International Tea Committee Limited 31/12/2021 iXBRL

International Tea Committee Limited 31/12/2021 iXBRL

INTERNATIONAL TEA COMMITTEE LIMITED - Company Information

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Company registration number: 02085298
International Tea Committee Limited
Company limited by guarantee
Unaudited filleted financial statements
31 December 2021
International Tea Committee Limited
Company limited by guarantee
Contents
Statement of financial position
Statement of changes in equity
Notes to the financial statements
International Tea Committee Limited
Company limited by guarantee
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 7 1 1
_______ _______
1 1
Current assets
Debtors 8 13,696 15,190
Cash at bank and in hand 138,034 137,021
_______ _______
151,730 152,211
Creditors: amounts falling due
within one year 9 ( 3,654) ( 3,604)
_______ _______
Net current assets 148,076 148,607
_______ _______
Total assets less current liabilities 148,077 148,608
_______ _______
Net assets 148,077 148,608
_______ _______
Capital and reserves
Capital redemption reserve 11 62,497 62,497
Special reserve 11 72,822 72,822
Profit and loss account 11 12,758 13,289
_______ _______
Members funds 148,077 148,608
_______ _______
For the year ending 31 December 2021 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.
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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 July 2022 , and are signed on behalf of the board by:
I Gibbs L Mendis
Director Director
Company registration number: 02085298
International Tea Committee Limited
Company limited by guarantee
Statement of changes in equity
Year ended 31 December 2021
Capital redemption reserve Special reserve Profit and loss account Total
£ £ £ £
At 1 January 2020 62,497 72,822 16,521 151,840
Loss for the year ( 3,232) ( 3,232)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 3,232) ( 3,232)
_______ _______ _______ _______
At 31 December 2020 and 1 January 2021 62,497 72,822 13,289 148,608
Loss for the year ( 531) ( 531)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 531) ( 531)
_______ _______ _______ _______
At 31 December 2021 62,497 72,822 12,758 148,077
_______ _______ _______ _______
International Tea Committee Limited
Company limited by guarantee
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by guarantee, registered in the United Kingdom. The address of the registered office is 21-24 1st Floor, Millbank Tower, Millbank, London, SW1P 4QP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs in profit or loss in the period in which it arises.
4. Limited by guarantee
The company is limited by guarantee and has no share capital. Under the Memorandum of Association of the company, the liability of individual members is restricted to a maximum of £1.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
6. Other interest receivable and similar income
2021 2020
£ £
Bank deposits 812 1,469
_______ _______
7. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2021 and 31 December 2021 27,022 27,022
_______ _______
Depreciation
At 1 January 2021 and 31 December 2021 27,021 27,021
_______ _______
Carrying amount
At 31 December 2021 1 1
_______ _______
At 31 December 2020 1 1
_______ _______
8. Debtors
2021 2020
£ £
Trade debtors 8,437 9,727
Other debtors 5,259 5,463
_______ _______
13,696 15,190
_______ _______
9. Creditors: amounts falling due within one year
2021 2020
£ £
Corporation tax 154 279
Other creditors 3,500 3,325
_______ _______
3,654 3,604
_______ _______
10. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 9,600 (2020: £ 9,600 ).
11. Reserves
The capital reserve relates to funds set aside to produce income to contribute towards the funding of the company's activities.Since the company's activities are financed substantially by contributions from members, the purpose of the special reserve is to maintain funds equivalent to half the annual costs of estimated salaries and other committed expenses to be held against contingencies.The profit and loss account records retained earnings and accumulated profits.
12. Controlling party
The company is a mutual trading company, administered by members of the Board of Management.The company is not under the control of any individual member or members collectively.
International Tea Committee Limited
Company limited by guarantee
The following pages do not form part of the statutory accounts.
International Tea Committee Limited
Company limited by guarantee
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of International Tea Committee Limited
Year ended 31 December 2021
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2021 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Davis Bonley
Chartered Accountants
Northside House
Mount Pleasant
Barnet
Herts
EN4 9EE
7 July 2022