Company Registration No. 02876327 (England and Wales)
THE BRITISH ASSOCIATION OF PICTURE LIBRARIES AND AGENCIES
COMPANY LIMITED BY GUARANTEE
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
THE BRITISH ASSOCIATION OF PICTURE LIBRARIES AND AGENCIES
COMPANY LIMITED BY GUARANTEE
COMPANY INFORMATION
Directors
T S C Harris
N T Hopkins
P Seheult
J Balean
I Doran
M Lamb
G Thorneloe
(Appointed 30 June 2017)
O J Stroud
(Appointed 22 February 2018)
Company number
02876327
Registered office
59 Tranquil Vale
Blackheath
London
SE3 0BS
Accountants
The HHC Partnership Ltd
52 High Street
Pinner
Middlesex
HA5 5PW
THE BRITISH ASSOCIATION OF PICTURE LIBRARIES AND AGENCIES
COMPANY LIMITED BY GUARANTEE
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE BRITISH ASSOCIATION OF PICTURE LIBRARIES AND AGENCIES
COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
561
243
Current assets
Debtors
4
3,255
3,331
Cash at bank and in hand
37,660
36,368
40,915
39,699
Creditors: amounts falling due within one year
5
(13,159)
(12,559)
Net current assets
27,756
27,140
Total assets less current liabilities
28,317
27,383
Capital and reserves
Profit and loss reserves
28,317
27,383
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 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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 26 April 2018 and are signed on its behalf by:
N T Hopkins
Director
Company Registration No. 02876327
THE BRITISH ASSOCIATION OF PICTURE LIBRARIES AND AGENCIES
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
1
Accounting policies
Company information
The British Association of Picture Libraries and Agencies is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
59 Tranquil Vale, Blackheath, London, SE3 0BS.
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
Turnover
Turnover represents net invoiced sales of services, excluding value added tax.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
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:
Computer equipment
25% 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 profit or loss
.
1.4
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.
1.5
Cash and cash equivalents
Cash at bank and in hand
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.
THE BRITISH ASSOCIATION OF PICTURE LIBRARIES AND AGENCIES
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 3 -
1.6
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.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
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.
1.7
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.
Deferred tax
No provision for deferred taxation has been provided for within the financial statements due to the amount not being material.
THE BRITISH ASSOCIATION OF PICTURE LIBRARIES AND AGENCIES
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.8
Employee benefits
The company contributes to a defined contribution plan for the benefit of its employees.
Contributions are recognised in the profit and loss account as they become payable.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 11 (2016 - 9).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2017
641
Additions
501
At 31 December 2017
1,142
Depreciation and impairment
At 1 January 2017
398
Depreciation charged in the year
183
At 31 December 2017
581
Carrying amount
At 31 December 2017
561
At 31 December 2016
243
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
534
965
Other debtors
2,721
2,366
3,255
3,331
THE BRITISH ASSOCIATION OF PICTURE LIBRARIES AND AGENCIES
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
4,466
4,794
Corporation tax
-
5
Other taxation and social security
821
649
Other creditors
7,872
7,111
13,159
12,559
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.