International Fiscal Services Limited Filleted accounts for Companies House (small and micro)

INTERNATIONAL FISCAL SERVICES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 03135388

International Fiscal Services Limited

Filleted Unaudited Accounts

31 December 2020

International Fiscal Services Limited

Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		45,186	–

Current assets

Debtors	6	15,652	91,114
Cash at bank and in hand		37,696	6,485
		--------	--------
		53,348	97,599

Creditors: amounts falling due within one year	7	( 92,529)		( 86,847)
		--------		--------
Net current (liabilities)/assets			( 39,181)	10,752
			--------	--------
Total assets less current liabilities			6,005	10,752
			-------	--------
Net assets			6,005	10,752
			-------	--------

Capital and reserves

Called up share capital	10,000	10,000
Profit and loss account	( 3,995)	752
	--------	--------
Shareholder funds	6,005	10,752
	--------	--------

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of 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 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the company to obtain an audit of its accounts 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 accounts .

International Fiscal Services Limited

Statement of Financial Position (continued)

31 December 2020

These accounts were approved by the board of directors and authorised for issue on 9 April 2021 , and are signed on behalf of the board by:

Mr M R Saunders

Director

Company registration number: 03135388

International Fiscal Services Limited

Notes to the Accounts

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7-10 Chandos Street, London, W1G 9DQ.

2. Statement of compliance

These accounts 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 accounts 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 accounts are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors consider the company to be a going concern, despite the impact on the UK and global economies from the Covid-19 pandemic, and have prepared the accounts on that basis. The company has sufficient resources to meet its ongoing liabilities and retains the support of the directors and the parent company for the foreseeable future.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for professional advisory services rendered, stated net of Value Added Tax.

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:

Motor Vehicles	-	25% reducing balance
Office Equipment	-	20% straight line

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.

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 Nil (2019: 2 ).

5. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 January 2020	–	–	–
Additions	59,500	841	60,341
	--------	----	--------
At 31 December 2020	59,500	841	60,341
	--------	----	--------
Depreciation
At 1 January 2020	–	–	–
Charge for the year	14,875	280	15,155
	--------	----	--------
At 31 December 2020	14,875	280	15,155
	--------	----	--------
Carrying amount
At 31 December 2020	44,625	561	45,186
	--------	----	--------
At 31 December 2019	–	–	–
	--------	----	--------

6. Debtors

	2020	2019
	£	£
Trade debtors	13,978	29,049
Other debtors	1,674	62,065
	--------	--------
	15,652	91,114
	--------	--------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	84,625	76,530
Social security and other taxes	5,255	7,394
Other creditors	2,649	2,923
	--------	--------
	92,529	86,847
	--------	--------

8. Related party transactions

Throughout the year the company had loaned a short term advance to related companies IFS Consultants Ltd and IBSA Ltd. The amount outstanding at the balance sheet date was £264 and £815 respectively (2019: £59,250 and £815 respectively). Both are reported in Other debtors. The company remained indebted to its parent company throughout the year, with a closing balance of £84,626 (2019: £76,530) reported in creditors. All of the above advances are free of interest and considered repayable on demand in the absence of any fixed repayment terms. No other transactions with related parties were undertaken such as are required to be disclosed under the Financial Reporting Standard 102 Section 1A.

9. Controlling party

The immediate parent company is IFS Holdings Ltd . The ultimate controlling parties are Mr M R Saunders and Mrs S R Saunders, who are the company's directors and who equally own 100% of the issued share capital in IFS Holdings Ltd.