The Libyan British Business Council Secretariat 05136901 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is to encourage bilateral trade and investment between Libya and the UK Digita Accounts Production Advanced 6.30.9574.0 true 05136901 2023-06-01 2024-05-31 05136901 2024-05-31 05136901 core:CurrentFinancialInstruments 2024-05-31 05136901 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 05136901 core:FurnitureFittingsToolsEquipment 2024-05-31 05136901 bus:SmallEntities 2023-06-01 2024-05-31 05136901 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 05136901 bus:FilletedAccounts 2023-06-01 2024-05-31 05136901 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 05136901 bus:RegisteredOffice 2023-06-01 2024-05-31 05136901 bus:CompanySecretaryDirector1 2023-06-01 2024-05-31 05136901 bus:Director14 2023-06-01 2024-05-31 05136901 bus:Director15 2023-06-01 2024-05-31 05136901 bus:Director17 2023-06-01 2024-05-31 05136901 bus:Director21 2023-06-01 2024-05-31 05136901 bus:Director22 2023-06-01 2024-05-31 05136901 bus:Director24 2023-06-01 2024-05-31 05136901 bus:Director25 2023-06-01 2024-05-31 05136901 bus:Director5 2023-06-01 2024-05-31 05136901 bus:Director6 2023-06-01 2024-05-31 05136901 bus:Director7 2023-06-01 2024-05-31 05136901 bus:CompanyLimitedByGuarantee 2023-06-01 2024-05-31 05136901 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 05136901 core:OfficeEquipment 2023-06-01 2024-05-31 05136901 countries:EnglandWales 2023-06-01 2024-05-31 05136901 2023-05-31 05136901 core:FurnitureFittingsToolsEquipment 2023-05-31 05136901 2022-06-01 2023-05-31 05136901 2023-05-31 05136901 core:CurrentFinancialInstruments 2023-05-31 05136901 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 05136901 core:FurnitureFittingsToolsEquipment 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 05136901

The Libyan British Business Council Secretariat

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

The Libyan British Business Council Secretariat

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

The Libyan British Business Council Secretariat

Company Information

Directors

E C Butterworth

M W Butler

R E Phillips

P M M Graham

T Eltumi

P J Millett

P H Jennings

A Riyany

S A S Abukhzaam

R S Adrian

A M Ben Halim

Company secretary

P M M Graham

Registered office

C/o The McCay Partnership
24 Capital Business Centre
22 Carlton Road
South Croydon
Surrey
CR2 0BS

Accountants

The McCay Partnership
Chartered Accountants
Unit 24
Capital Business Centre
22 Carlton Road
South Croydon
Surrey
CR2 0BS

 

The Libyan British Business Council Secretariat

(Registration number: 05136901)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

245

327

Current assets

 

Debtors

5

16,135

33,902

Cash at bank and in hand

 

76,875

51,070

 

93,010

84,972

Creditors: Amounts falling due within one year

6

(31,732)

(27,570)

Net current assets

 

61,278

57,402

Net assets

 

61,523

57,729

Reserves

 

Retained earnings

61,523

57,729

Surplus

 

61,523

57,729

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge 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 Board on 6 January 2025 and signed on its behalf by:
 

.........................................
P J Millett
Director

 

The Libyan British Business Council Secretariat

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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 £10 towards the assets of the company in the event of liquidation.

The address of its registered office is:
C/o The McCay Partnership
24 Capital Business Centre
22 Carlton Road
South Croydon
Surrey
CR2 0BS
England

These financial statements were authorised for issue by the Board on 6 January 2025.

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.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

The Libyan British Business Council Secretariat

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% on reducing balance

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 debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 11).

 

The Libyan British Business Council Secretariat

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

3,107

3,107

At 31 May 2024

3,107

3,107

Depreciation

At 1 June 2023

2,780

2,780

Charge for the year

82

82

At 31 May 2024

2,862

2,862

Carrying amount

At 31 May 2024

245

245

At 31 May 2023

327

327

5

Debtors

Current

2024
£

2023
£

Trade debtors

12,593

28,786

Prepayments

3,542

5,116

 

16,135

33,902

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

9,001

3,750

Taxation and social security

8,565

6,094

Accruals and deferred income

14,166

17,726

31,732

27,570