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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021 |
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NDE RESEARCH ASSOCIATION |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021 |
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NDE RESEARCH ASSOCIATION |
NDE RESEARCH ASSOCIATION (REGISTERED NUMBER: 06296693) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2021 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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NDE RESEARCH ASSOCIATION |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Eagle House |
28 Billing Road |
Northampton |
Northamptonshire |
NN1 5AJ |
NDE RESEARCH ASSOCIATION (REGISTERED NUMBER: 06296693) |
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STATEMENT OF FINANCIAL POSITION |
31 MAY 2021 |
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2021 | 2020 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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RESERVES |
Income and expenditure account |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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NDE RESEARCH ASSOCIATION (REGISTERED NUMBER: 06296693) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2021 |
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1. | STATUTORY INFORMATION |
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NDE Research Association is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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The company operates from 39 Station Road, Bearsden, Glasgow, G61 4AL. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Membership fees are accounted on an accruals basis in line with the membership year. |
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Targeted research income is accounted for to match related expenditure. Any monies received in advance from sponsors are deferred until the corresponding costs are incurred. |
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Doctoral top up fees are accounted for an accruals basis to match the year of the project. |
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Financial instruments |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. |
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Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. |
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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 entity after deducting all of its financial liabilities. |
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Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
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Taxation |
The company is a Scientific Research Association and as such no corporation tax is due in 2021 or 2020. |
NDE RESEARCH ASSOCIATION (REGISTERED NUMBER: 06296693) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Provision for doubtful debts | ( |
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Prepayments and accrued income |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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VAT |
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Accruals |
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Deferred income |
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6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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