Company Registration No. 1947623 (England and Wales)
WORLD COAL ASSOCIATION
Financial statements
For the year ended 30 September 2016
Pages for filing with registrar
WORLD COAL ASSOCIATION
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
WORLD COAL ASSOCIATION
STATEMENT OF FINANCIAL POSITION
As at 30 September 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
3
6,557
7,382
Current assets
Trade and other receivables
4
760,517
651,365
Cash at bank and in hand
502,008
483,544
1,262,525
1,134,909
Current liabilities
5
(1,146,594)
(1,109,418)
Net current assets
115,931
25,491
Total assets less current liabilities
122,488
32,873
Provisions for liabilities
(2,868)
(2,868)
Net assets
119,620
30,005
Reserves
Income and expenditure account
119,620
30,005
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
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 13 June 2017 and are signed on its behalf by:
B Sporton
Director
Company Registration No. 1947623
WORLD COAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2016
- 2 -
1
Accounting policies
Company information
World Coal Association is a private company limited by guarantee incorporated in England and Wales. The registered office is 5th Floor, Heddon House, 149-151 Regent Street, London, W1B 4JD.
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
5th Floor, Heddon House, 149-151 Regent Street, London, W1B 4JD.
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.
These financial statements for the year ended 30 September 2016
are the
first
financial statements of World Coal Association prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 October 2014. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 10.
1.2
Income and expenditure
Subscription income is represented by membership fees to the Association for the year commencing October to September the following year and is stated net of value added tax.
Subscription income is recognised in the period to which it relates. Income is invoiced in advance prior to October and expected to be settled by the members by 1 October.
Subscriptions outstanding are recognised as subscriptions receivable in debtors.
Payments received in advance for the following year are recognised as deferred income.
Other income is represented by bank interest received and is recognised in the period to which it relates.
1.3
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Office equipment
33% per annum reducing balance basis
Furniture Fixtures and fittings
25% per annum reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to surplus or deficit
.
WORLD COAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 September 2016
1
Accounting policies
(Continued)
- 3 -
1.4
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
WORLD COAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 September 2016
1
Accounting policies
(Continued)
- 4 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
1.7
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision in measured at present value the unwinding of the discount is recognised as a finance cost in surplus or deficit in the period it arises.
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision in measured at present value the unwinding of the discount is recognised as a finance cost in surplus or deficit in the period it arises.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.
1.12
Interest income is recognised as it accrues.
1.13
The Association is subject to tax on interest received only.
WORLD COAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 September 2016
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2015 - 5).
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 October 2015
70,132
Additions
2,246
At 30 September 2016
72,378
Depreciation and impairment
At 1 October 2015
62,752
Depreciation charged in the year
3,069
At 30 September 2016
65,821
Carrying amount
At 30 September 2016
6,557
At 30 September 2015
7,382
4
Trade and other receivables
2016
2015
Amounts falling due within one year:
£
£
Subscription receivable
675,383
564,956
Other receivables
85,134
86,409
760,517
651,365
5
Current liabilities
2016
2015
£
£
Trade payables
63,766
46,605
Corporation tax
144
89
Other taxation and social security
13,253
11,860
Other payables
1,069,431
1,050,864
1,146,594
1,109,418
WORLD COAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 September 2016
- 6 -
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.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006 :
:
The auditor's report was unqualified.
The senior statutory auditor was Richard Watson FCCA.
The auditor was Menzies LLP.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2016
2015
£
£
Within one year
38,750
77,500
9
Related party transactions
Due to the nature of the Association, all income is derived from its members. The company was under the control of the members throughout the current and previous years.
The company was under the control of the members throughout the current and previous years.
10
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 October
30 September
2014
2015
Notes
£
£
Equity as reported under previous UK GAAP
113,892
32,739
Adjustments arising from transition to FRS 102:
-
(2,734)
Equity reported under FRS 102
113,892
30,005
WORLD COAL ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 30 September 2016
10
Reconciliations on adoption of FRS 102
(Continued)
- 7 -
Reconciliation of deficit for the financial period
2015
Notes
£
Deficit as reported under previous UK GAAP
(81,153)
Adjustments arising from transition to FRS 102:
(2,734)
Deficit reported under FRS 102
(83,887)
Notes to reconciliations on adoption of FRS 102
This transition adjustment represents adjustment of holiday accrual at year end.