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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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AIPPI United Kingdom |
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REGISTERED NUMBER:
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Report of the Directors and |
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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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for |
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AIPPI United Kingdom |
AIPPI United Kingdom (Registered number: 00223374) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
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Company Information | 1 |
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Report of the Directors | 3 |
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Income and Expenditure Account | 4 |
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Balance Sheet | 5 |
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Statement of Changes in Equity | 7 |
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Notes to the Financial Statements | 8 |
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Reconciliation of Equity | 12 |
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Reconciliation of Deficit | 14 |
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AIPPI United Kingdom |
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Company Information |
for the Year Ended 31 December 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AIPPI United Kingdom |
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Company Information |
for the Year Ended 31 December 2016 |
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ACCOUNTANTS: |
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52 Kingsway Place |
Sans Walk |
London |
EC1R 0LU |
AIPPI United Kingdom (Registered number: 00223374) |
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Report of the Directors |
for the Year Ended 31 December 2016 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2016. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2016 to the date |
of this report. |
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Other changes in directors holding office are as follows: |
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report. |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 |
relating to small companies. |
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ON BEHALF OF THE BOARD: |
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AIPPI United Kingdom (Registered number: 00223374) |
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Income and Expenditure Account |
for the Year Ended 31 December 2016 |
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2016 | 2015 |
as restated |
Notes | £ | £ |
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INCOME | 3 |
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Administrative expenses | ( |
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(6,311 | ) | (6,024 | ) |
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Unrealised gain/(loss) on |
investments | 6,447 | (3,134 | ) |
OPERATING SURPLUS/(DEFICIT) |
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( |
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Income from fixed asset investments |
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Interest receivable and similar income |
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SURPLUS/(DEFICIT) BEFORE
TAXATION |
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( |
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Tax on surplus/(deficit) | ( |
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SURPLUS/(DEFICIT) FOR THE
FINANCIAL YEAR |
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( |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR |
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( |
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AIPPI United Kingdom (Registered number: 00223374) |
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Balance Sheet |
31 December 2016 |
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2016 | 2015 |
as restated |
Notes | £ | £ |
FIXED ASSETS |
Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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RESERVES |
Income and expenditure account |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as
at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
AIPPI United Kingdom (Registered number: 00223374) |
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Balance Sheet - continued |
31 December 2016 |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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AIPPI United Kingdom (Registered number: 00223374) |
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Statement of Changes in Equity |
for the Year Ended 31 December 2016 |
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Retained | Total |
earnings | equity |
£ | £ |
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Balance at 1 January 2015 |
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Changes in equity |
Total comprehensive income | ( |
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Balance at 31 December 2015 |
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Changes in equity |
Total comprehensive income |
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Balance at 31 December 2016 |
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AIPPI United Kingdom (Registered number: 00223374) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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AIPPI United Kingdom is a
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The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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The financial statements present information about the company as a single entity. |
AIPPI United Kingdom (Registered number: 00223374) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Income |
Income represents services supplied during the accounting period, subscriptions, income from |
investments and interest received. |
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Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of |
financial assets and liabilities such as listed investments, debtors and creditors. Financial assets and |
liabilities are recognised when the company becomes a party to the contractual provisions of the |
instruments. |
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Fixed Asset - Investments |
Listed investments are a form of basic financial instrument and are initially recognised at their |
transaction value and subsequently measured at their fair values, as at the balance sheet date, using |
the closing quoted market price. Unrealised gains and losses are calculated as the difference between |
the fair value at the year end and the carrying value. |
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Debtors and creditors |
Basic financial assets and liabilities, including debtors and creditors, are initially recognised at |
transaction price, 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. Such assets |
and liabilities are subsequently carried at amortised cost using the effective interest method, less any |
impairment. |
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Cash and cash equivalents |
Cash and cash equivalents are represented by cash at bank and in hand. |
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Taxation |
The tax expense for the year comprises current tax. Tax is recognised in the income and expenditure |
account, except that a change 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. |
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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. |
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Both current and deferred tax is determined using tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
AIPPI United Kingdom (Registered number: 00223374) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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3. | INCOME |
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2016 | 2015 |
£ | £ |
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Subscriptions | 37,560 | 38,140 |
Lecture income | 8,342 | 6,548 |
45,902 | 44,688 |
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Number of | Number of |
members | members |
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Individuals | 390 | 375 |
Corporate members | 6 | 5 |
396 | 380 |
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4. | PRIOR YEAR ADJUSTMENT |
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The prior year adjustment arose following the first year adoption of FRS102 (See note 9). |
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5. | FIXED ASSET INVESTMENTS |
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UK QUOTED INVESTMENTS | 2016 | 2015 |
as restated |
£ | £ |
Market Value at 1 January 2016 | 107,460 | 110,594 |
Unrealised gain/(loss) | 6,447 | (3,134 | ) |
Market Value at 31 December 2016 | 113,907 | 107,460 |
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Historic cost as at 31 December 2016 | 93,771 | 93,771 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
as restated |
£ | £ |
Other debtors |
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Prepayments and accrued income | - | 4,950 |
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AIPPI United Kingdom (Registered number: 00223374) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
as restated |
£ | £ |
Taxation and social security |
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Other creditors |
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8. | CAPITAL |
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The Association is a company limited by guarantee; the liability of each member is limited to £1.05. |
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9. | FIRST YEAR ADOPTION |
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This is the first year that the company has presented its results under FRS102. The last accounts under |
UK GAAP were for the year ended 31 December 2015. The date of transition to FRS 102 is 1 January |
2015. |
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The following change in accounting policies arose from the transition to FRS102: |
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Listed investments |
Under FRS102 listed investments are shown at fair value compared to cost under UK GAAP. The |
changes in the fair value of the listed investments are recorded in the income and expenditure account. |
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Deferred tax |
Deferred tax has been recognised on the fair value adjustment arising on the revaluation of the listed |
investment under FRS102. |
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The transitional adjustments arising from the first time adoption of FRS102 are shown on pages 12 to |
14. |
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AIPPI United Kingdom (Registered number: 00223374) |
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Reconciliation of Equity |
1 January 2015 |
(Date of Transition to FRS 102) |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
Notes | £ | £ | £ |
FIXED ASSETS |
Investments | 93,772 |
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110,594 |
CURRENT ASSETS |
Debtors | 3,625 |
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3,625 |
Cash at bank | 22,653 |
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22,653 |
26,278 |
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26,278 |
CREDITORS |
Amounts falling due within one year | (8,799 | ) |
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(8,799 | ) |
NET CURRENT ASSETS | 17,479 |
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17,479 |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
111,251 |
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128,073 |
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PROVISIONS FOR LIABILITIES | - | ( |
) | (3,364 | ) |
NET ASSETS | 111,251 |
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124,709 |
RESERVES |
Income and expenditure account | 111,251 |
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124,709 |
111,251 |
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124,709 |
AIPPI United Kingdom (Registered number: 00223374) |
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Reconciliation of Equity - continued |
31 December 2015 |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
Notes | £ | £ | £ |
FIXED ASSETS |
Investments | 93,772 |
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107,460 |
CURRENT ASSETS |
Debtors | - |
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4,950 |
Prepayments and accrued income | 4,950 | ( |
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Cash at bank | 22,065 |
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22,065 |
27,015 |
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27,015 |
CREDITORS |
Amounts falling due within one year | (14,793 | ) |
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(14,793 | ) |
NET CURRENT ASSETS | 12,222 |
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12,222 |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
105,994 |
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119,682 |
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PROVISIONS FOR LIABILITIES | - | ( |
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NET ASSETS | 105,994 |
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116,945 |
RESERVES |
Income and expenditure account | 105,994 |
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116,945 |
105,994 |
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116,945 |
AIPPI United Kingdom (Registered number: 00223374) |
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Reconciliation of Deficit |
for the Year Ended 31 December 2015 |
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Effect of |
UK | transition |
GAAP | to FRS 102 | FRS 102 |
£ | £ | £ |
INCOME | 44,688 |
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44,688 |
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Administrative expenses | (50,712 | ) |
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(50,712 | ) |
Unrealised gain/(loss) on |
investments | - | (3,134 | ) | (3,134 | ) |
OPERATING DEFICIT | (6,024 | ) | ( |
) | (9,158 | ) |
Income from fixed asset investments | 1,933 |
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1,933 |
Interest receivable and similar income | 2 |
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2 |
and |
DEFICIT BEFORE TAXATION | (4,089 | ) | ( |
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Tax on deficit | (1,168 | ) |
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(541 | ) |
DEFICIT FOR THE FINANCIAL
YEAR |
(5,257 |
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( |
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(7,764 |
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