REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
MYANMAR CENTRE FOR RESPONSIBLE BUSINESS |
LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
MYANMAR CENTRE FOR RESPONSIBLE BUSINESS |
LIMITED |
MYANMAR CENTRE FOR RESPONSIBLE BUSINESS |
LIMITED (REGISTERED NUMBER: 08732191) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MYANMAR CENTRE FOR RESPONSIBLE BUSINESS |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Norman House |
8 Burnell Road |
Sutton |
Surrey |
SM1 4BW |
MYANMAR CENTRE FOR RESPONSIBLE BUSINESS |
LIMITED (REGISTERED NUMBER: 08732191) |
BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 6 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MYANMAR CENTRE FOR RESPONSIBLE BUSINESS |
LIMITED (REGISTERED NUMBER: 08732191) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Myanmar Centre For Responsible Business Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Material Uncertainty |
Following the arrest of a director by the military government in Myanmar in August 2022, the directors have been consulting with the six donor governments and partners, including how best to support MCRB's other staff members. The donors have indicated strong support and to find ways of supporting MCRB's work whilst also protecting staff. Directors currently believe the company to be a going concern and that funding will still be provided to IHRB in 2023 for Myanmar-related activities. They have the full support of IHRB trustees on this issue. However given that a degree of uncertainty exists in relation to the ability to operate in Myanmar, there exists a material uncertainty in relation to the going concern basis adopted in the preparation of the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
MYANMAR CENTRE FOR RESPONSIBLE BUSINESS |
LIMITED (REGISTERED NUMBER: 08732191) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and are initially measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. Cash and cash equivalents are classified as basic financial instruments and comprise cash at bank and short-term bank deposits with an original maturity of three months or less which are an integral part of the company's cash management. |
Financial liabilities issued by the company are classified in accordance with the substance of the contractual arrangements entered into and meet the definitions of a financial liability. |
Financial assets are de-recognised when: |
- the contractual rights to the cash flows from the financial asset expire or are settled; or |
- the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset; or |
- the company, despite having retained some but not all significant risks and rewards of ownership, has transferred control of the asset to another party. |
Financial liabilities are de-recognised only when the obligation specified in the contract is discharged, cancelled or expires. |
MYANMAR CENTRE FOR RESPONSIBLE BUSINESS |
LIMITED (REGISTERED NUMBER: 08732191) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | 1 | 1 | 1 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
MYANMAR CENTRE FOR RESPONSIBLE BUSINESS |
LIMITED (REGISTERED NUMBER: 08732191) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
8. | CONTINGENT LIABILITIES |
The company is aware of a liability owed to the Myanmar tax authorities in respect of staffing which at present it is unable to reliably calculate. |
The liability relates to periods up to 31 March 2022 and is currently estimated as £24,549. The company is seeking to confirm the exact amount and settle any balance due. |
. |
9. | ULTIMATE CONTROLLING PARTY |
The company's ultimate controlling party are the trustees of the company's parent charity, the Institute For Human Rights and Business Ltd. Two of the directors of the company are trustees of the parent charity. |
Consolidated financial statements including the company are prepared by the parent charity the Institute For Human Rights and Business Ltd. The registered office of the parent is: |
Railview Lofts |
19c Commercial Road |
Eastbourne |
East Sussex |
BN21 3XE |