Company Registration No. 11255751 (England and Wales)
INTERNATIONAL FACILITY MANAGEMENT ASSOCIATION
(LONDON AND SOUTH) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2020
PAGES FOR FILING WITH REGISTRAR
INTERNATIONAL FACILITY MANAGEMENT ASSOCIATION (LONDON AND SOUTH) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
INTERNATIONAL FACILITY MANAGEMENT ASSOCIATION (LONDON AND SOUTH) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JULY 2020
31 July 2020
- 1 -
2020
2019
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
82
127
Current assets
Cash and cash equivalents
4,583
5,575
Current liabilities
4
(1,100)
(2,517)
Net current assets
3,483
3,058
Total assets less current liabilities
3,565
3,185
Reserves
Income and expenditure account
3,565
3,185
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial period ended 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 9 September 2020 and are signed on its behalf by:
D Emanuel
Director
Company Registration No. 11255751
INTERNATIONAL FACILITY MANAGEMENT ASSOCIATION (LONDON AND SOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2020
- 2 -
1
Accounting policies
Company information
International Facility Management Association (London and South) Limited is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
The prior period of financial statements represent the period from the company's incorporation on 14 March 2018 to 31 March 2019. The current period of financial statements represent the 16 month period from 1 April 2019 to 31 July 2020. As such, the comparatives in the prior period are not entirely comparable with the results in the current period.
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment and IT
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to surplus or deficit
.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
INTERNATIONAL FACILITY MANAGEMENT ASSOCIATION (LONDON AND SOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2020
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently
payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
INTERNATIONAL FACILITY MANAGEMENT ASSOCIATION (LONDON AND SOUTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2020
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2020
2019
Number
Number
Total
6
7
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2019 and 31 July 2020
127
Depreciation and impairment
At 1 April 2019
-
Depreciation charged in the period
45
At 31 July 2020
45
Carrying amount
At 31 July 2020
82
At 31 March 2019
127
4
Current liabilities
2020
2019
£
£
Corporation tax
100
717
Other payables
1,000
1,800
1,100
2,517
5
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.