IAGTO Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 03507678

IAGTO Limited

Filleted Unaudited Financial Statements

31 December 2019

IAGTO Limited

Statement of Financial Position

31 December 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		223,712	187,788

Current assets

Debtors	6	540,099	563,281
Cash at bank and in hand		1,154,326	1,304,138
		------------	------------
		1,694,425	1,867,419

Creditors: amounts falling due within one year	7	942,629		990,180
		------------		------------
Net current assets			751,796	877,239
			---------	------------
Total assets less current liabilities			975,508	1,065,027

Provisions

Taxation including deferred tax	8,780	1,955
	---------	------------
Net assets	966,728	1,063,072
	---------	------------

Capital and reserves

Called up share capital	2	2
Profit and loss account	966,726	1,063,070
	---------	------------
Shareholders funds	966,728	1,063,072
	---------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

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

IAGTO Limited

Statement of Financial Position (continued)

31 December 2019

These financial statements were approved by the board of directors and authorised for issue on 29 September 2020 , and are signed on behalf of the board by:

P D Walton

Director

Company registration number: 03507678

IAGTO Limited

Notes to the Financial Statements

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Concorde House, Grenville Place, London, NW7 3SA, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Covid-19

The impact of Covid-19 on the global tourism industry and the staging of international conventions has impacted the turnover and profitability of the company in 2020. The directors have taken action to minimise the risk and the company continues to trade successfully as a going concern.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	25% reducing balance

Long lease assets , assets leased for over 50 years, are not depreciated as any potential depreciation charge and its impact on the financial statements will be immaterial. An annual review for sings of impairment is carried out and any significant changes to the asset value is reflected in the financial statements.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 12 (2018: 12 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1 January 2019	177,500	93,963	271,463
Additions	18,307	27,873	46,180
Disposals	–	( 14,968)	( 14,968)
	---------	---------	---------
At 31 December 2019	195,807	106,868	302,675
	---------	---------	---------
Depreciation
At 1 January 2019	–	83,675	83,675
Charge for the year	1,809	4,372	6,181
Disposals	–	( 10,893)	( 10,893)
	---------	---------	---------
At 31 December 2019	1,809	77,154	78,963
	---------	---------	---------
Carrying amount
At 31 December 2019	193,998	29,714	223,712
	---------	---------	---------
At 31 December 2018	177,500	10,288	187,788
	---------	---------	---------

6. Debtors

	2019	2018
	£	£
Trade debtors	493,390	551,134
Other debtors	46,709	12,147
	---------	---------
	540,099	563,281
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	7,073	15,005
Trade creditors	7,733	15,143
Corporation tax	72,188	95,873
Social security and other taxes	17,308	27,108
Other creditors	838,327	837,051
	---------	---------
	942,629	990,180
	---------	---------

8. Related party transactions

During the accounting period the company paid dividends to company directors totalling £432,500 (2018 £397,500).