Company Registration No. 03643088 (England and Wales)
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,772
788
Investments
4
-
2
1,772
790
Current assets
Debtors
5
314,301
33,016
Cash at bank and in hand
108,516
242,003
422,817
275,019
Creditors: amounts falling due within one year
6
(351,254)
(49,335)
Net current assets
71,563
225,684
Total assets less current liabilities
73,335
226,474
Reserves
Income and expenditure account
73,335
226,474
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 2017 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 19 September 2018 and are signed on its behalf by:
Mr M Sylvan
Director
Company Registration No. 03643088
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
1
Accounting policies
Company information
British Academy of Songwriters, Composers and Authors is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
5A Bear Lane, Southwark, London, UK, SE1 0UH.
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.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Turnover
Turnover represents amounts receivable for
subscriptions and event income
net of VAT and trade discounts.
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
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:
Fixtures, fittings & equipment
20% Straight Line
Computer equipment
25% Straight Line
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 11 (2016 - 11).
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2017
44,019
Additions
1,838
At 31 December 2017
45,857
Depreciation and impairment
At 1 January 2017
43,231
Depreciation charged in the year
854
At 31 December 2017
44,085
Carrying amount
At 31 December 2017
1,772
At 31 December 2016
788
4
Fixed asset investments
2017
2016
£
£
Investments
-
2
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
260,034
6,125
Corporation tax recoverable
2,983
-
Other debtors
51,284
26,891
314,301
33,016
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
(Continued)
- 4 -
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
77,614
24,129
Corporation tax
-
2,784
Other taxation and social security
29,677
8,409
Other creditors
243,963
14,013
351,254
49,335
7
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.