REGISTERED NUMBER: 01064239 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

INSTITUTE OF HIGHWAY ENGINEERS

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D Capes

P J Dipper

J Fermilian

K Kelly

G Mallin

G Neill

M Polland

R Bollen

A Brown

P Evans

A J Gollop

J Hornsby

S A Rooney

S Motamedi

K Draper

A Cole

O Samways

P Claytonsmith

C Bowley

G H Din

SECRETARY:

W L Andrew

REGISTERED OFFICE:

4 Devonshire Street

London

W1W 5DX

REGISTERED NUMBER:

01064239 (England and Wales)

AUDITORS:

Magma Audit LLP

Chartered Accountants

Statutory Auditor

Magma House, 16 Davy Court

Castle Mound Way

Rugby

CV23 0UZ

FIXED ASSETS

Tangible assets

4

884

7,353

Investments

5

16,650

17,617

17,534

24,970

CURRENT ASSETS

Debtors

6

433,937

452,545

Cash at bank

736,975

770,673

1,170,912

1,223,218

CREDITORS

Amounts falling due within one year

7

(575,286

)

(586,528

)

NET CURRENT ASSETS

595,626

636,690

TOTAL ASSETS LESS CURRENT LIABILITIES

613,160

661,660

PROVISIONS FOR LIABILITIES

-

(1,878

)

NET ASSETS

613,160

659,782

RESERVES

Income and expenditure account

613,160

659,782

613,160

659,782

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2025 and were signed on its behalf by:

R Bollen - Director

1.	STATUTORY INFORMATION

Institute of Highway Engineers is a company limited by guarantee, limited company registered in England and Wales. Its registered office is 4 Devonshire Street, London, W1W 5DX and the registered number is 01064239.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The company's functional currency and presentational currency is Sterling (£). The financial statements have been rounded to the nearest £1.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is derived from two primary sources, membership subscriptions and conference and course income.

- Membership subscriptions are accounted for by reference to the year of membership.

- Conference and course income is recognised when an event takes place

The company has received funding in the form of grants relating to course development. The grant funding is released to the profit and loss account in full in the year the conditions of the grant funding have been met.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Fixtures and fittings

-

25% on cost

Computer equipment

-

33.33% on cost

Gains and losses on disposal are determined by comparing proceeds with the carrying amount and recognised in the profit and loss account.

Fixed Asset Investments

Investments are included in the financial statements at fair value. The profit and loss account includes net gains and losses arising on revaluation and disposals throughout the year.

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at

transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating leases

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Retained earnings

Retained earnings are unrestricted funds which are available for use at the discretion of the Directors in furtherance of the general objectives of the company and which have not been designated for other purposes.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2023 - 28 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

342

24,826

25,168

DEPRECIATION

At 1 January 2024

342

17,473

17,815

Charge for year

-

6,469

6,469

At 31 December 2024

342

23,942

24,284

NET BOOK VALUE

At 31 December 2024

-

884

884

At 31 December 2023

-

7,353

7,353

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 January 2024

17,617

Revaluations

(967

)

At 31 December 2024

16,650

NET BOOK VALUE

At 31 December 2024

16,650

At 31 December 2023

17,617

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

387,428

393,907

Other debtors

19,716

16,017

Tax

-

15,340

VAT

13,683

14,951

Prepayments

13,110

12,330

433,937

452,545

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

19,310

29,528

Social security and other taxes

9,211

-

Other creditors

50,115

67,526

Accruals and deferred income

496,650

489,474

575,286

586,528

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

98,484

97,078

Between one and five years

22,050

22,086

120,534

119,164

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Victoria Craig (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP

10.	COMPANY LIMITED BY GUARANTEE

Institute of Highway Engineers is a company limited by guarantee. This guarantee extends to all members of the company. Each member's liability is limited to a maximum of £1.