8
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2021-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
9,499
729
10,228
5,109
2,438
7,547
2,681
4,390
xbrli:pure
xbrli:shares
iso4217:EUR
02715308
2021-01-01
2021-12-31
02715308
2021-12-31
02715308
2020-12-31
02715308
2020-01-01
2020-12-31
02715308
2020-12-31
02715308
bus:LeadAgentIfApplicable
2021-01-01
2021-12-31
02715308
bus:Director22
2021-01-01
2021-12-31
02715308
core:WithinOneYear
2021-12-31
02715308
core:WithinOneYear
2020-12-31
02715308
core:RetainedEarningsAccumulatedLosses
2021-12-31
02715308
core:RetainedEarningsAccumulatedLosses
2020-12-31
02715308
bus:SmallEntities
2021-01-01
2021-12-31
02715308
bus:AuditExemptWithAccountantsReport
2021-01-01
2021-12-31
02715308
bus:FullAccounts
2021-01-01
2021-12-31
02715308
bus:SmallCompaniesRegimeForAccounts
2021-01-01
2021-12-31
02715308
bus:CompanyLimitedByGuarantee
2021-01-01
2021-12-31
02715308
core:OfficeEquipment
2021-01-01
2021-12-31
02715308
core:OfficeEquipment
2020-12-31
02715308
core:OfficeEquipment
2021-12-31
COMPANY REGISTRATION NUMBER:
02715308
European Distance and E-Learning Network
|
|
Company Limited by Guarantee
|
|
Filleted Unaudited Financial Statements
|
|
European Distance and E-Learning Network
|
|
Company Limited by Guarantee
|
|
Year ended 31 December 2021
Directors' responsibilities statement
|
1
|
|
|
Independent chartered accountants review report
|
2
|
|
|
Statement of financial position
|
4
|
|
|
Notes to the financial statements
|
8
|
|
|
European Distance and E-Learning Network
|
|
Company Limited by Guarantee
|
|
Directors' Responsibilities Statement
|
|
Year ended 31 December 2021
The directors are responsible for preparing the directors' 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 the profit or loss 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 judgments 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.
European Distance and E-Learning Network
|
|
Company Limited by Guarantee
|
|
Independent Chartered Accountants Review Report to the Directors of
European Distance and E-Learning Network
|
|
Year ended 31 December 2021
We have reviewed the financial statements of
European Distance and E-Learning Network
for the year ended
31 December 2021
which comprise the statement of financial position and the related notes 1 to 8. The financial reporting framework that has been applied in their preparation is applicable law and the 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).
This report is made solely to the company's directors, as a body, in accordance with the terms of our engagement letter dated 10 April 2018. Our review has been undertaken so that we may state to the company's directors, as a body, those matters we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume any responsibility to anyone other than the company and the company's directors, as a body, for our work, for this report or the conclusions we have formed.
Directors responsibility for the financial statements
As explained more fully in the directors responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.
Accountants responsibility
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to Review Historical Financial Statements, and ICAEW Technical Release TECH 09/13AAF. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.
Scope of assurance review
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe the financial statements have not been prepared:
-
so as to give a true and fair view of the state of the company's affairs as at
31 December 2021
, and of its loss for the year then ended;
-
in accordance with the 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); and
-
in accordance with the Companies Act 2006.
GP FINANCIAL MANAGEMENT LTD
Chartered accountants
8 The Old Yard
Lodge Farm Business Centre
Wolverton Road
Castlethorpe
Milton Keynes
MK19 7ES
31 August 2022
European Distance and E-Learning Network
|
|
Company Limited by Guarantee
|
|
Statement of Financial Position
|
|
31 December 2021
Fixed assets
Tangible assets
|
5
|
|
2,681
|
4,390
|
|
|
|
|
|
Current assets
Debtors
|
6
|
26,295
|
|
50,287
|
Cash at bank and in hand
|
145,890
|
|
156,631
|
|
---------
|
|
---------
|
|
172,185
|
|
206,918
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
13,454
|
|
15,474
|
|
---------
|
|
---------
|
Net current assets
|
|
158,731
|
191,444
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
161,412
|
195,834
|
|
|
---------
|
---------
|
Net assets
|
|
161,412
|
195,834
|
|
|
---------
|
---------
|
|
|
|
|
|
Capital and reserves
Profit and loss account
|
|
161,412
|
195,834
|
|
|
---------
|
---------
|
Members funds
|
|
161,412
|
195,834
|
|
|
---------
|
---------
|
|
|
|
|
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 2021 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
.
European Distance and E-Learning Network
|
|
Company Limited by Guarantee
|
|
Statement of Financial Position (continued)
|
|
31 December 2021
These financial statements were approved by the
board of directors
and authorised for issue on
31 August 2022
, and are signed on behalf of the board by:
Company registration number:
02715308
European Distance and E-Learning Network
|
|
Company Limited by Guarantee
|
|
Year ended 31 December 2021
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 euros, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. In the view of the directors in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
Revenue recognition
Income comprises members' subscriptions, delegates' fees in respect of conference and workshop events, grants and other non-subscription income. The member subscription period coincides with the company's financial year. Subscription income is consequently recognised in full in the period to which it relates. Conference and workshop income is accounted for in the period that the relevant event takes place. Grant income received for specific projects is recognised in the income and expenditure account on a straight line basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
Office equipment
|
-
|
25% straight line
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
European Distance and E-Learning Network
|
|
Company Limited by Guarantee
|
|
Notes to the Financial Statements
|
|
Year ended 31 December 2021
1.
General information
The company is a private company limited by guarantee, registered in England and Wales, with registration number
02715308
. The address of the registered office is 8/9 The Old Yard, Lodge Farm Business Centre, Wolverton Road, Castlethorpe, Milton Keynes, MK19 7ES. The company's principal place of business is at Budapest University of Technology and Economics, H-1111 Budapest, Egry J. u. 1.
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.
Company limited by guarantee
The company is established under the Companies Act 1985 and is limited by guarantee, not having any share capital.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
8
(2020:
8
).
5.
Tangible assets
|
Equipment
|
Total
|
|
€
|
€
|
Cost
|
|
|
At 1 January 2021
|
9,499
|
9,499
|
Additions
|
729
|
729
|
|
--------
|
--------
|
At 31 December 2021
|
10,228
|
10,228
|
|
--------
|
--------
|
Depreciation
|
|
|
At 1 January 2021
|
5,109
|
5,109
|
Charge for the year
|
2,438
|
2,438
|
|
--------
|
--------
|
At 31 December 2021
|
7,547
|
7,547
|
|
--------
|
--------
|
Carrying amount
|
|
|
At 31 December 2021
|
2,681
|
2,681
|
|
--------
|
--------
|
At 31 December 2020
|
4,390
|
4,390
|
|
--------
|
--------
|
|
|
|
6.
Debtors
|
2021
|
2020
|
|
€
|
€
|
Trade debtors
|
1,600
|
1,850
|
Other debtors
|
24,695
|
48,437
|
|
--------
|
--------
|
|
26,295
|
50,287
|
|
--------
|
--------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2021
|
2020
|
|
€
|
€
|
Other creditors
|
13,454
|
15,474
|
|
--------
|
--------
|
|
|
|
8.
Related party transactions
The directors consider there is no ultimate controlling party. No transactions with related parties were undertaken such as are required to be disclosed under FRS102 Section 1A.