Company Registration No. 03643088 (England and Wales)
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS (LIMITED BY GUARANTEE)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS (LIMITED BY GUARANTEE)
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS (LIMITED BY GUARANTEE)
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2014
31 December 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,988
2,983
Investments
2
2
2
1,990
2,985
Current assets
Debtors
22,325
25,067
Cash at bank and in hand
309,757
117,354
332,082
142,421
Creditors: amounts falling due within one year
(109,346)
(80,991)
Net current assets
222,736
61,430
Total assets less current liabilities
224,726
64,415
Reserves
Profit and loss account
224,726
64,415
Members' funds
224,726
64,415
For the financial year ended 31 December 2014 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.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board and authorised for issue on 7 July 2015
Mr S Darlow
Director
Company Registration No. 03643088
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS (LIMITED BY GUARANTEE)
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for subscriptions and event income net of VAT and trade discounts.
subscriptions and event income
net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
20% Straight Line
1.5
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS (LIMITED BY GUARANTEE)
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
- 3 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 January 2014 & at 31 December 2014
42,443
2
42,445
Depreciation
At 1 January 2014
39,460
-
39,460
Charge for the year
995
-
995
At 31 December 2014
40,455
-
40,455
Net book value
At 31 December 2014
1,988
2
1,990
At 31 December 2013
2,983
2
2,985
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Academy Recordings Limited
United Kingdom
Ordinary
100.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2014
2014
Principal activity
£
£
Academy Recordings Limited
Music royalty collection and distribution services.
762
(377)