Company Registration No. 00025231 (England and Wales)
THE BIRMINGHAM SOFT DRINKS ASSOCIATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
THE BIRMINGHAM SOFT DRINKS ASSOCIATION LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
THE BIRMINGHAM SOFT DRINKS ASSOCIATION LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Current assets
Investments
2
-
97,975
Cash at bank and in hand
57,378
51,060
57,378
149,035
Creditors: amounts falling due within one year
3
(900)
(3,547)
Net current assets
56,478
145,488
Capital and reserves
Other reserves
-
72,880
Profit and loss reserves
56,478
72,608
Total equity
56,478
145,488
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 November 2019 and are signed on its behalf by:
Mr G S Millichip
Director
Company Registration No. 00025231
THE BIRMINGHAM SOFT DRINKS ASSOCIATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2017
72,880
68,996
141,876
Year ended 31 March 2018:
Profit and total comprehensive income for the year
-
3,612
3,612
Balance at 31 March 2018
72,880
72,608
145,488
Year ended 31 March 2019:
Profit and total comprehensive income for the year
-
108,350
108,350
Donation from reserves
-
(197,360)
(197,360)
Transfers
(72,880)
72,880
-
Balance at 31 March 2019
-
56,478
56,478
THE BIRMINGHAM SOFT DRINKS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
The Birmingham Soft Drinks Association Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
88 Aldridge Road, Perry Barr, Birmingham, B42 2TP.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
THE BIRMINGHAM SOFT DRINKS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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.
2
Current asset investments
2019
2018
£
£
Other investments
-
97,975
3
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
900
900
Corporation tax
-
7
Other creditors
-
2,640
900
3,547
THE BIRMINGHAM SOFT DRINKS ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
4
Related party transactions
The company held in trust listed investments for
Birmingham Soft Drinks Foundation
(charity number 1148581) which were sold on their behalf during the year for £159,728. The company also made a further donation of £37,632
. There is a common director
Mr G S Millichip
.
5
Other reserves
The other reserves were a legacy from when the the company was a trading entity and amounts were set aside for expected significant expenditure. As a specific reserve is no longer required it has been transferred back to profit and loss reserves.