886
Other creditors
29,916
40,187
88,241
134,191
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
15,549
9,848
ASSOCIATION OF ILLUSTRATORS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
5,525
8
Related party transactions
The company was under the control of the Board of Directors, chaired by D Gilbert, throughout the current year.
With the exception of the AOI chief executive, Directors are not remunerated via salary. They may be paid expenses for attending meetings and duties related to their duties as directors. In 2023, 2 Directors were paid £698 (2022: £586) for travel and subsistence.
S. Baumgart is an associate solicitor of James Ware Stephenson, a legal firm, which provided legal services for the compliance with commercial contract and other ad-hoc service. The contract was awarded through competitive tender and consultancy cost of £7,000 (2022: £1,200) is included in the total costs of Legal and professional fees.
Montana Forbes is an Illustrator, a director not remunerated through salary. She provided a freelance work, this amounted to £450 (2022 £1,200). Also, Jhinuk Sakar is a director not remunerated via salary;
Dan Woodger is a director not remunerated through salary.
Ciara Phelan is the Creative Director of Grand Matter, an animation company which provided services to the organisation. The cost of those services amount to £12,730 (2022 : £Nil).
The articles of association includes a professional charging clause permitting remuneration of directors who are professionals. D Gilbert is a freelance Management Consultant and provided management services, concerning high level strategic support to the AOI's staff at a cost of £14,707 (2022: £11,688).
The board approved a one-off bonus to be paid to the directors equating to £990 per person.
9
Company limited by guarantee
The company is limited by guarantee of £1 per member on winding up and has no share capital.