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ZIRCON INDUSTRY ASSOCIATION LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Zircon Industry Association Limited is a private company, limited by guarantee, incorporated in England and Wales, registration number 08187233. The registered office is 24 Old Bond Street, London, W1S 4AP.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in US Dollars and are rounded to the nearest $.
The following principal accounting policies have been applied:
Membership fees are recognised as income on an accruals basis. All members are liable to pay contributions in accordance with section 3.7 of the Articles of Association as of the date on which they join.
Income from the Annual Conference is recognised at the time the conference takes place.
Expenditure is recognised on an accruals basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is USD.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Interest income is recognised in profit or loss using the effective interest method.
The Company has obtained exemption from the Revenue Commissioners in respect of corporation tax, it being a Company not carrying on a business for the purposes of making a profit. Corporation tax is payable on any non-member profits and investment income received.
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