British International Freight Association Annual Report and Accounts ...

More documents

Recommendations

Info

Notes to the Accounts for the year ended 31 December 2008 1. Accounting Policies 1.1 Accounting convention The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2007). 1.2 Compliance with accounting standards The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated). 1.3 Turnover Turnover represents amounts excluding VAT. 1.4 Depreciation As a matter of prudence a report and valuation of the freehold property was obtained in October 2001 from an independent firm of Chartered Surveyors. They reported that they considered the open market value at that time to be £345,000. At the time of a previous valuation in 1992 it was determined to adopt a policy of writing off the approximate rebuilding cost of the property of £350,000 over a period of thirty five years from the date of acquisition and the Directors consider it reasonable to continue this policy. As a result the income and expenditure account has been charged with £10,000 depreciation in the year. The fixed assets are included at cost less aggregate depreciation. The rates of depreciation are as follows: Freehold property - Land Nil - Buildings Over 35 years Office furniture and equipment 25%-33% on cost 1.5 Leasing Rentals payable under operating leases are charged against income on a straight line basis over the lease term. 1.6 Investments Fixed asset investments are stated at cost less provision for diminution in value. 2. Operating Profit/(Loss) Operating profit/(loss) is stated after charging: 2008 £ 2007 £ Depreciation of tangible assets 32,999 33,659 Auditors’ remuneration 11,000 10,500 The number of Directors for whom retirement benefits are accruing under money purchase pension schemes amounted to 2 (2007: 2). 3. Investment Income 2008 £ 2007 £ Bank interest 40,609 44,929 40,609 44,929 4. Taxation 2008 £ 2007 £ UK corporation tax 26,559 5,241 Adjustment for prior years (533) - Current tax charge 26,026 5,241 18 BIFA Annual Report and Accounts 2008
5. Tangible Fixed Assets Land and buildings £ Plant and machinery £ Total £ Costs At 1 January 2008 506,976 192,623 699,599 Additions - 33,713 33,713 At 31 December 2008 506,976 226,336 733,312 Depreciation: At 1 January 2008 200,000 172,754 372,754 Impairment losses 31,976 - 31,976 Charge for the year 10,000 22,999 32,999 At 31 December 2008 241,976 195,753 437,729 Net Book Value: At 31 December 2008 265,000 30,583 295,583 At 31 December 2007 306,976 19,869 326,845 The Directors reviewed the carrying value of the freehold land during the year and following discussions with local land agents it was found that the value of the land had fallen in value from £156,976 to £125,000. The accounts reflect this impairment in value. The land is not depreciated in line with FRS15. 6. Fixed Assets - Investments Cost £ Unlisted Investment BIFA Mutual Insurance Co Ltd 50 1p Participating Redeemable Preference shares 508 Subsidiary Country of Registration Holding Institute of Freight Forwarders Ltd: England 100% 2 The subsidiary company has not traded in the year. Group accounts have not been prepared as in the opinion of the Directors they would be of no value to the Members. 510 7. Debtors 2008 £ 2007 £ Trade debtors 30,346 11,433 Prepayments and accrued income 69,079 56,583 99,425 68,016 BIFA Annual Report and Accounts 2008 19
Page 1 and 2: British International Freight Assoc
Page 3 and 4: BIFA Members came through this diff
Page 5 and 6: During 2008, BIFA built on these st
Page 7 and 8: In terms of legislation, we saw a v
Page 9 and 10: Known as SAD Harmonisation (SAD H)
Page 11 and 12: Services were able to secure an agr
Page 13 and 14: it travels the world to demonstrate
Page 15 and 16: Report of the Independent Auditors
Page 17: Balance Sheet as at 31 December 200
Page 21 and 22: Detailed Income and Expenditure Acc
Page 23 and 24: Our People Policy Group Key l Chair

British International Freight Association Annual Report and Accounts ...

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?