Company Registration No. 06532248 (England and Wales)
THE ASSOCIATION OF SHORT TERM LENDERS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
THE ASSOCIATION OF SHORT TERM LENDERS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
THE ASSOCIATION OF SHORT TERM LENDERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
498
147
Current assets
Debtors
4
1,493
3,795
Cash at bank and in hand
194,552
170,318
196,045
174,113
Creditors: amounts falling due within one year
5
(13,217)
(9,310)
Net current assets
182,828
164,803
Total assets less current liabilities
183,326
164,950
Reserves
Income and expenditure account
7
183,326
164,950
Members' funds
183,326
164,950
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
and in accordance with FRS 102 'The financial Reporting Standard applicable in the UK and Republic of Ireland'.
The financial statements were approved by the board of directors and authorised for issue on 29 September 2020 and are signed on its behalf by:
Mr G R Diamond
Director
Company Registration No. 06532248
THE ASSOCIATION OF SHORT TERM LENDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
The Association of Short Term Lenders Limited is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
325-327 Oldfield Lane North, Greenford, Middlesex, UB6 0FX.
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.
1.2
Income and expenditure
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.
1.3
Tangible fixed assets
Tangible fixed assets
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:
Plant and machinery
- 33% reducing balance
1.4
Impairment of fixed assets
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).
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 is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit.
1.5
Financial instruments
Fair value measurement of financial instruments
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 ASSOCIATION OF SHORT TERM LENDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
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.
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 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.
1.6
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.7
Employee benefits
The
re are no significant
cost
s
of unused holiday entitlement
required to be included
in the
financial statements
.
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
THE ASSOCIATION OF SHORT TERM LENDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2019 - 8).
Only one employee is remunerated. None of the directors has drawn a salary in the current or previous year.
2020
2019
Number
Number
Total
6
8
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2019
919
Additions
597
At 31 March 2020
1,516
Depreciation and impairment
At 1 April 2019
772
Depreciation charged in the year
246
At 31 March 2020
1,018
Carrying amount
At 31 March 2020
498
At 31 March 2019
147
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
1,493
3,795
THE ASSOCIATION OF SHORT TERM LENDERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 5 -
5
Creditors: amounts falling due within one year
2020
2019
£
£
Taxation and social security
1,156
1,726
Other creditors
12,061
7,584
13,217
9,310
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
Income and expenditure account
2020
2019
£
£
At the beginning of the year
164,950
142,186
Surplus for the year
18,376
22,764
At the end of the year
183,326
164,950
This reserve records the accumulated surplus to date. The directors have agreed to maintain a balance equivalent to approximately one year's expenditure in order to cover the possibility of a funding shortfall.
8
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 Michael Freedman MSc FCA.
The auditor was Landau Morley LLP.
9
Related party transactions
The company is under control of the directors.
Included in
Administrative expenses are consultancy fees of £
35,960
(201
9
: £
43,260
) from Mr B S Hersch,
who was a director until his resignation on 31 December 2019.
Also
included in Administrative expenses are consultancy fees of £
9,999
(201
9: £nil
) from
Jannels Consultancy Limited, who are part of key management of the company.