NIFA - Accounts to registrar - small 17.1.1

NIFA - Accounts to registrar - small 17.1.1

NETWORK OF INDEPENDENT FORENSIC ACCOUNTANTS - Company Information

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REGISTERED NUMBER: 03832844 (England and Wales)















NETWORK OF INDEPENDENT FORENSIC
ACCOUNTANTS

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016






NETWORK OF INDEPENDENT FORENSIC
ACCOUNTANTS (REGISTERED NUMBER: 03832844)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


NETWORK OF INDEPENDENT FORENSIC
ACCOUNTANTS

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2016







DIRECTORS: M C Berry
B L Chew
C D Hatcher
R A S Isaacs
D K Muggridge
A J Stronach





SECRETARY: D K Muggridge





REGISTERED OFFICE: 49 Canterbury Innovation Centre
University Road
Canterbury
Kent
CT2 7FG





REGISTERED NUMBER: 03832844 (England and Wales)





ACCOUNTANTS: Watts Gregory LLP
Chartered Accountants
Elfed House
Oak Tree Court
Cardiff Gate Business Park
CARDIFF
County of Cardiff
CF23 8RS
Page 1
NETWORK OF INDEPENDENT FORENSIC
ACCOUNTANTS (REGISTERED NUMBER: 03832844)

BALANCE SHEET
31 DECEMBER 2016

2016 2015
Notes £    £   
CURRENT ASSETS
Debtors 4 9,252 6,168
Cash at bank 24,156 25,427
33,408 31,595
CREDITORS
Amounts falling due within one year 5 (12,871 ) (7,638 )
NET CURRENT ASSETS 20,537 23,957
TOTAL ASSETS LESS CURRENT
LIABILITIES
20,537
23,957

RESERVES
Retained earnings 20,537 23,957
20,537 23,957

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of
Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to
financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved for issue by the Board of Directors on 9 May 2017 and were signed on its
behalf by:





A J Stronach - Director


The notes form part of these financial statements

Page 2
NETWORK OF INDEPENDENT FORENSIC
ACCOUNTANTS (REGISTERED NUMBER: 03832844)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016


1. STATUTORY INFORMATION

Network of Independent Forensic Accountants is a private company, limited by guarantee, registered in England
and Wales. The company's registered number and registered office address can be found on the Company
Information page.

The company's functional and presentational currency in the financial statements is Sterling (£), rounded to the
nearest pound.

The significant accounting policies applied in the presentation of these financial statements are set out below.
These policies have been consistently applied to all years presented unless otherwise stated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements for the year ended 31 December 2016 are the first financial statements that comply
with FRS 102 Section 1A small entities. The date of transition is 1 January 2015.

The transition to Financial Reporting Standard 102 has resulted in no changes to existing accounting policies.

Turnover
Turnover represents subscriptions and other services invoiced, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 50% on cost

Current tax
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and
is calculated using the tax rates and laws that have been enacted or substantially enacted at the balance sheet
date.

The company is treated for corporation tax purposes as being mutually trading and is not liable to UK
corporation tax on profits that derive from such activities. UK corporation tax is however payable on any profits
of the company arising other than from mutual trading and is therefore chargeable on interest receivable.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the
balance sheet date.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not
there will be suitable taxable profits from which the future reversal of the underlying timing differences can be
deducted.

Deferred tax is measured on an un-discounted basis at the tax rates that are expected to apply in the periods in
which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance
sheet date.

Page 3 continued...
NETWORK OF INDEPENDENT FORENSIC
ACCOUNTANTS (REGISTERED NUMBER: 03832844)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2016


2. ACCOUNTING POLICIES - continued

Non-derivative financial instruments
Non-derivative financial instruments comprise trade and other debtors, cash and cash equivalents and trade and
other creditors.

Unless otherwise stated, the carrying value of the company's financial assets and liabilities are a reasonable
approximation of their fair values.

Debtors and creditors receivable / payable within one year


Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded
at transaction price. Any losses arising from impairment are recognised in the profit and loss account in
other administrative expenses.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand.

3. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 January 2016
and 31 December 2016 4,135
DEPRECIATION
At 1 January 2016
and 31 December 2016 4,135
NET BOOK VALUE
At 31 December 2016 -
At 31 December 2015 -

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2016 2015
£    £   
Trade debtors 5,213 4,798
Prepayments and accrued income 4,039 1,370
9,252 6,168

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2016 2015
£    £   
Trade creditors 4,531 1,441
VAT 618 1,648
Accruals and deferred income 7,722 4,549
12,871 7,638

6. LIMITED BY GUARANTEE

The company is limited by guarantee and has no share capital. Each member's liability on winding up is
restricted to a maximum of £500.

7. AVERAGE NUMBER OF EMPLOYEES

There were no employees during the year (2015 - nil).

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