INTERNATIONAL_ORGANISATIO - Accounts
INTERNATIONAL_ORGANISATIO - Accounts
International Organisation for Medical Physics is a private company limited by guarantee incorporated in England and Wales. The registered office is Fairmount House, 230 Tadcaster Road, York, North Yorkshire, YO24 1ES.
The financial statements are prepared in US dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.
Income is recognised in the financial statements on a receipts basis due to uncertainties surrounding recoverability of invoices.
Expenses are included in the financial statements as they become due.
Expenses include VAT where applicable as the company cannot reclaim it.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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 company after deducting all of its liabilities.
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred Tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
The average monthly number of persons (including directors) employed by the company during the year was:
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding $14.
On 1 January 2020, the not for profit activities of International Organisation for Medical Physics, an unincorporated entity, were gifted along with all the members to International Organisation for Medical Physics, a company limited by guarantee.
During the year, the unincorporated entity made donations of $0 (2021: $104,885) to International Organisation for Medical Physics, a company limited by guarantee.
Included in debtors at 31 December 2022 is $162,462 (2021 - $169,285) owed from International Organisation for Medical Physics, an unincorporated entity. The unincorporated entity and International Organisation for Medical Physics are under common control.
During the year and since the transfer of the activities from the unincorporated entity, income has been received into and expenditure has been paid out of the unincorporated entity's bank accounts. The related party debtor relates to an accumulation these transactions, these balances are considered fully recoverable.