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COMPANY REGISTRATION NUMBER: 04866237
IFSF Limited
Company Limited by Guarantee
Filleted Financial Statements
31 December 2023
IFSF Limited
Company Limited by Guarantee
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Current assets
Debtors
6
121,356
72,688
Cash at bank and in hand
145,712
188,379
---------
---------
267,068
261,067
Creditors: amounts falling due within one year
7
54,648
30,226
---------
---------
Net current assets
212,420
230,841
---------
---------
Total assets less current liabilities
212,420
230,841
---------
---------
Net assets
212,420
230,841
---------
---------
Capital and reserves
Profit and loss account
212,420
230,841
---------
---------
Members funds
212,420
230,841
---------
---------
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 16 July 2024 , 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 2023
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.
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 and Technical Associates, income from conferences 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 invoiced.
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 (2022: 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
2023
2022
£
£
Trade debtors
91,300
57,260
Prepayments
5,553
3,158
VAT debtor
24,503
12,270
---------
--------
121,356
72,688
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
38,628
23,226
Accruals and deferred income
10,770
4,000
Other creditors
5,250
3,000
--------
--------
54,648
30,226
--------
--------
8. Summary audit opinion
The auditor's report dated 17 July 2024 was unqualified .
The senior statutory auditor was Tom York , for and on behalf of Edmund Carr LLP .
9. Related party transactions
The transaction values above include project and strategy managerial services.