Registered number: 00598572
ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
COUNCIL OF MANAGEMENTS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
CHAMBER INFORMATION
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Mauro Rusca
Umberto Salon
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Chartered Accountants
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Statutory Auditors
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
CONTENTS
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Council of Managements' Report
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Independent Auditors' Report
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Statement of Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
COUNCIL OF MANAGEMENTS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2016
The Council of Management present their report and the financial statements for the year ended 31 December 2016.
Council of Managements' responsibilities statement
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The Council of Management are responsible for preparing the Council of Managements' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Council of Management to prepare financial statements for each financial year
. Under that law the Council of Management have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Council of Management must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Chamber and of the surplus or deficit of the Chamber for that period. In preparing these financial statements, the Council of Management are required to:
·
select suitable accounting policies for the Chamber's financial statements and then apply them consistently;
·
make judgments and accounting estimates that are reasonable and prudent;
·
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Chamber will continue in business.
The Council of Management are responsible for keeping adequate accounting records that are sufficient to show and explain the Chamber's transactions and disclose with reasonable accuracy at any time the financial position of the Chamber and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Chamber and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The surplus for the year, after taxation, amounted to £
56,206
(2015 -
£
17,351
)
. No dividend is recommended.
The Council of Management who served during the year were:
Leonardo Simonelli Santi (President)
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Page 1
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
COUNCIL OF MANAGEMENTS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
Umberto Salon
 
The council anticipates the Chamber continuing to generate surpluses for the foreseeable future.
Disclosure of information to auditors
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Each of the persons who are
Council of Management at the time when this Council of Managements' Report is approved has confirmed that:
 
·
so far as the Council of Management is aware, there is no relevant audit information of which the Chamber's auditors are unaware, and
·
the Council of Management has taken all the steps that ought to have been taken as a Council of Management in order to be aware of any relevant audit information and to establish that the Chamber's auditors are aware of that information.
Post balance sheet events
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There have been no significant events affecting the Chamber since the year end.
Under section 487(2) of the Companies Act 2006, Ashings Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
27 March 2017
and signed on its behalf.
Page 2
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
We have audited the financial statements of Italian Chamber of Commerce and Industry for the United Kingdom for the year ended 31 December 2016, set out on pages 5 to 17. The relevant financial reporting framework that has been applied in their preparation is the Companies Act 2006 and the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice),
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
This report is made solely to the Chamber's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Chamber's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Chamber and the Chamber's members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of Directors and Auditors
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As explained more fully in the Council of Managements' Responsibilities Statement on page 1, the Council of Managements are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Financial Reporting Council's Ethical Standards for Auditors.
Scope of the audit of the financial statements
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An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of whether the accounting policies are appropriate to the Chamber's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Council of Managements; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Council of Managements' Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements
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In our opinion the financial statements:
·
give a true and fair view of the state of the Chamber's affairs as at 31 December 2016 and of its
profit or loss for the year then ended;
·
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
·
have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
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In our opinion, based on the work undertaken in the course of the audit, the information given in the Council of Managements' Report for the financial year for which the financial statements are prepared is consistent with those financial statements and this report has been prepared in accordance with applicable legal requirements.
In the light of our knowledge and understanding of the Chamber and its environment obtained in the course of the audit, we have not identified material misstatements in the Council of Managements' Report.
Page 3
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM (CONTINUED)
Matters on which we are required to report by exception
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
·
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
·
the financial statements are not in agreement with the accounting records and returns; or
·
certain disclosures of directors' remuneration specified by law are not made; or
·
we have not received all the information and explanations we require for our audit
; or
·
the Council of Managements were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.
Darryl Ashing FCA
(Senior Statutory Auditor)
for and on behalf of
Ashings Limited
Chartered Accountants
Statutory Auditors
Northside House
Mount Pleasant
Cockfosters
Herts.
EN4 9EB
27 March 2017
Page 4
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2016
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Interest receivable and similar income
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There were no recognised gains and losses for 2016 or 2015 other than those included in the statement of comprehensive income.
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There was no other comprehensive income for 2016 (2015:£
NIL).
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The notes on pages 8 to 17 form part of these financial statements.
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Page 5
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
REGISTERED NUMBER:
00598572
BALANCE SHEET
AS AT
31 DECEMBER 2016
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
27 March 2017
.
Page 6
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2016
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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Page 7
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
1.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Chamber accounting policies.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Chamber and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
·
the amount of revenue can be measured reliably;
·
it is probable that the Chamber will receive the consideration due under the contract;
·
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
·
the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Page 8
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
1.
Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Chamber only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Page 9
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
1.
Accounting policies (continued)
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Financial instruments (continued)
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Chamber would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Foreign currency translation
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Functional and presentation currency
The Chamber's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.
Group personal pension plan
The Chamber operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Chamber pays fixed contributions into a separate entity. Once the contributions have been paid the Chamber has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Chamber in independently administered funds.
Page 10
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
1.
Accounting policies (continued)
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance Sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance Sheet date.
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Chamber a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Chamber becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Chamber operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
·
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
·
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Page 11
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
The company incorporated as private limited by guarantee with no share capital and is registered in England number 00598572, registered office C/O Pini Franco Llp, 20-24 Ely Place, London, EC1N 6TE and trading from 1 Princes Street, London W1B 2AY. The principal activity of the company during the year was that of business chamber and commerce service to its stakeholders.
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Fees payable to the Chamber's auditor for the audit of the Chamber's annual financial statements totalled £
2,500
(2015 -
2,500
)
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Staff costs were as follows:
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Cost of group personal pension scheme
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The average monthly number of employees, including directors, during the year was 19
(2015 -
19
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Other interest receivable
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Page 12
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
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Current tax on profits for the year
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Adjustments in respect of prior periods
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Origination and reversal of timing differences
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Taxation on profit on ordinary activities
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Factors affecting tax charge for the year
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The tax assessed for the year is the same as
the standard rate of corporation tax in the UK of
20
%
(2015 -
20
%)
. The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 20% (2015 - 20%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for year in excess of depreciation
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Utilisation of tax losses
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Adjustments to tax charge in respect of prior periods
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Short term timing difference leading to an increase (decrease) in taxation
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Non-taxable income less expenses not deductible for tax purposes, other than goodwill and impairment
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Total tax charge for the year
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Factors that may affect future tax charges
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Page 13
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
6.
Taxation (continued)
There were no factors that may affect future tax charges.
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Charge for the period on owned assets
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Due after more than one year
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Prepayments and accrued income
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Page 14
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise cash and bank balances.
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Charged to profit or loss
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Page 15
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
12.
Deferred taxation (continued)
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Other reserves
Other reserves represent historic capital contributions and are not distributable.
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 £10 towards the assets of the company in the event of liquidation.
The company contributes to certain employees pesonal pension schemes. The company has no on going obligations to the pension schemes after making its contributions.
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Related party transactions
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During the year under review the company's statutory records were maintained for no charge by Pini Franco LLP in which council member Rocco Franco was interested as a member. The council have estimated the value of these services at £Nil (2015 - £Nil).
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Page 16
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ITALIAN CHAMBER OF COMMERCE AND INDUSTRY FOR THE UNITED KINGDOM
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
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First time adoption of FRS 102
The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.
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Page 17
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