Company registration number:
410660
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FOR THE YEAR ENDED
31 DECEMBER 2020
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THE WINE AND SPIRIT TRADE ASSOCIATION
(Company Limited by Guarantee)
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THE WINE AND SPIRIT TRADE ASSOCIATION
(Company Limited by Guarantee)
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COMPANY INFORMATION
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Chartered Accountants
&
Statutory Auditor
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THE WINE AND SPIRIT TRADE ASSOCIATION
(Company Limited by Guarantee)
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CONTENTS
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Statement of financial position
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Notes to the financial statements
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THE WINE AND SPIRIT TRADE ASSOCIATION
(Company Limited by Guarantee)
REGISTERED NUMBER:
410660
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STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 2 to 5 form part of these financial statements.
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THE WINE AND SPIRIT TRADE ASSOCIATION
(Company Limited by Guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The Wine And Spirit Trade Association is a private company limited by guarantee, incorporated in England & Wales. The address of the registered office is disclosed on the company information page. There is not considered to be a trading address.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Membership fees due to the company are deemed to accrue evenly throughout the term of membership.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
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5 - 10 years straight line
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3 - 10 years straight line
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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THE WINE AND SPIRIT TRADE ASSOCIATION
(Company Limited by Guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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The average monthly number of employees, including directors, during the year was
13
(2019 -
13
)
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THE WINE AND SPIRIT TRADE ASSOCIATION
(Company Limited by Guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Charge for the year on owned assets
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Prepayments and accrued income
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THE WINE AND SPIRIT TRADE ASSOCIATION
(Company Limited by Guarantee)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Company limited by guarantee
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The company is limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.
There is no one controlling party, the company is jointly controlled by its members.
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Commitments under operating leases
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At 31 December 2020 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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The auditors' report on the financial statements for the year ended 31 December 2020 was unqualified.
The audit report was signed on
30 April 2021
by
Richard Watson FCCA
(Senior statutory auditor) on behalf of
Menzies LLP
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