The directors present their annual report and financial statements for the year ended 31 December 2018.
The principal activity of the company continued to be that of promoting high standards of practice and ethics in the provision of Telecare and Telehealth Services, for the benefit of the members on a non-commerical basis. The Association is recognised as the pre-eminent organisation in its field and the directors will continue to focus on providing leadership and contacts with government and associated organisations to promote the industry.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
From 1 January 2018, Telecare Services Association has transferred all of its activities to a newly formed company, TEC Services Association CIC. This makes it much more explicit to our stakeholders that we are a not for profit organisation and should allow us to more readily access grant and similar funding. The change has also allowed TEC Services Association CIC to set up a separate subsidiary TEC Quality Limited (also from 1 January 2018) to handle the Quality Standards Framework and Code of Practice activity, with a view to becoming UKAS accredited.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Telecare Services Association is a private company limited by guarantee incorporated in England and Wales. The registered office is Suite 8, Wilmslow House, Grove Street, Wilmslow, Cheshire, SK9 5AG.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
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 .
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Basic financial assets, which include debtors 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.
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, including creditors, bank loans, loans from fellow group companies and preference shares 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
The company has obtained exemption from the Revenue Commissioners in respect of corporation tax, it being a company not carrying on a business for the purposes of making a profit. Corporation tax is payable on any interest income received in excess of £32.
The average monthly number of persons (including directors) employed by the company during the year was 0 (2017 - 3).
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.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
TEC Services Association CIC
On 1 January 2018 all the activities of Telecare Services Association were transferred to TEC Services Association CIC. This was undertaken to make it much more explicit to stakeholders that this is a not for profit organisation and to allow more ready access to grants and similar funding. The change also involved TEC Services Association CIC setting up a separate subsidiary TEC Quality Limited ( also from 1 January 20108) to handle the Quality Standards Framework and Code of Practice activity.
All assets and liabilities of Telecare Services Association were transferred to TEC Services Association CIC on 1 January 2018.
The company is owed £67,616 from TEC Services Association CIC at the year end.
All the directors of the company are also directors of TEC Services Association CIC.
TEC Quality Limited
This is a 100% subsidiary of TEC Services Association CIC. At the year end TEC Quality Limited was owed £894 by the company.