Company registration number 03643088 (England and Wales)
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
15,580
5,136
Current assets
Debtors
5
550,933
694,497
Cash at bank and in hand
343,529
159,482
894,462
853,979
Creditors: amounts falling due within one year
6
(533,620)
(612,544)
Net current assets
360,842
241,435
Total assets less current liabilities
376,422
246,571
Creditors: amounts falling due after more than one year
8
(27,500)
(37,500)
Net assets
348,922
209,071
Reserves
Income and expenditure account
348,922
209,071
Members' funds
348,922
209,071
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 2022 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.
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.
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 3 August 2023 and are signed on its behalf by:
Mr T W Gray
Director
Company registration number 03643088 (England and Wales)
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 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, United Kingdom, 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 amounts 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 amounts receivable for subscriptions and event income net of VAT and trade discounts.
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:
Fixtures, fittings & equipment
20% Straight Line
Computer equipment
25% Straight Line
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.5
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.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.7
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
33
35
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 January 2022
45,159
12,004
57,163
Additions
4,129
12,441
16,570
At 31 December 2022
49,288
24,445
73,733
Depreciation and impairment
At 1 January 2022
44,564
7,463
52,027
Depreciation charged in the year
1,369
4,757
6,126
At 31 December 2022
45,933
12,220
58,153
Carrying amount
At 31 December 2022
3,355
12,225
15,580
At 31 December 2021
595
4,541
5,136
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
250,144
364,211
Other debtors
300,789
330,286
550,933
694,497
Included in other debtors is a balance of £199,875 (2021 - £205,604) which relates to funds received from Copydan which is sitting with the Company’s bankers awaiting distribution to writers.
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
10,000
11,500
Trade creditors
49,476
28,499
Corporation tax
29,369
3,079
Other taxation and social security
48,037
17,234
Other creditors
396,738
552,232
533,620
612,544
Included in Other Creditors is an amount of £195,554 (2021 - £195,554) due to writers in respect of funds received from Copydan which is awaiting distribution to writers.
BRITISH ACADEMY OF SONGWRITERS, COMPOSERS AND AUTHORS
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
7
Loans and overdrafts
2022
2021
£
£
Bank loans
37,500
47,500
Bank overdrafts
1,500
37,500
49,000
Payable within one year
10,000
11,500
Payable after one year
27,500
37,500
The loan was for £50,000 over 72 months of which there were 4 repayments due for 12 months.
8
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
27,500
37,500
9
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.