I Am Associates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03370487 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2017

for

I Am Associates Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J C Blakeney

P M J Champion

P Trivunovic

C E Parkinson

REGISTERED OFFICE:

66 Leonard Street

London

EC2A 4LW

REGISTERED NUMBER:

03370487 (England and Wales)

ACCOUNTANTS:

Prydis Accounts Limited

Chartered Accountants

Senate Court

Southernhay Gardens

Exeter

Devon

EX1 1NT

CALLED UP SHARE CAPITAL NOT PAID

954

954

FIXED ASSETS

Tangible assets

4

27,461

24,855

Investments

5

412,179

395,620

439,640

420,475

CURRENT ASSETS

Debtors

6

963,687

611,407

Cash at bank and in hand

8,623

2,655

972,310

614,062

CREDITORS

Amounts falling due within one year

7

1,030,123

673,721

NET CURRENT LIABILITIES

(57,813

)

(59,659

)

TOTAL ASSETS LESS CURRENT LIABILITIES

382,781

361,770

PROVISIONS FOR LIABILITIES

5,152

4,556

NET ASSETS

377,629

357,214

CAPITAL AND RESERVES

Called up share capital

3,454

3,454

Retained earnings

374,175

353,760

SHAREHOLDERS' FUNDS

377,629

357,214

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 statement has not been delivered.

The financial statements were approved by the Board of Directors on 19 September 2018 and were signed on its behalf by:

J C Blakeney - Director

P M J Champion - Director

P Trivunovic - Director

C E Parkinson - Director

1.	STATUTORY INFORMATION

I Am Associates Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

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.

The directors have assessed the going concern and consider that there are no material uncertainties which may

cast significant doubt about the company's ability to continue. As a result, the financial statements have been

prepared using the going concern basis of accounting.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover is recognised upon delivery of the service to customers.

Income on contracts is recognised in accordance with the requirements of UUITF 40 where it is considered that

there is a contractual right to income during the performance of a contract. The accrued income is included

within the Balance Sheet within Debtors, being disclosed as Amounts Recoverable on Contracts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Investments in associates

Investments in associated undertakings are recognised at cost or most recent valuation should this be available.

The fixed asset investment relating to the 50% shareholding in I-Am Associates Istanbul A.S. has been revalued

to 50% of the shareholder funds of the company as at 31 December 2017. The method of valuation is deemed

appropriate in that the value stated is the net asset position and therefore the value does not include any

goodwill which would require a formal valuation.

The fixed asset investment relating to the 40% shareholding in I-Am Mumbai Branding and Interior Designs

Private Limited remains at cost due to insufficient information to revalue the shareholding.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2016 - 34 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2017

110,605

189,826

300,431

Additions

11,675

1,608

13,283

At 31 December 2017

122,280

191,434

313,714

DEPRECIATION

At 1 January 2017

98,416

177,160

275,576

Charge for year

5,966

4,711

10,677

At 31 December 2017

104,382

181,871

286,253

NET BOOK VALUE

At 31 December 2017

17,898

9,563

27,461

At 31 December 2016

12,189

12,666

24,855

5.	FIXED ASSET INVESTMENTS

Interest

in

associate

£

COST OR VALUATION

At 1 January 2017

395,620

Exchange differences

16,559

At 31 December 2017

412,179

NET BOOK VALUE

At 31 December 2017

412,179

At 31 December 2016

395,620

Cost or valuation at 31 December 2017 is represented by:

Interest

in

associate

£

Valuation in 2014

391,524

Valuation in 2015

(21,834

)

Valuation in 2016

(26,603

)

Valuation in 2017

16,559

Cost

52,533

412,179

Interests in associates

At 2016 the company had interests in the following associates:

Associates

Type of shares held

Proportion held (%

)

Country of incorporation

I-Am Mumbai Branding and Interior Designs Private Limited

Ordinary

40%

India

I-Am Associates Istanbul A.S.

Ordinary

50%

Turkey

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

822,142

525,647

Amounts recoverable on contract

36,581

18,376

Other debtors

61,240

45,638

Prepayments

43,724

21,746

963,687

611,407

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans and overdrafts

47,315

117,297

Trade creditors

687,826

276,120

Corporation Tax

8,241

9,404

Social security and other taxes

27,005

24,810

VAT

58,464

43,610

Other creditors

197,083

198,298

Directors' loan accounts

-

2,400

Accruals and deferred income

4,189

1,782

1,030,123

673,721

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.17

31.12.16

£

£

Bank overdrafts

47,315

117,297

The bank overdraft is secured by way of debenture as a fixed and floating charge over the assets of the

business.

9.	OTHER FINANCIAL COMMITMENTS

At 31 December 2017 the company had total commitments under non-cancellable operating leases over the

remaining life of those leases of £148,087 (2017: £267,351).

10.	UNDISTRIBUTABLE RESERVES

The retained earnings account includes undistributable reserves of £359,646 (2016 - £343,087) in respect of

fixed asset investment revaluations.