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26 March 2024
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
516
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xbrli:shares
iso4217:GBP
08881582
2023-01-01
2023-12-31
08881582
2023-12-31
08881582
2022-12-31
08881582
2022-01-01
2022-12-31
08881582
2022-12-31
08881582
2021-12-31
08881582
bus:Director1
2023-01-01
2023-12-31
08881582
bus:Director15
2023-01-01
2023-12-31
08881582
core:WithinOneYear
2023-12-31
08881582
core:WithinOneYear
2022-12-31
08881582
core:RetainedEarningsAccumulatedLosses
2023-12-31
08881582
core:RetainedEarningsAccumulatedLosses
2022-12-31
08881582
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2023-01-01
2023-12-31
08881582
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2023-01-01
2023-12-31
08881582
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2023-01-01
2023-12-31
08881582
bus:CompanyLimitedByGuarantee
2023-01-01
2023-12-31
08881582
bus:FullAccounts
2023-01-01
2023-12-31
08881582
core:ComputerEquipment
2023-01-01
2023-12-31
08881582
core:ComputerEquipment
2023-12-31
COMPANY REGISTRATION NUMBER:
08881582
Company Limited by Guarantee |
|
FILLETED FINANCIAL STATEMENTS |
|
COMPANY LIMITED BY GUARANTEE |
|
STATEMENT OF FINANCIAL POSITION |
|
31 December 2023
Current assets
Debtors |
7 |
333,285 |
|
71,583 |
Cash at bank and in hand |
162,872 |
|
344,718 |
|
--------- |
|
--------- |
|
496,157 |
|
416,301 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
359,188 |
|
144,425 |
|
--------- |
|
--------- |
Net current assets |
|
136,969 |
271,876 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
136,969 |
271,876 |
|
|
--------- |
--------- |
Net assets |
|
136,969 |
271,876 |
|
|
--------- |
--------- |
|
|
|
|
|
Capital and reserves
Profit and loss account |
|
136,969 |
271,876 |
|
|
--------- |
--------- |
Members funds |
|
136,969 |
271,876 |
|
|
--------- |
--------- |
|
|
|
|
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
26 March 2024
, and are signed on behalf of the board by:
The Rt Hon N Raynsford - Chair |
Mr G C Watts OBE |
Director |
Director |
|
|
Company registration number:
08881582
COMPANY LIMITED BY GUARANTEE |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 2023
1.
General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is The Building Centre, 26 Store Street, London, WC1E 7BT.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. These accounts have not been prepared on a going concern basis, see Going Concern note below.
Reserves and bank
CICAIR is committed to the prudent management of its financial resources. CICAIR's policy is to maintain a sufficient level of unrestricted funds to i) allow normal operating activities to continue over a period of up to four months should a shortfall in income occur, ii) to respond to potential risks, opportunities and contingencies that may arise or iii) to enable the organisation to be wound down in a controlled manner. In this regard CICAIR holds £61,680.06 (2022: £176,411.26) in its deposit bank account. However, in light of Government's decision (England and Wales) to end CICAIR' s designation at the end of March 2024, CICAIR's Board of Directors, determined that the policy in place in relation to reserves would be amended to reflect the winding down of the organisation. The Board of Directors agreed to build into the 2024 budget, sufficient funds to wind down the company. The current reserves held, will be used as a contingency to enable the organisation to manage its risks and operate until the end of its Designation as the regulator of Approved Inspectors.
Going concern
CICAIR has been informed that its designations, given to it by the Secretary of State and Welsh Government will be withdrawn on 31 March 2024. The company has reserves to provide for uncertainty around closedown and unknown costs around delivery of ongoing work. These financial statements have not been prepared on the going concern basis. The directors have obtained assurances from The Construction Industry Council of continued support for the foreseeable future. As a subsidiary of The Construction Industry Council, the directors have budgeted for the known costs of closing the company.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Equipment |
- |
33% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Company limited by guarantee
The Company is limited by guarantee whereby in the event of winding up, The Construction Industry Council promises to pay an amount as demanded not exceeding £1 to be used to pay the liabilities of CICAIR Limited together with the costs of winding up.
5.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil
(2022: Nil).
CICAIR does not employ staff directly. The average number of persons employed by the company during the year amounted to NIL (2022:NIL), however the Construction Industry Council employed 4 (2022:5) people during the year who worked on CICAIR activities.
6.
Tangible assets
|
Equipment |
Total |
|
£ |
£ |
Cost |
|
|
At 1 January 2023 and 31 December 2023 |
516 |
516 |
|
---- |
---- |
Depreciation |
|
|
At 1 January 2023 and 31 December 2023 |
|
516 |
|
---- |
---- |
Carrying amount |
|
|
At 31 December 2023 |
– |
– |
|
---- |
---- |
At 31 December 2022 |
– |
– |
|
---- |
---- |
|
|
|
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
237,228 |
27,814 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
96,057 |
43,769 |
|
--------- |
-------- |
|
333,285 |
71,583 |
|
--------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
13,274 |
33,892 |
Corporation tax |
– |
9,968 |
Social security and other taxes |
39,593 |
8,436 |
Other creditors |
306,321 |
92,129 |
|
--------- |
--------- |
|
359,188 |
144,425 |
|
--------- |
--------- |
|
|
|
9.
Summary audit opinion
The auditor's report dated
26 March 2024
was
unqualified
, however, the auditor drew attention to the following by way of emphasis.
We draw attention to note 3 in the financial statements, which explains that the directors intend to close down the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 3. Our opinion is not modified in respect of this matter.
The senior statutory auditor was
Charles Homan
, for and on behalf of
UHY Hacker Young (S.E.) Limited
.
10.
Related party transactions
During the period consultancy fees totalling £11,875 (2022:£12,500) were payable to The Rt Hon N Raynsford, a director of the company, on usual commercial terms. CICAIR Ltd is a subsidiary of The Construction Industry Council, and pays a management charge to The Construction Industry Council in respect of services, personnel and office space utilised by CICAIR Ltd within the office in accordance the service agreement signed in 2019 and this is deemed to be a reasonable allocation of costs. During the year the company paid a service charge of £102,000(2022:£99,000). At the year end there were amounts owing to CICAIR Ltd from The Construction Industry Council, amounts owed were £96,057 (2022:£43,769). CICAIR Ltd pay half of any net surplus for the year to The Construction Industry Council as agreed and this amount during the year was £NIL (2022:£52,289).