Registration number:
The Independent Group (TIG) Ltd
(A company limited by guarantee)
for the Period from 1 February 2020 to 31 December 2020
The Independent Group (TIG) Ltd
Contents
Party Information |
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Registered Treasurer's Report |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
The Independent Group (TIG) Ltd
Party Information
Directors |
R. C. N. Davidson M. J. Gapes |
Registered treasurer R. C. N. Davidson
Registered office |
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Accountants |
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The Independent Group (TIG) Ltd
Registered Treasurer's Report for the Period from 1 February 2020 to 31 December 2020
The treasurer presents his Board Report for the period from 1 February 2020 to 31 December 2020.
Principal activity
The principal activity of the company is that of a political party.
Fair review of the activities
The company has been winding down since the general election of December 2019 and no substantive activities have occurred subsequently other than the process of concluding business arrangements, dispersing remaining assets appropriately, preparing for the company dissolution and complying with regulatory requirements in particular those of the Electoral Commission in respect of closing down a former political party.
Corporate governance
The Management Council is the governing body of the Party and is responsible for all operational matters including fund-raising, membership, and rules for candidate selection and compliance with the legislative requirements of the Party. The Management Council is as follows:
C. M. Leslie (Chair)
A. M. Soubry (Leader)
R. C. N. Davidson (Registered Treasurer)
J. Ryan
M. J. Gapes
A. Coffey
Approved by the
.........................................
Registered Treasurer
The Independent Group (TIG) Ltd
Directors' Report for the Period from 1 February 2020 to 31 December 2020
The directors present their report and the financial statements for the period from 1 February 2020 to 31 December 2020.
Directors of the company
The directors who held office during the period were as follows:
Corporate governance
The corporate governance statement has been included within the Registered Treasurer's Report due to its strategic importance.
Going concern
The political party was dissolved on 19 December 2019; consequently, the principal activity of the company no longer applies and the company will be dissolved within the next few months.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved by the
.........................................
Director and Registered Treasurer
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Independent Group (TIG) Ltd
for the Period Ended 31 December 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Independent Group (TIG) Ltd for the period ended 31 December 2020 as set out on pages 5 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of The Independent Group (TIG) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Independent Group (TIG) Ltd and state those matters that we have agreed to state to the Board of Directors of The Independent Group (TIG) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Independent Group (TIG) Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that The Independent Group (TIG) Ltd 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 The Independent Group (TIG) Ltd. You consider that The Independent Group (TIG) Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of The Independent Group (TIG) Ltd. 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.
.................................................
Chartered Accountants
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX
The Independent Group (TIG) Ltd
Profit and Loss Account and Statement of Retained Earnings for the Period from 1 February 2020 to 31 December 2020
Note |
1 February 2020 to |
16 January 2019 to |
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Turnover |
|||
Donations |
- |
1,597,863 |
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Membership |
- |
13,168 |
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Turnover |
- |
|
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Administrative expenses |
|||
Wages and salaries |
(9,924) |
(181,317) |
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Staff employer's national insurance |
- |
(15,270) |
|
Directors' remuneration |
- |
(25,622) |
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Directors' employer's national insurance |
- |
(2,587) |
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Staff defined contribution pension |
- |
(1,969) |
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Redundancy |
- |
(33,111) |
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Office rental |
(882) |
(64,261) |
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Office expenses |
(192) |
(12,327) |
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Charitable donations |
(74,761) |
- |
|
Miscellaneous |
(961) |
(9,884) |
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Campaign expenses |
- |
(77,262) |
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Campaign advertising |
- |
(780,449) |
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Campaign operations and events |
- |
(197,538) |
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Auditor's remuneration |
- |
(6,000) |
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Consultants |
- |
(4,103) |
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Legal and professional |
(4,680) |
(84,400) |
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Bank charges |
(59) |
(116) |
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Administrative expenses |
( |
( |
|
Operating (deficit)/surplus |
( |
|
|
Exceptional costs |
- |
( |
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(Deficit)/surplus for the financial period |
( |
|
|
Retained earnings brought forward |
91,459 |
- |
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Retained earnings carried forward |
- |
91,459 |
The Independent Group (TIG) Ltd
(Registration number: 11770529)
Balance Sheet as at 31 December 2020
Note |
31 December |
31 January |
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Current assets |
|||
Debtors |
- |
|
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Cash at bank and in hand |
- |
|
|
- |
|
||
Creditors: Amounts falling due within one year |
- |
( |
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Net assets |
- |
|
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Capital and reserves |
|||
Profit and loss account |
- |
|
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Total equity |
- |
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For the financial period ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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.
Approved and authorised by the
.........................................
Director
The Independent Group (TIG) Ltd
Notes to the Unaudited Financial Statements for the Period from 1 February 2020 to 31 December 2020
General information |
The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 and the statement of guidance notes issued by the Electoral Commission.
Basis of preparation
The Independent Group (TIG) Ltd is a political party within the United Kingdom, constituted under the Political Parties, Elections and Referendums Act 2000 (PPERA).
The financial statements are prepared in pound sterling which is the functional currency of the Party, and have been rounded to the nearest pound.
Income recognition
Turnover comprises the fair value of the consideration received or receivable.
The company recognises income:
donations and membership fees are recognised in the profit and loss account when receivable; donations of notional income are recognised when received at the relevant market value of the donation received with an expense of the same amount being recognised at the same time; all other income including fundraising income is recognised in the profit and loss account when receivable.
The Independent Group (TIG) Ltd
Notes to the Unaudited Financial Statements for the Period from 1 February 2020 to 31 December 2020
Expenditure recognition
All expenditure is accounted for on an accruals basis inclusive of irrecoverable VAT.
Tax
The Party is an incorporated volunteer association and is therefore liable to corporation tax on its investment income. No deferred tax is recognised in the Party accounts as any investment income is taxed on the same basis as it is recognised in the profit and loss account.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Exceptional costs |
1 February 2020 to 31 December 2020 |
16 January 2019 to 31 January 2020 |
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Dissolution costs incurred between 1 February 2020 and 15 May 2020 |
- |
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The Independent Group (TIG) Ltd
Notes to the Unaudited Financial Statements for the Period from 1 February 2020 to 31 December 2020
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
1 February 2020 to 31 December 2020 |
16 January 2019 to 31 January 2020 |
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Wages and salaries |
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Social security costs |
- |
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Pension costs, defined contribution scheme |
- |
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Redundancy costs |
- |
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|
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The average number of persons employed by the company (including directors) during the period, analysed by category was as follows:
1 February 2020 to |
16 January 2019 to |
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Administration and support |
|
|
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Debtors |
31 December 2020 |
31 January 2020 |
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Other debtors |
- |
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Cash and cash equivalents |
31 December 2020 |
31 January 2020 |
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Cash at bank |
- |
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The Independent Group (TIG) Ltd
Notes to the Unaudited Financial Statements for the Period from 1 February 2020 to 31 December 2020
Creditors |
31 December 2020 |
31 January 2020 |
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Due within one year |
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Social security and other taxes |
- |
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Other creditors |
- |
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Accrued expenses |
- |
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- |
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Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted to £Nil (2020 -
£