Company Registration No. 06452791 (England and Wales)
IIBN LIMITED
Unaudited accounts
for the year ended 31 December 2016
IIBN LIMITED
Company Information
for the year ended 31 December 2016
Directors
Ross Finegan
Jonathan Grey
Company Number
06452791 (England and Wales)
Registered Office
IIBN
2nd Floor, 15 Greycoat Place
SW1P 1SB
Accountants
Niall O'Driscoll FCMA CGMA
OD Accountants Ltd
Suite 501, The Pillbox, 115 Coventry Rd
Bethnal Green
London
E26GG
IIBN LIMITED
Accountants' report
Accountants' report to the board of directors of IIBN LIMITED on the preparation of the unaudited statutory accounts for the year ended 31 December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
IIBN LIMITED for the year ended
31 December 2016 as set out on pages
5 -
9 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of IIBN LIMITED, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of IIBN LIMITED and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than IIBN LIMITED and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that IIBN LIMITED has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of IIBN LIMITED. You consider that IIBN LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of IIBN LIMITED. 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 accounts.
Niall O'Driscoll FCMA CGMA
OD Accountants Ltd
Suite 501, The Pillbox, 115 Coventry Rd
Bethnal Green
London
E26GG
8 March 2017
IIBN LIMITED
Statement of financial position
as at
31 December 2016
Intangible assets
474
1,022
Cash at bank and in hand
71,147
65,729
Creditors: amounts falling due within one year
(38,197)
(27,009)
Net current assets
35,399
42,721
Total assets less current liabilities
36,328
44,706
Creditors: amounts falling due after more than one year
(70,208)
(80,208)
Net liabilities
(33,880)
(35,502)
Called up share capital
2
2
Profit and loss account
(33,882)
(35,504)
Shareholders' funds
(33,880)
(35,502)
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts 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.
Approved by the Board on 10 May 2017.
Ross Finegan
Director
Company Registration No. 06452791
IIBN LIMITED
Statement of Changes in Equity
as at
31 December 2016
Share
capital
Profit
& loss
account
Total
At 1 January 2015
2
(59,013)
(59,011)
Profit for the year
23,509
23,509
At 31 December 2015
2
(35,504)
(35,502)
At 1 January 2016
2
(35,504)
(35,502)
Profit for the year
1,622
1,622
At 31 December 2016
2
(33,882)
(33,880)
IIBN LIMITED
Notes to the Accounts
for the year ended 31 December 2016
IIBN LIMITED is a private company, limited by shares, registered in England and Wales, registration number 06452791. The registered office and principal place of business is IIBN, 2nd Floor, 15 Greycoat Place, SW1P 1SB.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 December 2016 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 January 2016.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government Grants are treated as deferred income and relased to the Profit and Loss account as the related expenditure is incurred.
IIBN LIMITED
Notes to the Accounts
for the year ended 31 December 2016
Department of Foreign Affairs & Trade; Emigration Support Programme
During the year the Irish Government provided a grant of £25,000 to support the Future Leaders Programme and to contribute towards the overall running of the project. The grant period runs from July 2016 to June 2017.
Year____________2016_____ 2015
Opening balance 13,000____ 15,000
Grant received__ 25,000____ 26,000
Grant released_ (25,000)___ (28,000)
Total _________ 13,000____ 13,000
A further grant of £15,000 was received from the Department of Foreign Affairs & Trade to support the GIFT female entrepreneur programme. These funds have not been drawn down during 2016.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Other
At 31 December 2016
2,741
At 31 December 2016
2,267
At 31 December 2015
1,022
5
Tangible fixed assets
Fixtures & fittings
Cost or valuation
At cost
At 31 December 2016
2,540
At 31 December 2016
2,085
IIBN LIMITED
Notes to the Accounts
for the year ended 31 December 2016
Accrued income and prepayments
1,819
-
7
Creditors: amounts falling due within one year
2016
2015
Corporation tax
670
3,755
Other taxes and social security costs
9,527
10,254
Other creditors
28,000
13,000
8
Creditors: amounts falling due after more than one year
2016
2015
Other creditors
70,208
80,208
9
Share capital
2016
2015
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
The company is jointly controlled by C Foley and F Pender by virtue of their shared ownership.
11
Average number of employees
During the year the average number of employees was 2 (2015: 2).