International Salvage Union Filleted accounts for Companies House (small and micro)

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.