International Tank Container Org - Accounts to registrar (filleted) - small 18.2

International Tank Container Org - Accounts to registrar (filleted) - small 18.2

INTERNATIONAL TANK CONTAINER ORGANIZATION - Company Information

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REGISTERED NUMBER: 03253505 (England and Wales)




















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

INTERNATIONAL TANK CONTAINER
ORGANIZATION
INTERNATIONAL TANK CONTAINER
ORGANIZATION (REGISTERED NUMBER: 03253505)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 5

INTERNATIONAL TANK CONTAINER
ORGANIZATION

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2020







DIRECTORS: P W Hicks
R J R Lee





SECRETARY: P Hicks





REGISTERED OFFICE: Harben House
Harben Parade
Finchley Road
London
NW3 6LH





REGISTERED NUMBER: 03253505 (England and Wales)





ACCOUNTANTS: KBSP Partners LLP
Chartered Accountants
Harben House
Harben Parade
Finchley Road
LONDON
NW3 6LH
Page 1
INTERNATIONAL TANK CONTAINER
ORGANIZATION (REGISTERED NUMBER: 03253505)

BALANCE SHEET
31 DECEMBER 2020

2020 2019
Notes €    €    €    €   
FIXED ASSETS
Tangible assets 4 1,237 749

CURRENT ASSETS
Debtors 5 122,011 69,586
Cash at bank 28,647 197,746
150,658 267,332
CREDITORS
Amounts falling due within one year 6 27,922 38,431
NET CURRENT ASSETS 122,736 228,901
TOTAL ASSETS LESS CURRENT LIABILITIES 123,973 229,650

RESERVES
Income and expenditure account 123,973 229,650
123,973 229,650

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 surplus or deficit 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 10 December 2021 and were signed on its behalf by:





P W Hicks - Director


The notes form part of these financial statements

Page 2
INTERNATIONAL TANK CONTAINER
ORGANIZATION (REGISTERED NUMBER: 03253505)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020


1. GENERAL INFORMATION

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

Turnover
Turnover is measured as the fair value of consideration received or receivable in the form of subscriptions due and expenses reimbursed, excluding discounts, rebates, value added tax and other sales taxes.

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

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income and Expenditure Account, 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.

Foreign currencies
(i) Functional and presentational currency
The company's functional and presentational currency is Euros for all years presented. The company has chosen to represent its financial statements in Euros as the directors consider this more closely reflects the trading activities of the business.

(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using spot exchange rates at the date of transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'foreign exchange losses'. All other foreign exchange gains and losses are presented in the profit and loss account within 'Other operating (losses)/gains'.

Page 3 continued...
INTERNATIONAL TANK CONTAINER
ORGANIZATION (REGISTERED NUMBER: 03253505)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
€   
COST
At 1 January 2020 2,366
Additions 676
At 31 December 2020 3,042
DEPRECIATION
At 1 January 2020 1,617
Charge for year 188
At 31 December 2020 1,805
NET BOOK VALUE
At 31 December 2020 1,237
At 31 December 2019 749

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
€    €   
Trade debtors 96,457 42,008
Tax - 5,675
VAT 7,508 15,947
Prepayments and accrued income 18,046 5,956
122,011 69,586

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
€    €   
Trade creditors 23,002 33,288
Accrued expenses 4,920 5,143
27,922 38,431

7. SHARE CAPITAL

The company is limited by guarantee and does not have a share capital.

Page 4
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
INTERNATIONAL TANK CONTAINER
ORGANIZATION


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of International Tank Container Organization for the year ended 31 December 2020 which comprise the Income and Expenditure Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of International Tank Container Organization, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of International Tank Container Organization and state those matters that we have agreed to state to the Board of Directors of International Tank Container Organization, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than International Tank Container Organization and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that International Tank Container Organization has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of International Tank Container Organization. You consider that International Tank Container Organization is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of International Tank Container Organization. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






KBSP Partners LLP
Chartered Accountants
Harben House
Harben Parade
Finchley Road
LONDON
NW3 6LH


13 December 2021

This page does not form part of the statutory financial statements

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