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Unaudited Financial Statements for the Year Ended 31 December 2020 |
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Cutlery and Allied Trades Research |
Association |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2020 |
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for |
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Cutlery and Allied Trades Research |
Association |
Cutlery and Allied Trades Research |
Association (Registered number: 00739777) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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Cutlery and Allied Trades Research |
Association |
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Company Information |
for the Year Ended 31 December 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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BANKERS: |
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1 High Street |
Sheffield |
South Yorkshire |
S1 2GA |
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SOLICITORS: |
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No 1 Velocity |
2 Tenter Street |
Sheffield |
South Yorkshire |
S1 4BY |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Cutlery and Allied Trades Research |
Association |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cutlery and Allied Trades Research Association for the year ended 31 December 2020 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Cutlery and Allied Trades Research Association, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Cutlery and Allied Trades Research Association and state those matters that we have agreed to state to the Board of Directors of Cutlery and Allied Trades Research Association, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cutlery and Allied Trades Research Association and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Cutlery and Allied Trades Research Association has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Cutlery and Allied Trades Research Association. You consider that Cutlery and Allied Trades Research Association is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Cutlery and Allied Trades Research Association. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Cutlery and Allied Trades Research |
Association (Registered number: 00739777) |
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Balance Sheet |
31 December 2020 |
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31/12/20 | 31/12/19 |
as | restated |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
7 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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Cutlery and Allied Trades Research |
Association (Registered number: 00739777) |
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Balance Sheet - continued |
31 December 2020 |
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31/12/20 | 31/12/19 |
as | restated |
Notes | £ | £ |
RESERVES |
Revaluation reserve | 9 |
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Income and expenditure account |
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520,844 |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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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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Cutlery and Allied Trades Research |
Association (Registered number: 00739777) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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Cutlery and Allied Trades Research Association is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company is a private company limited by guarantee 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. |
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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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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 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 asset of the company after deducting all of its liabilities. |
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Cutlery and Allied Trades Research |
Association (Registered number: 00739777) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Financial instruments |
Financial assets and financial liabilities are recognised when the Company becomes party to the contractual provisions of the instrument. 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. |
Cutlery and Allied Trades Research |
Association (Registered number: 00739777) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
The Covid-19 pandemic is an unprecedented situation and while the reduction in activity associated with Covid-19 could be sharp and large, it is likely to rebound sharply when social distancing measures are lifted. |
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In addition, in the intervening period, while activity is disrupted, substantial and substantive government and central bank measures have been put in place in the UK and internationally to support businesses and households. |
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The measures, which have been evolving rapidly and could evolve further, are expected to remain in place throughout the period of disruption. |
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In light of the above, and the steps the directors have undertaken, the directors consider that the company to continues to be a going concern |
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Government grants |
Government grants relating to revenue expenditure are recognised in income on a systematic basis over the period in which the company recognises the related costs for which the grant is intended to compensate. |
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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. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2020 |
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Additions |
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Disposals |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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Cutlery and Allied Trades Research |
Association (Registered number: 00739777) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Included in cost or valuation of land and buildings is freehold land of £ 44,655 (2019 - £ 44,655 ) which is not depreciated. |
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Revaluation |
The fair value of the company's land and buildings was assessed at 31 December 2019 by the directors. The basis of this valuation was open market value. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £28,182 (2019 - £29,478). The directors consider that there has been no material change in the fair value at 31 December 2020. |
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Cost or valuation at 31 December 2020 is represented by: |
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Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 1998 | 116,124 | - | - | - | 116,124 |
Valuation in 2019 | 332,044 | - | - | - | 332,044 |
Cost | 51,832 | 474,199 | 69,382 | 6,348 | 601,761 |
500,000 | 474,199 | 69,382 | 6,348 | 1,049,929 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/20 | 31/12/19 |
as | restated |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/20 | 31/12/19 |
as | restated |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Cutlery and Allied Trades Research |
Association (Registered number: 00739777) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/12/20 | 31/12/19 |
as | restated |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | 15,170 | - |
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8. | SECURED DEBTS |
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The Coronavirus Business Interruption Loan Scheme is not secured and is guaranteed by the UK government. |
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9. | RESERVES |
Revaluatio |
reserve |
£ |
At 1 January 2020 |
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Transfer excess depreciation |
on revalued assets | (768 | ) |
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At 31 December 2020 |
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