Company Registration No. 00034278 (England and Wales)
CONSUMER CREDIT TRADE ASSOCIATION
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
CONSUMER CREDIT TRADE ASSOCIATION
COMPANY INFORMATION
Directors
G P Stevens
S Mee
T J Merrick
P D Ross
F R Johnstone
J Burgess
J Wassell
(Appointed 27 November 2020)
M R Fiander
(Appointed 8 December 2020)
J M Davis
(Appointed 8 February 2021)
A R Freeman
(Appointed 24 February 2021)
P M Smith
(Appointed 24 February 2021)
S Afzal
(Appointed 24 February 2021)
P F M Reynolds
(Appointed 24 February 2021)
R J Fuller
(Appointed 24 February 2021)
Company number
00034278
Registered office
Unit G5, Spring Mill
Main Street
Wilsden
Bradford
BD15 0DX
Auditor
BHP LLP
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
CONSUMER CREDIT TRADE ASSOCIATION
CONTENTS
Page
Directors' report
1 - 2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Income and expenditure account
7
Balance sheet
8
Notes to the financial statements
9 - 14
CONSUMER CREDIT TRADE ASSOCIATION
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 1 -
The directors present their annual report and financial statements for the year ended 31 December 2020.
Business review
We came out of 2019 believing it had been an unusually difficult year for the Consumer Credit Trade Association (CCTA), as we saw the impact of regulation on the consumer credit market. Many lenders left the market, with some providing unregulated credit products to consumers, as they saw others prosper.
However, during early 2020 the world changed again with the Covid-19 pandemic.
The lockdown led to a reduction in the demand for credit, and the consequent departure of some lenders from the market either temporarily or permanently.
This also impacted on many of the traditional trade association services that the CCTA provides for its members. Our annual conference had to be postponed, and it was impossible to run physical meetings such as training events.
The CCTA Council continued its work to address the long-term future of the CCTA. The long-standing imperative has been to protect CCTA members, brand, and legacy, as well as embrace modernity and new ideas.
Building on existing collaboration, the CCTA entered into discussions with other trade associations. From an organisational perspective, much of 2020 involved the negotiation of an arrangement with the Consumer Finance Association (CFA) as they became our preferred partner.
Our day-to-day activities were in response to a difficult environment for our members, both because of Covid-19 and regulatory pressures. A priority was to develop our campaigning capability.
Towards the close of the year, an agreement was reached that would see the acquisition of assets from the CFA alongside a significant restructuring of the CCTA.
A key benefit of this arrangement is the transfer of CFA members, reversing the fall in members. Alongside a transfer of staff with an expertise in representing alternative lending. Building our capacity to create a stronger voice for our members.
The Council agreed to the appointment of Jason Wassell, former CEO of the CFA, as the successor to Greg Stevens. Resolving an outstanding strategic question around future leadership.
Greg leaves the CEO post with our thanks for all of the help that he has given to the CCTA. His relationship with the association continues as he agreed to take up the position of Chair on the CCTA Council.
The Consumer Credit Trade Association closed 2020 in a better organisational position, and with the potential to restructure for long-term future success.
This is vital, as there is more need than ever for a strong voice for alternative lenders.
CONSUMER CREDIT TRADE ASSOCIATION
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 2 -
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
G P Stevens
J S Fellows
(Resigned 31 December 2020)
S Mee
A Claytor
(Resigned 31 December 2020)
N Leatherland
(Resigned 31 December 2020)
T J Merrick
P D Ross
F R Johnstone
J Burgess
R J Ashton
(Resigned 9 October 2020)
J Wassell
(Appointed 27 November 2020)
M R Fiander
(Appointed 8 December 2020)
J M Davis
(Appointed 8 February 2021)
A R Freeman
(Appointed 24 February 2021)
P M Smith
(Appointed 24 February 2021)
S Afzal
(Appointed 24 February 2021)
P F M Reynolds
(Appointed 24 February 2021)
R J Fuller
(Appointed 24 February 2021)
Auditor
In accordance with the company's Articles of Association, a resolution proposing that BHP LLP be reappointed as auditors will be put at the annual general meeting.
Statement of disclosure to auditor
So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware. Additionally, the directors have taken all necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
J Wassell
Director
28 September 2021
CONSUMER CREDIT TRADE ASSOCIATION
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
CONSUMER CREDIT TRADE ASSOCIATION
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CONSUMER CREDIT TRADE ASSOCIATION
- 4 -
Opinion
We have audited the financial statements of Consumer Credit Trade Association (the 'company') for the year ended 31 December 2020 which comprise the income and expenditure account, the balance sheet and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2020 and of its deficit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the financial statements
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material uncertainty relating to going concern
We draw attention to
note 1.2
in the financial statements which discusses the Directors’ assessment of the impact of the COVID-19 pandemic on the Company. As stated in
1.2
, these events or conditions, along with the other matters as set forth
in 1.2
, indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
CONSUMER CREDIT TRADE ASSOCIATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONSUMER CREDIT TRADE ASSOCIATION
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below
.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations, relevant to the company, which could give rise to a material misstatement in the financial statements. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management, review of company minutes and legal expenses. There are inherent limitations in the audit procedures described and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
CONSUMER CREDIT TRADE ASSOCIATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CONSUMER CREDIT TRADE ASSOCIATION
- 6 -
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Lesley Kendrew (Senior Statutory Auditor)
For and on behalf of BHP LLP
28 September 2021
Chartered Accountants
Statutory Auditor
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
CONSUMER CREDIT TRADE ASSOCIATION
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
2020
2019
£
£
Income
406,925
561,390
Cost of sales
(56,187)
(182,104)
Gross surplus
350,738
379,286
Administrative expenses
(421,219)
(479,133)
Operating deficit
(70,481)
(99,847)
Interest receivable and similar income
248
763
Deficit before taxation
(70,233)
(99,084)
Tax on deficit
Deficit for the financial year
(70,233)
(99,084)
CONSUMER CREDIT TRADE ASSOCIATION
BALANCE SHEET
AS AT 31 DECEMBER 2020
31 December 2020
- 8 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,758
9,785
Current assets
Stocks
19,131
Debtors
4
89,331
138,899
Cash at bank and in hand
206,467
304,661
314,929
443,560
Creditors: amounts falling due within one year
5
(283,532)
(346,957)
Net current assets
31,397
96,603
Net assets
36,155
106,388
Reserves
Other reserves
50,000
50,000
Income and expenditure account
(13,845)
56,388
Members' funds
36,155
106,388
These financial statements have been prepared 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 28 September 2021 and are signed on its behalf by:
J Wassell
Director
Company Registration No. 00034278
CONSUMER CREDIT TRADE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 9 -
1
Accounting policies
Company information
Consumer Credit Trade Association is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
Unit G5, Spring Mill, Main Street, Wilsden, Bradford, BD15 0DX.
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
Going concern
The Directors have considered the impact of COVID-19 on the Company’s trade, workforce and suppl
y
chain, as well
as the wider economy. Whilst it is not considered practical to accurately assess the duratio
n
and extent of the disruption, the Directors are confident that they have in place plans to deal with any
financial losses that may arise.
The Directors do however recognise that significant uncertainty exists surrounding the duration and impact
of COVID-19 and hence there is inherent risk regarding the success and sustainability of these plans. This
risk
represents a material uncertainty which may cast significant doubt about the Company’s ability to
continue as a going concern, however the Directors have concluded that the Company remains a going
concern whilst such viable options are available to it. The Directors therefore continue to adopt the going
concern basis of preparation for these financial statements.
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.4
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:
Leasehold improvement
Over the remaining lease term
Plant and machinery
25% straight line
Fixtures, fittings & equipment
33.3% straight line
Computer equipment
33.3% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to surplus or deficit
.
CONSUMER CREDIT TRADE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 10 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
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.
1.8
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.
CONSUMER CREDIT TRADE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 11 -
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.
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred 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.
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.
CONSUMER CREDIT TRADE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 12 -
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
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 lease
s
asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
6
6
CONSUMER CREDIT TRADE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 13 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2020
7,500
32,865
40,365
Disposals
(7,500)
(7,500)
At 31 December 2020
32,865
32,865
Depreciation and impairment
At 1 January 2020
7,500
23,080
30,580
Depreciation charged in the year
5,027
5,027
Eliminated in respect of disposals
(7,500)
(7,500)
At 31 December 2020
28,107
28,107
Carrying amount
At 31 December 2020
4,758
4,758
At 31 December 2019
9,785
9,785
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Service charges due
87,923
129,988
Other debtors
1,408
8,911
89,331
138,899
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
21,340
47,627
Taxation and social security
51,010
29,853
Other creditors
211,182
269,477
283,532
346,957
6
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
CONSUMER CREDIT TRADE ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 14 -
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:
2020
2019
£
£
21,881
8,493
8
Events after the reporting date
On 1
January 2021 Consumer Credit Trade Association acquired the business and assets of Consumer Finance Association (company number
06731978 )
for consideration of £4.
2020-12-31
2020-01-01
false
CCH Software
CCH Accounts Production 2021.200
No description of principal activity
G P Stevens
J S Fellows
S Mee
A Claytor
N Leatherland
T J Merrick
T J Merrick
P D Ross
J Burgess
F R Johnstone
J Wassell
M R Fiander
J Burgess
R J Ashton
J Wassell
M R Fiander
J M Davis
A R Freeman
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