The Institute Of Auctioneers And Appraisers In Scotland Filleted accounts for Companies House (small and micro)

INSTITUTE OF AUCTIONEERS AND APPRAISERS IN SCOTLAND. - Company Information

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COMPANY REGISTRATION NUMBER: SC013987

The Institute Of Auctioneers And Appraisers In Scotland

Company Limited by Guarantee

Filleted Financial Statements

31 December 2018

The Institute Of Auctioneers And Appraisers In Scotland

Company Limited by Guarantee

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6	336	669
Investments	7	320,217	311,478
		----------	----------
		320,553	312,147

Current assets

Stocks		–	1,470
Debtors	8	12,262	10,103
Cash at bank and in hand		130,076	166,866
		----------	----------
		142,338	178,439

Creditors: amounts falling due within one year	9	81,211		78,850
		----------		----------
Net current assets			61,127	99,589
			----------	----------
Total assets less current liabilities			381,680	411,736

Provisions

Taxation including deferred tax	10,836	17,621
	----------	----------
Net assets	370,844	394,115
	----------	----------

Capital and reserves

Profit and loss account	370,844	394,115
	----------	----------
Members funds	370,844	394,115
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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 Institute Of Auctioneers And Appraisers In Scotland

Company Limited by Guarantee

Statement of Financial Position (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 10 May 2019 , and are signed on behalf of the board by:

Mr A S Donaldson

Director

Company registration number: SC013987

The Institute Of Auctioneers And Appraisers In Scotland

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 December 2018

1. General information

The company is a private company limited by guarantee, registered in Scotland. The address of the registered office is No 2 Lochrin Square, 96 Fountainbridge, Edinburgh, EH3 9QA. The principal activity of the company during the year was the provision of services to members. These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of listed investments measured at fair value through profit or loss.

Going concern

These financial statements have been prepared on a going concern basis. The current economic conditions present increased risks for all businesses. In response to such conditions, the directors have carefully considered these risks, included an assessment of uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. Based on this assessment, the directors consider that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business. In addition, the Company's assets are assessed for recoverability on a regular basis, and the directors consider that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the Company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.

Judgements and key sources of estimation uncertainty

In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experiences and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. (i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. (ii) Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and experience.

Revenue recognition

Revenue from the provision of services is recognised when the service is provided.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost which is the purchase price plus any directly attributable costs. Subsequently the assets are stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures & Fittings	-	Over 3 to 10 years

Investments

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are valued at the lower of cost and net realisable value.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds only basic financial instruments which comprise cash and cash equivalents, bank loans, trade and other debtors and trade and other creditors. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments in full.

4. Company limited by guarantee

The company is limited by guarantee not exceeding £1 per member. At 31 December 2018 there were 10 members.

5. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to 10 (2017:10).

6. Tangible assets

	President's Chain of Office	Fixtures and fittings	Total
	£	£	£
Cost
At 1 January 2018 and 31 December 2018	100	13,788	13,888
	----	---------	---------
Depreciation
At 1 January 2018	–	13,219	13,219
Charge for the year	–	333	333
	----	---------	---------
At 31 December 2018	–	13,552	13,552
	----	---------	---------
Carrying amount
At 31 December 2018	100	236	336
	----	---------	---------
At 31 December 2017	100	569	669
	----	---------	---------

7. Investments

	Listed Investments
	£
Market value
At 1 January 2018	311,478
Additions	61,487
Disposals	( 29,002)
Revaluations	( 23,746)
	----------
At 31 December 2018	320,217
	----------
Impairment
At 1 January 2018 and 31 December 2018	–
	----------

Carrying amount
At 31 December 2018	320,217
	----------
At 31 December 2017	311,478
	----------

8. Debtors

	2018	2017
	£	£
Trade debtors	10,437	9,273
Other debtors	1,825	830
	---------	---------
	12,262	10,103
	---------	---------

9. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	5,092	2,162
Corporation tax	1,914	3,454
Other creditors	74,205	73,234
	---------	---------
	81,211	78,850
	---------	---------

10. Summary audit opinion

The auditor's report for the year dated 10 May 2019 was unqualified.

The senior statutory auditor was Kenneth Tait CA , for and on behalf of Williamson & Dunn .