International Communications Consultancy Organisation Ltd 02426198 false 2023-01-01 2023-12-30 2023-12-30 The principal activity of the company is to encourage and promote all relevant aspects of Public Relations activities and Consultancy practice on an international level Digita Accounts Production Advanced 6.30.9574.0 true true 02426198 2023-01-01 2023-12-30 02426198 2023-12-30 02426198 core:RetainedEarningsAccumulatedLosses 2023-12-30 02426198 core:CurrentFinancialInstruments 2023-12-30 02426198 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-30 02426198 core:Non-currentFinancialInstruments 2023-12-30 02426198 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-30 02426198 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-30 02426198 1 2023-12-30 02426198 bus:SmallEntities 2023-01-01 2023-12-30 02426198 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-30 02426198 bus:FilletedAccounts 2023-01-01 2023-12-30 02426198 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-30 02426198 bus:RegisteredOffice 2023-01-01 2023-12-30 02426198 bus:CompanySecretary1 2023-01-01 2023-12-30 02426198 bus:CompanySecretary2 2023-01-01 2023-12-30 02426198 bus:Director14 2023-01-01 2023-12-30 02426198 bus:CompanyLimitedByGuarantee 2023-01-01 2023-12-30 02426198 core:ComputerSoftware 2023-01-01 2023-12-30 02426198 1 2023-01-01 2023-12-30 02426198 countries:EnglandWales 2023-01-01 2023-12-30 02426198 2022-12-31 02426198 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 02426198 2022-01-01 2022-12-31 02426198 2022-12-31 02426198 core:RetainedEarningsAccumulatedLosses 2022-12-31 02426198 core:CurrentFinancialInstruments 2022-12-31 02426198 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 02426198 core:Non-currentFinancialInstruments 2022-12-31 02426198 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 02426198 1 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 02426198

International Communications Consultancy Organisation Ltd

(A company limited by guarantee)

Annual Report and Unaudited Filleted Financial Statements

for the Period from 1 January 2023 to 30 December 2023

 

International Communications Consultancy Organisation Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

International Communications Consultancy Organisation Ltd

Company Information

Director

Andras Sztaniszlav

Company secretary

Manningtons Ltd

Andrea Morland

Registered office

39 High Street
Battle
East Sussex
TN33 0EE

Accountants

Manningtons
Chartered accountants
39 High Street
Battle
East Sussex
TN33 0EE

 

International Communications Consultancy Organisation Ltd

(Registration number: 02426198)
Balance Sheet as at 30 December 2023

Note

2023

2022

Current assets

 

Debtors

5

49,369

62,713

Cash at bank and in hand

 

36,773

180,683

 

86,142

243,396

Creditors: Amounts falling due within one year

6

(56,547)

(135,878)

Total assets less current liabilities

 

29,595

107,518

Creditors: Amounts falling due after more than one year

6

-

(28,890)

Net assets

 

29,595

78,628

Reserves

 

Retained earnings

29,595

78,628

Surplus

 

29,595

78,628

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:

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

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 director on 17 October 2024
 

.........................................
Andras Sztaniszlav
Director

 

International Communications Consultancy Organisation Ltd

Notes to the Financial Statements for the Period from 1 January 2023 to 30 December 2023

1

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:
39 High Street
Battle
East Sussex
TN33 0EE
United Kingdom

2

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

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 2 (2022 - 2).

 

International Communications Consultancy Organisation Ltd

Notes to the Financial Statements for the Period from 1 January 2023 to 30 December 2023

4

Intangible assets

New website costs
 €

Total

Cost or valuation

At 1 January 2023

20,229

20,229

At 30 December 2023

20,229

20,229

Amortisation

At 1 January 2023

20,229

20,229

At 30 December 2023

20,229

20,229

Carrying amount

At 30 December 2023

-

-

5

Debtors

2023

2022

Trade debtors

38,862

61,064

Taxation and social security

7,096

1,153

Other debtors

3,411

496

49,369

62,713

 

International Communications Consultancy Organisation Ltd

Notes to the Financial Statements for the Period from 1 January 2023 to 30 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023

2022

Due within one year

 

Bank loans and overdrafts

7

-

11,629

Trade creditors

 

46,142

110,794

Taxation and social security

 

-

4,236

Accruals and deferred income

 

10,405

4,000

Other creditors

 

-

5,219

 

56,547

135,878

Creditors: amounts falling due after more than one year

Note

2023

2022

Due after one year

 

Loans and borrowings

7

-

28,890

7

Loans and borrowings

Non-current loans and borrowings

2023

2022

Bank borrowings

-

28,890

Current loans and borrowings

2023

2022

Bank borrowings

-

11,629

Bank borrowings

Bounce back loan is denominated in with a nominal interest rate of 2.5%, the loan was repaid in full early on 29 November 2023. The carrying amount at period end is €Nil (2022 - €40,519).