Registration number:
The British Metals Recycling Association
(A company limited by guarantee)
for the Year Ended 31 December 2020
The British Metals Recycling Association
Contents
Balance Sheet |
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Notes to the Financial Statements |
The British Metals Recycling Association
(Registration number: 04583021)
Balance Sheet as at 31 December 2020
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2020 |
2019 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Profit and loss account |
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Shareholders' funds |
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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
Director
The British Metals Recycling Association
Notes to the Financial Statements for the Year Ended 31 December 2020
General information |
The company is a company limited by guarantee, incorporated in United Kingdom, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
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. There were no material departures from the standard.
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.
Going concern
The financial statements have been prepared on a going concern basis.
Audit report
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
The British Metals Recycling Association
Notes to the Financial Statements for the Year Ended 31 December 2020
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:
Asset class |
Depreciation method and rate |
Buildings |
2% straight line per annum |
Fixtures and fittings |
25% - 33% straight line per annum |
Land |
Not depreciated |
Leasehold improvements |
Over term of lease |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website development |
10 years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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 obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
The British Metals Recycling Association
Notes to the Financial Statements for the Year Ended 31 December 2020
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Website development |
Total |
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Cost or valuation |
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At 1 January 2020 |
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At 31 December 2020 |
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Amortisation |
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At 1 January 2020 |
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Amortisation charge |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2020 |
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Additions |
- |
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At 31 December 2020 |
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Depreciation |
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At 1 January 2020 |
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Charge for the year |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
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Included within the net book value of land and buildings above is £354,402 (2019 - £360,962) in respect of freehold land and buildings.
The British Metals Recycling Association
Notes to the Financial Statements for the Year Ended 31 December 2020
Debtors |
2020 |
2019 |
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Trade debtors |
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Prepayments |
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Other debtors |
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- |
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Creditors |
Creditors: amounts falling due within one year
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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In 2010 the Association outlined a research proposal concerning the Industrial Emissions (IPPC) Directive that will apply to metal shredding facilities that process, or have the theoretical process capacity to process more than 75 tonnes of material per day. As a result, invoices of £4,200 (net) were issued to each relevant BMRA member in order that the associated costs to be suffered between 2011 and 2012 could be met.
In the current year no further income was received from members to fund the project. (2019: £365,417). One credit note was issued of £1,667. During the year there were £29,193 (2019 - £20,554) of related costs for the project matched against income of the same amount.
The remaining funds held for this project are included in the balance sheet as deferred income at £314,003 (2019 - £344,863).
Also included in deferred income is £2,288 (2019 - £489,739) of membership subscriptions for the following year.
During the year, The British Metals Recycling Association receive donations and collect monies from raffles that is then forward on in full to a charity or similar entity as agreed with members. In the current year amounts collected was: £nil (2019 - £27,097). Amounts donated or paid out was:
2020 |
2019 |
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Donations |
£ |
£ |
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The Global Recycling Association |
3,326 |
- |
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Kitefest |
- |
10,240 |
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Dreamdrops |
- |
9,451 |
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EuRIC |
- |
9,250 |
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Total |
3,326 |
28,941 |
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At the year end funds of £5,080 (2019 - £8,406) were held within BMRA bank accounts.
The British Metals Recycling Association
Notes to the Financial Statements for the Year Ended 31 December 2020
Control |
The company is limited by guarantee and is ultimately controlled by its members as a body. The board of directors' is ultimately responsible for the management of the company and comprises of persons representative of the members' companies.