Company registration number 00286895 (England and Wales)
TIMBER RESEARCH AND DEVELOPMENT ASSOCIATION
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
TIMBER RESEARCH AND DEVELOPMENT ASSOCIATION
COMPANY INFORMATION
Directors
N J Milestone
C Law
D C Hopkins
Company number
00286895
Registered office
26 Store Street
London
United Kingdom
WC1E 7BT
Accountants
Azets
Suites B & D
Burnham Yard
Beaconsfield
Bucks
HP9 2JH
TIMBER RESEARCH AND DEVELOPMENT ASSOCIATION
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
TIMBER RESEARCH AND DEVELOPMENT ASSOCIATION
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
4
968
Cash at bank and in hand
1,146,135
1,147,103
Creditors: amounts falling due within one year
5
(345,567)
Net current assets
801,536
Reserves
Called up share capital
Income and expenditure account
801,536
Members' funds
801,536
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial year ended 31 December 2021 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 29 September 2022 and are signed on its behalf by:
N J Milestone
Director
Company Registration No. 00286895
TIMBER RESEARCH AND DEVELOPMENT ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 2 -
1
Accounting policies
Company information
Timber Research and Development Association is a
private
company
limited by guarantee
incorporated in
England and Wales
.
The registered office is
26 Store Street, London, United Kingdom, WC1E 7BT.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
During
true
the year ended 31 December 20
20
, the board of Directors
announce
d
the ‘merger’ and acquisition by the Timber Trade Federation (TTF) of TRADA
.
The transfer took place
early in 2021
, resulting in the company ceasing to trade on the
19 February 2021
. The directors have concluded that the going concern basis is not appropriate in preparing these financial statements. These financial statements have therefore been prepared on the break-up basis.
1.3
Turnover
Turnover
comprises Membership subscriptions which are recognised in the year which they relate and are stated net of value added tax. The income arises substantially in the United Kingdom.
1.4
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.
1.5
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
TIMBER RESEARCH AND DEVELOPMENT ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 3 -
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.
Deferred tax
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.
1.7
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
TIMBER RESEARCH AND DEVELOPMENT ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 4 -
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
968
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
29,010
Corporation tax
657
Other taxation and social security
7,450
Other creditors
298,349
Accruals and deferred income
10,101
345,567
6
Ultimate controlling party
The directors consider there to be no controlling party for the entity.