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COMPANY REGISTRATION NUMBER: 04866237
IFSF Limited
Company Limited by Guarantee
Filleted Financial Statements
31 December 2021
IFSF Limited
Company Limited by Guarantee
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
£
£
Current assets
Debtors
6
49,906
60,331
Cash at bank and in hand
228,574
166,092
---------
---------
278,480
226,423
Creditors: amounts falling due within one year
7
42,989
72,316
---------
---------
Net current assets
235,491
154,107
---------
---------
Total assets less current liabilities
235,491
154,107
---------
---------
Net assets
235,491
154,107
---------
---------
Capital and reserves
Profit and loss account
235,491
154,107
---------
---------
Members funds
235,491
154,107
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 15 August 2022 , and are signed on behalf of the board by:
Mr F M S Mezzina
Director
Company registration number: 04866237
IFSF Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Peershaws, Peershaws Berewyk Hall Court, White Colne, Essex, CO6 2QB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on the going concern basis. The directors have considered the impact of the Covid-19 pandemic in their assessment of the company's ability to prepare accounts as a going concern. Because of the uncertainties surrounding the effects of the economic slowdown it is difficult to predict the impact on the company and its members, but having taken all the factors into account, the directors are of the opinion that the company has sufficient resources to continue trading for the next 12 months from the date of signing these accounts.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling al the date of transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of transaction. All differences are charged to profit or loss.
Turnover
Turnover represents contributions from Members, Technical Associates and Technical Correspondents and recovery of software costs, net of value added tax where applicable. Turnover is measured at the fair value of the consideration received, net of discounts and value added taxes. Turnover is recognised in full in the Statement of Income and Retained Earnings in the period in which it is involved.
Taxation
The company is exempt from Income and Corporation taxes under the provision of Income and Corporation Taxes Act 1988.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of te contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Average number of employees
The average number of persons employed by the company during the year amounts to Nil (2020: Nil).
5. Company limited by guarantee
The company is limited by guarantee and does not have share capital. The liability of the members is limited in the event of the company being wound up to such an amount as may be required not exceeding five pounds sterling.
6. Debtors
2021
2020
£
£
Trade debtors
42,470
45,200
Prepayments
3,487
5,452
VAT debtor
3,949
9,679
--------
--------
49,906
60,331
--------
--------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
29,434
47,276
Accruals and deferred income
13,555
25,040
--------
--------
42,989
72,316
--------
--------
8. Summary audit opinion
The auditor's report for the year dated 22 August 2022 was unqualified.
The senior statutory auditor was Tom York , for and on behalf of Edmund Carr LLP .
9. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2021
2020
2021
2020
£
£
£
£
Other related parties
50,264
51,777
( 2,479)
( 2,639)
--------
--------
-------
-------
The transaction values above include project and strategy managerial services.