Company Registration No. 03643088 (England and Wales)
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
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 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,453
1,772
Current assets
Debtors
4
150,440
314,301
Cash at bank and in hand
137,307
108,516
287,747
422,817
Creditors: amounts falling due within one year
5
(249,537)
(351,254)
Net current assets
38,210
71,563
Total assets less current liabilities
41,663
73,335
Reserves
Income and expenditure account
41,663
73,335
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 2018 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 28 May 2019 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 2018
- 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, 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
Taxation
The tax expense represents the sum of the tax currently payable
.
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.
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 3 -
1.7
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 16 (2017 - 11).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2018
45,857
Additions
3,797
Disposals
(583)
At 31 December 2018
49,071
Depreciation and impairment
At 1 January 2018
44,084
Depreciation charged in the year
1,534
At 31 December 2018
45,618
Carrying amount
At 31 December 2018
3,453
At 31 December 2017
1,772
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
750
260,034
Corporation tax recoverable
2,983
2,983
Other debtors
146,707
51,284
150,440
314,301
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
(Continued)
- 4 -
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
25,717
77,614
Other taxation and social security
37,924
29,677
Other creditors
185,896
243,963
249,537
351,254
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.