The British Engineering Manufacturers' Association Ltd - Period Ending 2017-12-31

Registration number: 00438632

The British Engineering Manufacturers' Association Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

Pages for filing with Registrar

The British Engineering Manufacturers' Association Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 to 10

The British Engineering Manufacturers' Association Ltd

Company Information

Directors

P J Smith H J Smart K E Christopherson M W Rae

Company secretary

I D Mynett

Registered office

5 Stover Road Yate Bristol BS37 5JN

Registered number

00438632

Accountants

Corrigan Associates Bristol LLP The Tramshed 25 Lower Park Row Bristol BS1 5BN

Page 1

The British Engineering Manufacturers' Association Ltd

(Registration number: 00438632)
Balance Sheet as at 31 December 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	5	179,613	124,322
Current assets
Debtors	6	77,821	89,722
Cash at bank and in hand		150,261	195,119
		228,082	284,841
Creditors: Amounts falling due within one year	7	(213,178)	(219,333)
Net current assets		14,904	65,508
Total assets less current liabilities		194,517	189,830
Creditors: Amounts falling due after more than one year	7	(74,075)	(63,728)
Net assets		120,442	126,102
Capital and reserves
Profit and loss account		120,442	126,102
Total equity		120,442	126,102

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 2

The British Engineering Manufacturers' Association Ltd

(Registration number: 00438632)
Balance Sheet as at 31 December 2017

For the financial year ending 31 December 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 18 September 2018 and signed on its behalf by:
 

.........................................

H J Smart

Director

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 3

The British Engineering Manufacturers' Association Ltd

Statement of Changes in Equity for the Year Ended 31 December 2017

	Profit and loss account £
At 1 January 2017	126,102
Loss for the year	(5,660)
Total comprehensive income	(5,660)
At 31 December 2017	120,442

	Profit and loss account £
At 1 January 2016	139,134
Loss for the year	(13,032)
Total comprehensive income	(13,032)
At 31 December 2016	126,102

The notes on pages 5 to 10 form an integral part of these financial statements.

Page 4

The British Engineering Manufacturers' Association Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

1	Statutory information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
5 Stover Road
Yate
Bristol
BS37 5JN
United Kingdom

2	Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

The Association's income comprises membership subscriptions, membership services and apprenticeship income, and is exclusive of value added tax.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

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The British Engineering Manufacturers' Association Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance
Furniture and fixtures	15% reducing balance and 20% straight line
Motor vehicles	25% reducing balance and 20% straight line
Computer equipment	25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash in hand and call deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Page 6

The British Engineering Manufacturers' Association Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2016 - 8).

4

Taxation

No liability to UK corporation tax arose on ordinary activities for the year ended 31 December 2017 nor for the year ended 31 December 2016.

Page 7

The British Engineering Manufacturers' Association Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 January 2017	36,264	2,431	196,993	235,688
Additions	7,388	-	74,520	81,908
Disposals	-	(2,431)	-	(2,431)
At 31 December 2017	43,652	-	271,513	315,165
Depreciation
At 1 January 2017	20,947	174	90,245	111,366
Charge for the year	3,232	-	21,128	24,360
Eliminated on disposal	-	(174)	-	(174)
At 31 December 2017	24,179	-	111,373	135,552
Carrying amount
At 31 December 2017	19,473	-	160,140	179,613
At 31 December 2016	15,317	2,257	106,748	124,322

6	Debtors: amounts falling due within one year

	2017  £	2016  £
Trade debtors	55,305	52,594
Prepayments and accrued income	22,516	27,315
VAT	-	9,813
	77,821	89,722

Page 8

The British Engineering Manufacturers' Association Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

7	Creditors: amounts falling due within one year

	Note	2017 £	2016 £
Hire purchase liability	9	45,109	24,340
Trade creditors		2,744	24,753
Social security and other taxes		7,362	6,577
VAT		7,477	-
Other creditors		1,890	1,855
Accruals		148,596	161,808
		213,178	219,333
Due after one year
Hire purchase contracts	9	74,075	63,728

8	Limited by guarantee

The liability of each member is limited to £5 on the winding up of the company.

9	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Hire purchase contracts	74,075	63,728

	2017 £	2016 £
Current loans and borrowings
Hire purchase contracts	45,109	24,340

10	Pension commitments

The company operates a defined contribution pension scheme for the employees. The assets of the scheme are held separately from those of the company in an indecently managed fund. Contributions totalling £0 (2016 - £1,192) were outstanding at the year end.

Page 9

The British Engineering Manufacturers' Association Ltd

Notes to the Financial Statements for the Year Ended 31 December 2017

11	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2017 £	2016 £
Not later than one year	45,109	24,340
Later than one year and not later than five years	74,075	63,728
	119,184	88,068

The amount of non-cancellable operating lease payments recognised as an expense during the year was £4,095 (2016 - £24,571).

Secured debts
The liabilities under hire purchase contracts with a carrying value of £74,075 (2016: £63,728) are secured against the assets to which they relate.

12	Related party transactions

Summary of transactions with parent

As a trade association the directors of The British Engineering Manufacturer's Association Limited may also be directors of member companies, and by definition the company will receive fees and provide services to these companies. All services provided on an arms length basis and on equal terms with other members.
 

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