Insolvency Lawyers' Association Limited 30/11/2022 iXBRL

Insolvency Lawyers' Association Limited 30/11/2022 iXBRL

INSOLVENCY LAWYERS' ASSOCIATION LIMITED - Company Information

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2 30/11/2022 2022-11-30 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2021-12-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 02406222 2021-12-01 2022-11-30 02406222 2022-11-30 02406222 2020-12-01 2021-11-30 02406222 2021-11-30 02406222 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-01 2022-11-30 02406222 bus:RegisteredOffice 2021-12-01 2022-11-30 02406222 bus:LeadAgentIfApplicable 2021-12-01 2022-11-30 02406222 bus:Director1 2021-12-01 2022-11-30 02406222 bus:Director2 2021-12-01 2022-11-30 02406222 bus:Director3 2021-12-01 2022-11-30 02406222 bus:Director4 2021-12-01 2022-11-30 02406222 bus:Director5 2021-12-01 2022-11-30 02406222 bus:Director6 2021-12-01 2022-11-30 02406222 bus:Director7 2021-12-01 2022-11-30 02406222 bus:Director8 2021-12-01 2022-11-30 02406222 bus:Director9 2021-12-01 2022-11-30 02406222 bus:Director10 2021-12-01 2022-11-30 02406222 core:WithinOneYear 2022-11-30 02406222 core:WithinOneYear 2021-11-30 02406222 core:IntangibleAssetsOtherThanGoodwill 2022-11-30 02406222 core:RetainedEarningsAccumulatedLosses 2022-11-30 02406222 core:RetainedEarningsAccumulatedLosses 2021-11-30 02406222 bus:SmallEntities 2021-12-01 2022-11-30 02406222 bus:AuditExemptWithAccountantsReport 2021-12-01 2022-11-30 02406222 bus:FullAccounts 2021-12-01 2022-11-30 02406222 bus:SmallCompaniesRegimeForAccounts 2021-12-01 2022-11-30 02406222 bus:CompanyLimitedByGuarantee 2021-12-01 2022-11-30
Company registration number: 02406222
Insolvency Lawyers' Association Limited
Company limited by guarantee
Unaudited filleted financial statements
30 November 2022
INSOLVENCY LAWYERS' ASSOCIATION LIMITED
COMPANY LIMITED BY GUARANTEE
DIRECTORS AND OTHER INFORMATION
Directors S. Van De Graaff
P. Hertz Resigned 18 March 2022
J. Marshall
S. Paterson
J. Bamford
R. Conway
A. Plainer
J. Rumley
Y. Ng
D.Bayfield
A. Galatopoulos Resigned 18 March 2022
D. Gray
L. Hingston
M. Coakley Appointed 12 October 2022
M. Englund Appointed 12 October 2022
K. Stephenson Appointed 12 October 2022
Company number 02406222
Registered office 26-28 Southernhay East
Exeter
Devon
EX1 1NS
Accountants Westcotts
26-28 Southernhay East
Exeter
Devon
EX1 1NS
INSOLVENCY LAWYERS' ASSOCIATION LIMITED
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2022
2022 2021
Note £ £ £ £
Intangible assets 6 - -
Current assets
Debtors 7 11,899 6,837
Cash at bank and in hand 226,424 77,268
_______ _______
238,323 84,105
Creditors: amounts falling due
within one year 8 ( 132,718) ( 80,939)
_______ _______
Net current assets 105,605 3,166
_______ _______
Total assets less current liabilities 105,605 3,166
_______ _______
Net assets 105,605 3,166
_______ _______
Capital and reserves
Profit and loss account 9 105,605 3,166
_______ _______
Members funds 105,605 3,166
_______ _______
For the year ending 30 November 2022 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 22 March 2023 , and are signed on behalf of the board by:
S. Van De Graaff
Director
Company registration number: 02406222
INSOLVENCY LAWYERS' ASSOCIATION LIMITED
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 NOVEMBER 2022
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is 26-28 Southernhay East, Exeter, Devon, EX1 1NS.
Principal activity
The principal activity of the company is that of a membership association for Insolvency Lawyers.
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'.
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.
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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is recognised to the extent that it is probable that the economic benefit will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluidng discounts, rebates, value added tax and other sales taxes.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Other fixed assets - 33 % straight line
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term, highly-liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
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.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
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 a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1.00 towards the assets of the Company in the event of liquidation.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
6. Intangible assets
Website costs Total
£ £
Cost
At 1 December 2021 and 30 November 2022 33,306 33,306
_______ _______
Amortisation
At 1 December 2021 and 30 November 2022 33,306 33,306
_______ _______
Carrying amount
At 30 November 2022 - -
_______ _______
At 30 November 2021 - -
_______ _______
Carrying amount
Carrying amount
7. Debtors
2022 2021
£ £
Trade debtors 8,832 5,826
Other debtors 3,067 1,011
_______ _______
11,899 6,837
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors - 2,563
Accruals and deferred income 113,895 69,201
Social security and other taxes 18,399 9,175
Other creditors 424 (-)
_______ _______
132,718 80,939
_______ _______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.