International Business Associates Limited
Annual Report and Unaudited Financial Statements
For the year ended 31 December 2023
Company Registration No. 03102674 (England and Wales)
International Business Associates Limited
Company Information
Directors
J.S. Collins
S. A. Helms
R.C. Rogers
M Maxson
(Appointed 20 August 2023)
Secretary
R.C. Rogers
Company number
03102674
Registered office
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
Accountants
Moore Kingston Smith LLP
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
Business address
Office 426, Regus 4th floor
The Pinnacle
Station Way
Crawley
United Kingdom
RH10 1JH
International Business Associates Limited
Directors' Report
For the year ended 31 December 2023
Page 1

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company throughout the year was that of agents between sellers and buyers of raw materials.

 

During 2023, IBA focused its efforts on business operations in Jordan and Morocco. The company has continued to focus on developing and refining its product offerings.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J.S. Collins
R.D. Thomas
(Resigned 20 August 2023)
S. A. Helms
R.C. Rogers
M Maxson
(Appointed 20 August 2023)
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
R.C. Rogers
Director
13 September 2024
International Business Associates Limited
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of International Business Associates Limited for the year ended 31 December 2023
Page 2

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of International Business Associates Limited for the year ended 31 December 2023 which comprise the profit and loss account, the balance sheet and the related notes 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 https://www.icaew.com/regulation

This report is made solely to the Board of Directors of International Business Associates Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of International Business Associates Limited and state those matters that we have agreed to state to the Board of Directors of International Business Associates Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at icaew.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than International Business Associates Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that International Business Associates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of International Business Associates Limited. You consider that International Business Associates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of International Business Associates Limited. 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 financial statements.

Moore Kingston Smith LLP
13 September 2024
Chartered Accountants
Betchworth House
57-65 Station Road
Redhill
Surrey
RH1 1DL
International Business Associates Limited
Profit and loss account
For the year ended 31 December 2023
Page 3
2023
2022
$
$
Turnover
34,164
35,723
Administrative expenses
(60,711)
(75,587)
Other operating income
38,830
14,058
Profit/(loss) before taxation
12,283
(25,806)
Taxation
-
0
-
0
Profit/(loss) for the financial year
12,283
(25,806)
International Business Associates Limited
Balance Sheet
As at 31 December 2023
Page 4
2023
2022
Notes
$
$
$
$
Current assets
Debtors
3
17,755
7,278
Cash at bank and in hand
2,622
2,165
20,377
9,443
Creditors: amounts falling due within one year
4
(16,196)
(17,545)
Net current assets/(liabilities)
4,181
(8,102)
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
4,179
(8,104)
Total equity
4,181
(8,102)

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

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 13 September 2024 and are signed on its behalf by:
R.C. Rogers
Director
Company Registration No. 03102674
International Business Associates Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 5
1
Accounting policies
Company information

International Business Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in US dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest dollar.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have assessed whether these of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the company to continue as a going concern. At the year end there is net assets of $4,181. As a result the directors believe that the company will be able to continue in operation and meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements.

1.3
Turnover
Turnover represents amounts receivable for goods and services provided.
1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as ‘other’ or basic instruments measured at fair value.

1.6
Foreign exchange

Transactions denominated in foreign currencies are translated into US Dollars at the rate of exchange ruling at the date of the transaction. Assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange ruling at the end of the financial year. The rate of exchange between US Dollars and sterling at the year end was $1.28 (2022: $1.21) to £1. All exchange differences are dealt with in the profit and loss account.

2
Employees

The company had no employees in the current or prior year.

International Business Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
3
Debtors
2023
2022
Amounts falling due within one year:
$
$
Other debtors
17,755
7,278
4
Creditors: amounts falling due within one year
2023
2022
$
$
Other creditors
16,196
17,545
5
Called up share capital
2023
2022
$
$
Issued and fully paid
1 Ordinary Share of £1 each
2
2
6
Parent company

The Company is a subsidiary of Expanse of Hope Ltd, a company registered in England and Wales (Company Number. 10158897). The registered office address is 71-75 Shelton Street, Covent Garden, London, United Kingdom, WC2H 9JQ.

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