Company Registration No. 03293294 (England and Wales)
IK FOUNDATION & COMPANY LIMITED
A COMPANY LIMITED BY GUARANTEE
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
IK FOUNDATION & COMPANY LIMITED
A COMPANY LIMITED BY GUARANTEE
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
IK FOUNDATION & COMPANY LIMITED
A COMPANY LIMITED BY GUARANTEE
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,107
736
Current assets
Stocks
68,314
77,891
Debtors
1,015
1,186
Cash at bank and in hand
7,158
2,634
76,487
81,711
Creditors: amounts falling due within one year
(17,339)
(21,917)
Net current assets
59,148
59,794
Total assets less current liabilities
60,255
60,530
Creditors: amounts falling due after more than one year
(72,914)
(83,136)
(12,659)
(22,606)
Capital and reserves
Profit and loss account
(12,659)
(22,606)
(12,659)
(22,606)
For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 4 August 2016
L. Hansen
Director
Company Registration No. 03293294
IK FOUNDATION & COMPANY LIMITED
A COMPANY LIMITED BY GUARANTEE
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 2 -
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 2015).
As stated in the directors report, the company is a not-for-profit organisation whose primary mission is to promote scientific knowledge. The company depends on grants and loans for specific projects in progress to supplement sales of its learned publications. The current economic conditions have meant that the company has a deficiency of assets due to operating losses in previous years. The director has appraised the company's finances and considers that the company will be provided with sufficient financial resources to continue in operational existence and meet its financial obligations as they fall due for the foreseeable future. Accordingly the going concern basis has been adopted in preparing the accounts.
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 receivable for goods supplied net of VAT.
receivable for goods supplied net of VAT.
1.4
Trade mark
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
4 years
Fixtures, fittings & equipment
3 years
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.8
Grants and venture donations
Grants and venture donations received that are conditional on completion of specific projects are credited to profit and loss account in the period the project is completed, at which time they are matched against expenditure related to that project. Until that time, the grants are accounted for as deferred income.
IK FOUNDATION & COMPANY LIMITED
A COMPANY LIMITED BY GUARANTEE
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 January 2015
12,530
68,946
81,476
Additions
-
1,162
1,162
At 31 December 2015
12,530
70,108
82,638
Depreciation
At 1 January 2015
12,530
68,210
80,740
Charge for the year
-
791
791
At 31 December 2015
12,530
69,001
81,531
Net book value
At 31 December 2015
-
1,107
1,107
At 31 December 2014
-
736
736