4 false false false false false false false false false false true false false false false false false 2024-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,420 1,120 390 1,510 910 1,300 xbrli:pure xbrli:shares iso4217:GBP 07083863 2024-01-01 2024-12-31 07083863 2024-12-31 07083863 2023-12-31 07083863 2023-01-01 2023-12-31 07083863 2023-12-31 07083863 2022-12-31 07083863 bus:Director15 2024-01-01 2024-12-31 07083863 core:WithinOneYear 2024-12-31 07083863 core:WithinOneYear 2023-12-31 07083863 core:OtherReservesSubtotal 2024-12-31 07083863 core:OtherReservesSubtotal 2023-12-31 07083863 core:RetainedEarningsAccumulatedLosses 2024-12-31 07083863 core:RetainedEarningsAccumulatedLosses 2023-12-31 07083863 bus:SmallEntities 2024-01-01 2024-12-31 07083863 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 07083863 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 07083863 bus:CompanyLimitedByGuarantee 2024-01-01 2024-12-31 07083863 bus:FullAccounts 2024-01-01 2024-12-31 07083863 core:ComputerEquipment 2024-01-01 2024-12-31 07083863 core:ComputerEquipment 2024-12-31 07083863 core:ComputerEquipment 2023-12-31
COMPANY REGISTRATION NUMBER: 07083863

International Salvage Union

Company Limited by Guarantee

Filleted Unaudited Financial Statements

31 December 2024

International Salvage Union

Company Limited by Guarantee

Financial Statements

Year ended 31 December 2024

Contents | Page

Statement of financial position | 1

Notes to the financial statements | 3

International Salvage Union

Company Limited by Guarantee

Statement of Financial Position

31 December 2024

| 2024 | 2023
Note | £ | £ | £ | £

Fixed assets

Tangible assets | 6 |  | 910 |  | 1,300

Current assets

Debtors | 7 | 77,431 |  | 91,459 |
Cash at bank and in hand | 418,581 |  | 357,485 |
| --------- |  | --------- |
| 496,012 |  | 448,944 |

Creditors: amounts falling due within one year | 8 | 11,372 |  | 34,784 |
| --------- |  | --------- |
Net current assets |  | 484,640 |  | 414,160
|  | --------- |  | ---------
Total assets less current liabilities |  | 485,550 |  | 415,460
|  | --------- |  | ---------
Net assets |  | 485,550 |  | 415,460
|  | --------- |  | ---------

Capital and reserves

Other reserves | 9 |  | 130,685 |  | 130,685
Profit and loss account | 9 |  | 354,865 |  | 284,775
|  | --------- |  | ---------
Members funds |  | 485,550 |  | 415,460
|  | --------- |  | ---------

These 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 statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 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 financial statements .

International Salvage Union

Company Limited by Guarantee

Statement of Financial Position (continued)

31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 1 September 2025 , and are signed on behalf of the board by:

J M T Herbert
Director

Company registration number: 07083863

International Salvage Union

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 December 2024
1. General information
The company is a private company limited by guarantee, registered in England and Wales, registration number 07083863 . The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.
2. Statement of compliance
These 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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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. The majority of the income relates to membership subscriptions which are recognised in the profit and loss account over the term of the membership.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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 | - | 20% straight line

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Company limited by guarantee
The Company is limited by guarantee and does not have any share capital. Consequently, there are no disclosable interests in share capital. In the event of the Company being wound up, each member has guaranteed to contribute £1.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
This includes Directors who do not receive any remuneration .
6. Tangible assets

| Equipment | Total
| £ | £
Cost |  |
At 1 January 2024 and 31 December 2024 | 2,420 | 2,420
| ------- | -------
Depreciation |  |
At 1 January 2024 | 1,120 | 1,120
Charge for the year | 390 | 390
| ------- | -------
At 31 December 2024 | 1,510 | 1,510
| ------- | -------
Carrying amount |  |
At 31 December 2024 | 910 | 910
| ------- | -------
At 31 December 2023 | 1,300 | 1,300
| ------- | -------

7. Debtors

| 2024 | 2023
| £ | £
Trade debtors | 32,345 | 23,448
Prepayments and accrued income | 28,245 | 52,099
Other debtors | 16,841 | 15,912
| -------- | --------
| 77,431 | 91,459
| -------- | --------

8. Creditors: amounts falling due within one year

| 2024 | 2023
| £ | £
Trade creditors | 3,245 | 14,810
Accruals and deferred income | 2,595 | 8,444
Social security and other taxes | 4,528 | 10,594
Other creditors | 1,004 | 936
| -------- | --------
| 11,372 | 34,784
| -------- | --------

9. Other reserves
The reserve arose when the total asset and liabilities were transferred from the unincorporated association International Salvage Union on 1 January 2010.