ACCOUNTS - Final Accounts preparation

Creditors: Amounts falling due after more than one year

As restated

INTERNATIONAL CONSTRUCTION MANAGEMENT CONSULTANTS (U.K.) LIMITED - Company Information

Caseware UK (AP4) 2014.0.91 2014.0.91 2016-12-312016-12-31The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueManagement of real estatefalse2016-01-01Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. 02554235 2016-01-01 2016-12-31 02554235 2015-01-01 2015-12-31 02554235 2016-12-31 02554235 2015-12-31 02554235 c:Director1 2016-01-01 2016-12-31 02554235 d:PlantMachinery 2016-01-01 2016-12-31 02554235 d:PlantMachinery 2016-12-31 02554235 d:PlantMachinery 2015-12-31 02554235 d:PlantMachinery d:OwnedOrFreeholdAssets 2016-01-01 2016-12-31 02554235 d:MotorVehicles 2016-01-01 2016-12-31 02554235 d:MotorVehicles 2016-12-31 02554235 d:MotorVehicles 2015-12-31 02554235 d:MotorVehicles d:OwnedOrFreeholdAssets 2016-01-01 2016-12-31 02554235 d:OwnedOrFreeholdAssets 2016-01-01 2016-12-31 02554235 d:CurrentFinancialInstruments 2016-12-31 02554235 d:CurrentFinancialInstruments 2015-12-31 02554235 d:Non-currentFinancialInstruments 2016-12-31 02554235 d:Non-currentFinancialInstruments 2015-12-31 02554235 d:CurrentFinancialInstruments d:WithinOneYear 2016-12-31 02554235 d:CurrentFinancialInstruments d:WithinOneYear 2015-12-31 02554235 d:Non-currentFinancialInstruments d:AfterOneYear 2016-12-31 02554235 d:Non-currentFinancialInstruments d:AfterOneYear 2015-12-31 02554235 d:ShareCapital 2016-12-31 02554235 d:ShareCapital 2015-12-31 02554235 d:RetainedEarningsAccumulatedLosses 2016-12-31 02554235 d:RetainedEarningsAccumulatedLosses 2015-12-31 02554235 c:OrdinaryShareClass1 2016-01-01 2016-12-31 02554235 c:OrdinaryShareClass1 2016-12-31 02554235 c:FRS102 2016-01-01 2016-12-31 02554235 c:AuditExempt-NoAccountantsReport 2016-01-01 2016-12-31 02554235 c:FullAccounts 2016-01-01 2016-12-31 02554235 c:PrivateLimitedCompanyLtd 2016-01-01 2016-12-31 xbrli:shares iso4217:GBP xbrli:pure

	INTERNATIONAL CONSTRUCTION MANAGEMENT CONSULTANTS (UK) LIMITED
	PAGES FOR FILING WITH REGISTRAR
	FOR THE YEAR ENDED 31 DECEMBER 2016
	Company Registration No. 02554235 (England and Wales)

	SHELLEY STOCK HUTTER LLP
	Chartered Accountants
	1st Floor
	7 - 10 Chandos Street
	London
	W1G 9DQ


INTERNATIONAL CONSTRUCTION MANAGEMENT CONSULTANTS (UK) LIMITED

CONTENTS

	Page
Balance Sheet	1 - 2
Notes to the Financial Statements	3 - 9


INTERNATIONAL CONSTRUCTION MANAGEMENT CONSULTANTS (UK) LIMITED REGISTERED NUMBER:02554235

BALANCE SHEET

AS AT 31 DECEMBER 2016

		As restated
	2016	2015
Note	£	£

Fixed assets
Tangible assets	4		5,427		6,733
Investments	5		12,958,015		12,958,015
			12,963,442		12,964,748
Current assets
Debtors: amounts falling due within one year	6	319,008		264,631
Cash at bank and in hand	7	2,504,704		595,412
		2,823,712		860,043
Creditors: amounts falling due within one year	8	(1,682,145)		(1,827,453)
Net current assets/(liabilities)			1,141,567		(967,410)
Total assets less current liabilities			14,105,009		11,997,338
Creditors: amounts falling due after more than one year	9		(18,674,440)		(16,750,344)

Net liabilities			(4,569,431)		(4,753,006)

Capital and reserves
Called up share capital	10	25,000	25,000
Profit and loss account		(4,594,431)	(4,778,006)
		(4,569,431)	(4,753,006)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
 


INTERNATIONAL CONSTRUCTION MANAGEMENT CONSULTANTS (UK) LIMITED REGISTERED NUMBER:02554235

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2016

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

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

C M Theo

Director

Date: 3 October 2017

The notes on pages 3 to 9 form part of these financial statements.


INTERNATIONAL CONSTRUCTION MANAGEMENT CONSULTANTS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

1.	General information

International Construction Management Consultants (U.K.) Limited is a private company limited by shares and registered in England and Wales. The Company's registered number is 02554235 and the Company's registered office is 1st Floor, 7-10 Chandos Street, London, W1G 9DQ.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared on a going concern basis in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Exemption from preparation of financial statements

The company is exempt from the requirement to prepare consolidated financial statements as all of ithe subsidiaries are required to be excluded from consolidation by section 399 of the Companies Act 2006.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

·the amount of revenue can be measured reliably;

·it is probable that the Company will receive the consideration due under the contract;

·the stage of completion of the contract at the end of the reporting period can be measured reliably; and

·the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.


INTERNATIONAL CONSTRUCTION MANAGEMENT CONSULTANTS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

				Plant and machinery	-	25%	on reducing balance
				Motor vehicles	-	25%	on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.6

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


INTERNATIONAL CONSTRUCTION MANAGEMENT CONSULTANTS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

2.Accounting policies (continued)

2.8

Financial instruments (continued)

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

2.11

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.


INTERNATIONAL CONSTRUCTION MANAGEMENT CONSULTANTS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

2.Accounting policies (continued)

2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.13

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

Employees

The average monthly number of employees, including directors, during the year was 7 (2015 - 8).

4.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost or valuation
At 1 January 2016	3,944	10,499	14,443
Additions	504	-	504
At 31 December 2016	4,448	10,499	14,947
Depreciation
At 1 January 2016	3,117	4,593	7,710
Charge for the year on owned assets	333	1,477	1,810
At 31 December 2016	3,450	6,070	9,520
Net book value
At 31 December 2016	998	4,429	5,427
At 31 December 2015	827	5,906	6,733


INTERNATIONAL CONSTRUCTION MANAGEMENT CONSULTANTS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

5.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2016	12,958,015
	At 31 December 2016	12,958,015

	Net book value
	At 31 December 2016	12,958,015
	At 31 December 2015	12,958,015

Debtors

					2016	2015
					£	£


Trade debtors	77,702	120,344
Amounts owed by related companies	167,938	140,878
Other debtors	65,259	1,634
Prepayments and accrued income	8,109	1,775
	319,008	264,631

7.	Cash and cash equivalents
		2016	2015
		£	£

Cash at bank and in hand	2,504,704	595,412
	2,504,704	595,412

Financial assets valued at fair value through profit or loss comprise of cash at bank and in hand.


INTERNATIONAL CONSTRUCTION MANAGEMENT CONSULTANTS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

8.	Creditors: Amounts falling due within one year
		2016	2015
		£	£

Other taxation and social security	3,312	21,712
Other creditors	1,667,895	1,788,710
Accruals and deferred income	10,938	17,031
	1,682,145	1,827,453

Amounts owed to group undertakings	8,969,671	7,045,575
Amounts owed to related companies	9,704,769	9,704,769
	18,674,440	16,750,344

Authorised, allotted, called up and fully paid

25,000 Ordinary shares of £1 each	25,000	25,000

11.	Prior year adjustment

The prior period was restated to include the compound interest accumulated on long term creditor loans that had previously not been recognised and to restate for foreign exchange movements on such loans. In applying this change retrospectively, the long term creditor has been increased and there has been a total charge in relation to previous periods of £3,733.890 up to 31 December 2015. The impact on the Statement of Income and Retained Earnings during the year ended 31 December 2015 was £197,167.


INTERNATIONAL CONSTRUCTION MANAGEMENT CONSULTANTS (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

12.	Related party transactions
	The following balances were due as at the balance sheet date:

		2016	2015
		£	£

Common ownership and management	(14,744,052)	(14,680,583)
Key management and directors	60,353	17,931
	(14,683,699)	(14,662,652)

13.	First time adoption of FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.