International Tank Container Org - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03253505 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

INTERNATIONAL TANK CONTAINER

ORGANIZATION

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTOR:

P W Hicks

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

FIXED ASSETS

Tangible assets

3

1,346

928

CURRENT ASSETS

Debtors

4

161,796

179,799

Cash at bank

1,173

2,591

162,969

182,390

CREDITORS

Amounts falling due within one year

5

59,653

23,881

NET CURRENT ASSETS

103,316

158,509

TOTAL ASSETS LESS CURRENT LIABILITIES

104,662

159,437

RESERVES

Income and expenditure account

104,662

159,437

104,662

159,437

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 21 December 2023 and were signed by:

P W Hicks - Director

1.	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'.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

3.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

€

COST

At 1 January 2022

3,042

Additions

821

At 31 December 2022

3,863

DEPRECIATION

At 1 January 2022

2,114

Charge for year

403

At 31 December 2022

2,517

NET BOOK VALUE

At 31 December 2022

1,346

At 31 December 2021

928

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

€

€

Trade debtors

137,797

131,833

VAT

22,216

16,493

Prepayments and accrued income

1,783

31,473

161,796

179,799

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

€

€

Bank loans and overdrafts

7

-

Trade creditors

52,372

18,588

Accrued expenses

7,274

5,293

59,653

23,881

6.	SHARE CAPITAL

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

The following reproduces the text of the report prepared for the director 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 Director 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 2022 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 director of International Tank Container Organization 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 director of International Tank Container Organization 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 director 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

21 December 2023