Registration number:
International Communications Consultancy Organisation Ltd
(A company limited by guarantee)
for the Period from 1 January 2023 to 30 December 2023
International Communications Consultancy Organisation Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
International Communications Consultancy Organisation Ltd
Company Information
Director |
Andras Sztaniszlav |
Company secretary |
Manningtons Ltd Andrea Morland |
Registered office |
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Accountants |
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International Communications Consultancy Organisation Ltd
(Registration number: 02426198)
Balance Sheet as at 30 December 2023
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2023 |
2022 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Reserves |
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Retained earnings |
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Surplus |
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For the financial period ending 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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International Communications Consultancy Organisation Ltd
Notes to the Financial Statements for the Period from 1 January 2023 to 30 December 2023
General information |
The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. 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:
United Kingdom
Accounting policies |
Summary of significant accounting policies and key accounting estimates
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of the financial statements is the Euro (€).
Going concern
The Directors/Executive Committee of ICCO recognise that the trade association has been loss making for the past two years and that 2024 will once again show a deficit at the end of the financial year.
This has been as a direct result of Covid and the impact it has had on our members’ ability to pay their fees and the challenging global circumstances around the pandemic making a growth in membership difficult to achieve.
In addition, some of our membership activities and supporting sponsorships have faced similar challenges.
We have also incurred exceptional costs as a result of restructuring the organisation to better support our strategic plans for the future.
We now have new executive leadership in place , a robust new member drive and more personalised engagement with existing members to protect expected revenues from membership fees.
In addition, our major membership activities are being planned for with third party support and reduced risk to us.
We do not therefore believe that a material uncertainty exists and confirm that the accounts are prepared on a going concern basis.
International Communications Consultancy Organisation Ltd
Notes to the Financial Statements for the Period from 1 January 2023 to 30 December 2023
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Tax
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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 |
New website costs |
25% 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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
International Communications Consultancy Organisation Ltd
Notes to the Financial Statements for the Period from 1 January 2023 to 30 December 2023
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
International Communications Consultancy Organisation Ltd
Notes to the Financial Statements for the Period from 1 January 2023 to 30 December 2023
Intangible assets |
New website costs |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 30 December 2023 |
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Amortisation |
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At 1 January 2023 |
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At 30 December 2023 |
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Carrying amount |
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At 30 December 2023 |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Taxation and social security |
7,096 |
1,153 |
Other debtors |
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International Communications Consultancy Organisation Ltd
Notes to the Financial Statements for the Period from 1 January 2023 to 30 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
- |
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Accruals and deferred income |
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Other creditors |
- |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
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Bank borrowings |
- |
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Current loans and borrowings
2023 |
2022 |
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Bank borrowings |
- |
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Bank borrowings
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