The International Working Group on Sri Lanka Limited - Period Ending 2020-03-31
The International Working Group on Sri Lanka Limited - Period Ending 2020-03-31
Registration number:
The International Working Group on Sri Lanka Limited
(A company limited by guarantee)
for the Year Ended 31 March 2020
The International Working Group on Sri Lanka Limited
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
The International Working Group on Sri Lanka Limited
Company Information
Directors |
Mr Stephen Alston Mr Richard Reoch |
Company secretary |
Mr Peter John Bowling |
Registered office |
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Accountants |
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Auditors |
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The International Working Group on Sri Lanka Limited
(Registration number: 03194238)
Abridged Balance Sheet as at 31 March 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Net current assets |
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Total assets less current liabilities |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Profit and loss account |
5,192 |
6,295 |
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Total equity |
5,192 |
6,295 |
For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 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
The International Working Group on Sri Lanka Limited
(Registration number: 03194238)
Abridged Balance Sheet as at 31 March 2020
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Director
The International Working Group on Sri Lanka Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2020
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 £1 towards the assets of the company in the event of liquidation.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
The International Working Group on Sri Lanka Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2020
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enaccted or substantively enacted by the balance sheet date.
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 |
Fixtures and fittings |
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
The International Working Group on Sri Lanka Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2020
Tangible assets |
Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 April 2019 |
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At 31 March 2020 |
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Depreciation |
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At 1 April 2019 |
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Charge for the year |
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At 31 March 2020 |
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Carrying amount |
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At 31 March 2020 |
- |
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At 31 March 2019 |
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Related party transactions |
Summary of transactions with other related parties
Consultancy: 2020 £63,250 (2019 £74,000)
Travelling and other expenses: 2020 £Nil (2019 £1,450)
Total:2020 £63,250 (2019 £75,450)
At 31 March 2020 the company owed Mr Bowling £17,750 (2019 £309) in respect of the above.
During the year travel, accommodation, subsistence of £ Nil (2019 £208) were paid to Mr R Reoch, a director of the company.