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Registration number: 00781781

Institute of Internal Communication Limited

Unaudited Financial Statements

for the Year Ended 31 December 2024

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Institute of Internal Communication Limited

Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

52,677

76,329

Tangible assets

5

7,012

8,141

 

59,689

84,470

Current assets

 

Debtors

6

274,033

246,427

Cash at bank and in hand

 

469,458

254,544

 

743,491

500,971

Creditors: Amounts falling due within one year

7

(399,545)

(277,330)

Net current assets

 

343,946

223,641

Net assets

 

403,635

308,111

Reserves

 

Retained earnings

403,635

308,111

Surplus

 

403,635

308,111

For the financial year ending 31 December 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 and 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 Income Statement.

 

Institute of Internal Communication Limited

Statement of Financial Position as at 31 December 2024

Approved and authorised by the Board on 2 April 2025 and signed on its behalf by:
 

.........................................

S Reed

Director

.........................................

J Sproul

Director

Company registration number: 00781781

 

Institute of Internal Communication Limited

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

1

General information

The company is limited by guarantee, incorporated in England and Wales. 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:
Scorpio House
Rockingham Drive
Linford Wood
Milton Keynes
MK14 6LY

The principal activity of the company is that of the training and development of skills to those engaged in the management, editing or production of corporate communication media.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company had net assets at 31 December 2024 of £403,635 including cash at bank of £469,458.

The directors have considered the financial position, resources and revenue streams of the company for the foreseeable future. Given the company's net asset position and expected revenue generation based on detailed future budgets, the directors consider that the company will be able to meet its future obligations as they fall due. Therefore, the directors have concluded that the going concern basis of accounting continues to be appropriate.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises turnover in respect of education and training on the date of delivery and in respect of awards, dinners and events on the date of the event. Turnover from membership subscriptions are recognised evenly over the period of membership.

 

Institute of Internal Communication Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

10% - 33% reducing balance

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

Website Development

20% 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.

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 during the year was 9 (2023 - 9).

 

Institute of Internal Communication Limited

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

4

Intangible assets

Website Development
 £

Total
£

Cost

At 1 January 2024

100,709

100,709

At 31 December 2023

100,709

100,709

Amortisation

At 1 January 2024

24,380

24,380

Amortisation charge

23,652

23,652

At 31 December 2024

48,032

48,032

Carrying amount

At 31 December 2024

52,677

52,677

At 31 December 2023

76,329

76,329

5

Tangible assets

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 January 2024

24,243

24,243

Additions

1,376

1,376

At 31 December 2024

25,619

25,619

Depreciation

At 1 January 2024

16,102

16,102

Charge for the year

2,505

2,505

At 31 December 2024

18,607

18,607

Carrying amount

At 31 December 2024

7,012

7,012

At 31 December 2023

8,141

8,141

 

Institute of Internal Communication Limited

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

6

Debtors

2024
£

2023
£

Trade debtors

179,005

185,572

Other debtors

95,028

60,855

274,033

246,427

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

120,059

80,962

Taxation and social security

53,255

39,346

Other creditors

226,231

157,022

399,545

277,330

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £19,091 (2023 - £34,920).