SFIA Foundation - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04770377 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2019

FOR

SFIA FOUNDATION

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A Thilthorpe

M D Richmond

M J Lillycrop

R Deri

SECRETARY:

Halco Secretaries Limited

REGISTERED OFFICE:

5 Fleet Place

London

EC4M 7RD

REGISTERED NUMBER:

04770377 (England and Wales)

AUDITORS:

Wilkins Kennedy Audit Services

Registered Auditors

Fareham House

69 High Street

Fareham

Hampshire

PO16 7BB

BANKERS:

Lloyds Bank plc

Ariel House

2138 Coventry Road

Birmingham

West Midlands

B26 3JW

CURRENT ASSETS

Debtors

82,955

36,976

Cash at bank

195,255

260,310

278,210

297,286

CREDITORS

Amounts falling due within one year

131,088

139,297

NET CURRENT ASSETS

147,122

157,989

TOTAL ASSETS LESS CURRENT LIABILITIES

147,122

157,989

RESERVES

Income and expenditure account

147,122

157,989

147,122

157,989

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 16th December 2019 and were signed on its behalf by:

A Thilthorpe - Director

1.	STATUTORY INFORMATION

SFIA Foundation 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, which are described below, management is required to make

judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily

apparent from other sources. The estimates and underlying assumptions are based on historical experience and

other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or

in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgements

In preparing these financial statements, management does not believe that they have made any critical

judgements in applying the company's accounting policies.

Sources of estimation uncertainty

The following are estimates and assumptions that have a significant risk of causing a material adjustment to the

carrying amounts of assets and liabilities within the next financial year:

Bad debts

A bad debt provision has been included in the accounts which the directors consider to be an accurate

estimation of bad and doubtful debts.

Turnover

Turnover represents invoiced accreditation fees and royalties, excluding value added tax.

Accreditation fees are invoiced annually in advance at the point of contract renewal, so a deferred income

adjustment is put through to ensure that revenue is recognised in the period it relates to.

Royalties are invoiced in arrears, so an accrued income adjustment is put through to ensure that revenue is

recognised in the period it relates to.

Development costs

Development costs relating to separately identifiable projects with clearly defined income streams are capitalised

and amortised over the estimated future income stream of the project. Expenditure ceases to be capitalised and

amortisation commences once the development phase is complete. For present projects, the amortisation period

is 36 months from the completion of the development phase. These costs have been fully amortised at the date

of the balance sheet.

3.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1st April 2018

and 31st March 2019

21,267

AMORTISATION

At 1st April 2018

and 31st March 2019

21,267

NET BOOK VALUE

At 31st March 2019

-

At 31st March 2018

-

4.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Reilly ACCA (Senior Statutory Auditor)

for and on behalf of Wilkins Kennedy Audit Services

5.	LIMITED BY GUARANTEE

The four members of the company have agreed to contribute £1 each to the assets of the company in the event

of it being wound up.