The British-Iranian Chamber Of Commerce - Period Ending 2018-12-31

Registration number: 03282914

The British-Iranian Chamber Of Commerce

(A company limited by guarantee)

Annual Report and Abridged Financial Statements

for the Year Ended 31 December 2018

DSK Partners LLP
Chartered Accountants & Statutory Auditors
163 Herne Hill
London
SE24 9LR

The British-Iranian Chamber Of Commerce

Contents

Company Information	1
Directors' Report	2
Statement of Directors' Responsibilities	3
Abridged Balance Sheet	4
Notes to the Abridged Financial Statements	5 to 7

The British-Iranian Chamber Of Commerce

Company Information

Directors

Rt Hon Lord N S H Lamont Mr T Amirsoleymani Mr E G Cameron Mr J Kamel Mr N H Kushner Mr S Mehdi-Zadeh Ms S M Millar Mr A L Rides Mr P Wilson

Company secretary

Dentons Secretaries Limited

Registered office

One Fleet Place London EC4M 7WS

Auditors

DSK Partners LLP Chartered Accountants & Statutory Auditors 163 Herne Hill London SE24 9LR

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The British-Iranian Chamber Of Commerce

Directors' Report for the Year Ended 31 December 2018

The directors present their report and the abridged financial statements for the year ended 31 December 2018.

Directors of the company

The directors who held office during the year were as follows:

Rt Hon Lord N S H Lamont

Mr T Amirsoleymani

Mr D M Berman (resigned 22 February 2019)

Mr E G Cameron

Mr M Humphrys (resigned 29 November 2018)

Mr M R Johnston (resigned 1 March 2018)

Mr J Kamel

Mr N H Kushner

Mr S Mehdi-Zadeh

Mr A L Rides

Mr P Wilson (appointed 1 March 2018)

The following director was appointed after the year end:

Ms S M Millar (appointed 12 June 2019)

Principal activity

The principal activity of the company is that of providing services to commerce.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Small companies provision statement

This report has 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.

Approved by the Board on 13 November 2019 and signed on its behalf by:

.........................................
Mr P Wilson
Director

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The British-Iranian Chamber Of Commerce

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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The British-Iranian Chamber Of Commerce

(Registration number: 03282914)
Abridged Balance Sheet as at 31 December 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	3	3,171	3,948
Current assets
Debtors		2,482	3,058
Cash at bank and in hand		88,604	102,134
		91,086	105,192
Prepayments and accrued income		522	-
Creditors: Amounts falling due within one year		(9,312)	(8,532)
Net current assets		82,296	96,660
Total assets less current liabilities		85,467	100,608
Accruals and deferred income		(7,500)	(7,815)
Net assets		77,967	92,793
Capital and reserves
Profit and loss account		77,967	92,793
Total equity		77,967	92,793

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 and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 13 November 2019 and signed on its behalf by:
 

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

Mr P Wilson
Director

The notes on pages 5 to 7 form an integral part of these abridged financial statements.

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The British-Iranian Chamber Of Commerce

Notes to the Abridged Financial Statements for the Year Ended 31 December 2018

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

The address of its registered office is:
One Fleet Place
London
EC4M 7WS
United Kingdom

These financial statements were authorised for issue by the Board on 13 November 2019.

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

Basis of preparation

These abridged 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.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 22 November 2019 was Mr Dhiraj Shah, who signed for and on behalf of DSK Partners LLP.

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.

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The British-Iranian Chamber Of Commerce

Notes to the Abridged Financial Statements for the Year Ended 31 December 2018 (continued)

2	Accounting policies (continued)

Tax

The tax expense for the period comprises 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.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture and Fittings	Reducing balance at 15%
Equipment	Reducing balance at 25%

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.

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The British-Iranian Chamber Of Commerce

Notes to the Abridged Financial Statements for the Year Ended 31 December 2018 (continued)

3	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2018	32,712	32,712
At 31 December 2018	32,712	32,712
Depreciation
At 1 January 2018	28,764	28,764
Charge for the year	777	777
At 31 December 2018	29,541	29,541
Carrying amount
At 31 December 2018	3,171	3,171
At 31 December 2017	3,948	3,948

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