Institute of Internal Communication Limited 00781781 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of the training and development of skills to those engaged in the management, editing or production of corporate communication media. Digita Accounts Production Advanced 6.30.9574.0 true true 00781781 2023-01-01 2023-12-31 00781781 2023-12-31 00781781 core:CurrentFinancialInstruments 2023-12-31 00781781 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 00781781 core:OtherResidualIntangibleAssets 2023-12-31 00781781 core:FurnitureFittingsToolsEquipment 2023-12-31 00781781 bus:SmallEntities 2023-01-01 2023-12-31 00781781 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 00781781 bus:FilletedAccounts 2023-01-01 2023-12-31 00781781 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 00781781 bus:RegisteredOffice 2023-01-01 2023-12-31 00781781 bus:Director19 2023-01-01 2023-12-31 00781781 bus:Director23 2023-01-01 2023-12-31 00781781 bus:CompanyLimitedByGuarantee 2023-01-01 2023-12-31 00781781 core:IntangibleAssetsOtherThanGoodwill 2023-01-01 2023-12-31 00781781 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 00781781 core:FurnitureFittings 2023-01-01 2023-12-31 00781781 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 00781781 countries:EnglandWales 2023-01-01 2023-12-31 00781781 2022-12-31 00781781 core:OtherResidualIntangibleAssets 2022-12-31 00781781 core:FurnitureFittingsToolsEquipment 2022-12-31 00781781 2022-01-01 2022-12-31 00781781 2022-12-31 00781781 core:CurrentFinancialInstruments 2022-12-31 00781781 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 00781781 core:OtherResidualIntangibleAssets 2022-12-31 00781781 core:FurnitureFittingsToolsEquipment 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 00781781

Institute of Internal Communication Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Institute of Internal Communication Limited

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

76,329

70,405

Tangible assets

6

8,141

6,827

 

84,470

77,232

Current assets

 

Debtors

7

246,427

169,456

Cash at bank and in hand

 

254,544

280,975

 

500,971

450,431

Creditors: Amounts falling due within one year

8

(277,330)

(269,740)

Net current assets

 

223,641

180,691

Net assets

 

308,111

257,923

Reserves

 

Retained earnings

308,111

257,923

Surplus

 

308,111

257,923

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Institute of Internal Communication Limited

Statement of Financial Position as at 31 December 2023

Approved and authorised by the Board on 3 April 2024 and signed on its behalf by:
 

.........................................

S Reed

Director

.........................................

J Sproul

Director

Company registration number: 00781781

 

Institute of Internal Communication Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is limited by guarantee, incorporated in England and Wales. 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:
Scorpio House
Rockingham Drive
Linford Wood
Milton Keynes
MK14 6LY

The principal activity of the company is that of the training and development of skills to those engaged in the management, editing or production of corporate communication media.

2

Accounting policies

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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company had net assets at 31 December 2023 of £308,111 including cash at bank of £254,544.

The directors have considered the financial position, resources and revenue streams of the company for the foreseeable future. Given the company's net asset position and expected revenue generation based on detailed future budgets, the directors consider that the company will be able to meet its future obligations as they fall due. Therefore, the directors have concluded that the going concern basis of accounting continues to be appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises turnover in respect of education and training on the date of delivery and in respect of awards, dinners and events on the date of the event. Turnover from membership subscriptions are recognised evenly over the period of membership.

 

Institute of Internal Communication Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

10% - 33% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website Development

20% straight line

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 fixed 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.

3

Staff numbers

The average number of persons employed by the company during the year was 9 (2022 - 8).

 

Institute of Internal Communication Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,719

2,330

Amortisation expense

16,631

7,749

5

Intangible assets

Website Development
 £

Total
£

Cost

At 1 January 2023

78,154

78,154

Additions

22,555

22,555

At 31 December 2023

100,709

100,709

Amortisation

At 1 January 2023

7,749

7,749

Amortisation charge

16,631

16,631

At 31 December 2023

24,380

24,380

Carrying amount

At 31 December 2023

76,329

76,329

At 31 December 2022

70,405

70,405

 

Institute of Internal Communication Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

20,210

20,210

Additions

4,033

4,033

At 31 December 2023

24,243

24,243

Depreciation

At 1 January 2023

13,383

13,383

Charge for the year

2,719

2,719

At 31 December 2023

16,102

16,102

Carrying amount

At 31 December 2023

8,141

8,141

At 31 December 2022

6,827

6,827

7

Debtors

2023
£

2022
£

Trade debtors

185,572

140,344

Other debtors

60,855

29,112

246,427

169,456

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

80,962

59,982

Taxation and social security

39,346

29,620

Other creditors

157,022

180,138

277,330

269,740

 

Institute of Internal Communication Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £34,920 (2022 - £54,874).