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Registered Number: 12658233
England and Wales

 

 

 

INSURANCE DEVELOPMENT FORUM LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 July 2023

End date: 30 June 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 189   
189   
Current assets      
Debtors 534,264    733,610 
Cash at bank and in hand 332,274    346,915 
866,538    1,080,525 
Creditors: amount falling due within one year (78,029)   (141,698)
Net current assets 788,509    938,827 
 
Total assets less current liabilities 788,698    938,827 
Accruals and deferred income (735,096)   (887,368)
Provisions for liabilities (2,511)   (2,511)
Net assets 51,091    48,948 
 

Capital and reserves
     
Profit and loss account 51,091    48,948 
Members' funds 51,091    48,948 
 


For the year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 04 November 2024 and were signed on its behalf by:


-------------------------------
Ekhosuehi Annabelle Iyahen
Director
1
General Information
Insurance Development Forum Limited is a private company, limited by guarantee, registered in England and Wales, registration number 12658233, registration address The St Botolph Building, 138 Houndsditch, London, EC3A 7AR.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 3 Straight Line
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 3 (2023 : 2).
3.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 July 2023  
Additions 283    283 
Disposals  
At 30 June 2024 283    283 
Depreciation
At 01 July 2023  
Charge for year 94    94 
On disposals  
At 30 June 2024 94    94 
Net book values
Closing balance as at 30 June 2024 189    189 
Opening balance as at 01 July 2023  


4.

Advances and Credits



Transaction with directors
During the year, a director advanced the Company an amount of £3,000. This was repayable on demand and did not accrue any interest. The amount was repaid subsequent to the year end.

Current year (2024)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
Transaction with directors3,000 3,000 
0300000003000
Previous year (2023)
Brought Forward
£
Amount
£
Interest
£
Repaid
£
Written Off
£
Waived
£
Carry Forward
£
Transaction with directors
0000000
2