IBC Consulting Limited - Period Ending 2015-12-31

Registration number: 03852060

IBC Consulting Limited

Annual Report and Unaudited Abbreviated Accounts


for the Year Ended 31 December 2015
 

IBC Consulting Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

IBC Consulting Limited
(Registration number: 03852060)
Abbreviated Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Current assets
Cash at bank and in hand					1,302			13,095
Creditors: Amounts falling due within one year					(30,917)			(18,384)
Total assets less current liabilities					(29,615)			(5,289)
Creditors: Amounts falling due after more than one year					(203,236)			(203,236)
Net liabilities					(232,851)			(208,525)
Capital and reserves
Called up share capital		3			60,000			60,000
Profit and loss account					(292,851)			(268,525)
Shareholders' deficit					(232,851)			(208,525)

For the year ending 31 December 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 1 August 2016

.........................................
Dr A Micallef
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

IBC Consulting Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

At the year end the company had net liabilities of £232,851 (2014: £208,525). The company's parent undertaking has confirmed that financial support will continue to be provided to the company to enable it to meet its obligations and liabilities for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.

Turnover

Income is recognised when the company earns the right to consideration, in exchange for the performance of a contract.

Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Asset class	Depreciation method and rate
Fixtures and Fittings	25% Straight Line
Computer Equipment	33% Straight Line

Deferred tax

Deferred tax assets and liabilities are calculated at the average tax rates that are expected to apply in the periods of which the timing differences are expected ti reverse, based on the tax rates and laws that have been enacted at the balance sheet date.

Foreign currency

Assets and liabilities in foreign currency are translated into sterling at the rates of exchange ruling at the balance sheet date. Transations in foreign currencies are translated into sterling at the rate at the date of transation. Exchange differences are taken into account in arriving at the operating result.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Page 2

IBC Consulting Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2015		19,885			19,885
At 31 December 2015		19,885			19,885
Depreciation
At 1 January 2015		19,885			19,885
At 31 December 2015		19,885			19,885
Net book value
At 31 December 2015		-			-
At 31 December 2014		-			-

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		60,000			60,000			60,000			60,000

Page 3