NIFA - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 03832844 (England and Wales)

NETWORK OF INDEPENDENT FORENSIC

ACCOUNTANTS

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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

CURRENT ASSETS

Debtors

3

4,010

9,252

Cash at bank

28,061

24,156

32,071

33,408

CREDITORS

Amounts falling due within one year

4

(10,647

)

(12,871

)

NET CURRENT ASSETS

21,424

20,537

TOTAL ASSETS LESS CURRENT LIABILITIES

21,424

20,537

RESERVES

Retained earnings

21,424

20,537

21,424

20,537

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 16 May 2018 and were signed on its behalf by:

A J Stronach - Director

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.

Turnover

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

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.

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.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

2,956

5,213

Prepayments and accrued income

1,054

4,039

4,010

9,252

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

2,746

4,530

VAT

302

618

Accruals and deferred income

7,599

7,723

10,647

12,871

5.	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.

6.	AVERAGE NUMBER OF EMPLOYEES

There were no employees during the year (2016 - nil).