THE_MASTIC_ASPHALT_COUNCI - Accounts
THE_MASTIC_ASPHALT_COUNCI - Accounts
Company Registration No. 944387 (England and Wales)
(COMPANY LIMITED BY GUARANTEE)
FOR THE YEAR ENDED 31 JANUARY 2016
(COMPANY LIMITED BY GUARANTEE)
COMPANY INFORMATION
Directors
(Appointed 12 March 2015)
(Appointed 19 May 2015)
Secretary
Company number
Registered office
Auditors
(COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Directors' report
1 - 2
Independent auditors' report
3 - 4
Profit and loss account
5
Statement of total recognised gains and losses
6
Balance sheet
7
Notes to the financial statements
8 - 10
(COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2016
- 1 -
The directors present their report and financial statements for the year ended 31 January 2016.
Directors
The following directors have held office since 1 February 2015:
(Resigned 12 March 2015)
(Appointed 12 March 2015)
(Appointed 19 May 2015)
Auditors
AJP Corporate Accountants Ltd.were appointed auditors to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of directors' responsibilities
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
(COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2016
- 2 -
Statement of disclosure to auditors
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
Director
(COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS' REPORT
TO THE MEMBERS OF THE MASTIC ASPHALT COUNCIL LIMITED
- 3 -
We have audited the financial statements of The Mastic Asphalt Council Limited for the year ended 31 January 2016 set out on pages 5 to 10. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (effective January 2015) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the Directors' Responsibilities Statement set out on pages 1 - 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements
-
give a true and fair view of the state of the company's affairs as at 31 January 2016 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
(COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS' REPORT (CONTINUED)
TO THE MEMBERS OF THE MASTIC ASPHALT COUNCIL LIMITED
- 4 -
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.
for and on behalf of AJP Corporate Accountants Ltd.
Chartered Accountants
Statutory Auditor
(COMPANY LIMITED BY GUARANTEE)
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JANUARY 2016
- 5 -
2016
2015
Notes
£
£
Turnover
Administrative expenses
(149,317 )
(145,003 )
Operating surplus
2
Other interest receivable and similar income
3
Surplus on ordinary activities before taxation
Tax on surplus on ordinary activities
4
(100 )
(68 )
Surplus for the year
8
(COMPANY LIMITED BY GUARANTEE)
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 31 JANUARY 2016
- 6 -
2016
2015
Notes
£
£
Profit for the financial year
Prior year adjustment
8
-
(18,500 )
Total gains and losses recognised since last financial statements
(5,486 )
(COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 JANUARY 2016
- 7 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
5
Current assets
Debtors
6
Cash at bank and in hand
Creditors: amounts falling due within one year
7
(5,748 )
(3,841 )
Net current assets
Total assets less current liabilities
Reserves
Retained surplus
8
Approved by the Board for issue on 3 June 2016
Director
Company Registration No. 944387
(COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2016
- 8 -
1
Accounting policies
1.1
Accounting convention
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
1.4
Tangible fixed assets and depreciation
Fixtures, fittings & equipment
Motor vehicles
2
Operating surplus
2016
2015
£
£
Operating surplus is stated after charging:
Depreciation of tangible assets
Auditors' remuneration
3
Investment income
2016
2015
£
£
Bank interest
281
110
4
Taxation
2016
2015
£
£
Domestic current year tax
U.K. corporation tax
Total current tax
(COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2016
- 9 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2015
Additions
At 31 January 2016
Depreciation
At 1 February 2015
Charge for the year
At 31 January 2016
Net book value
At 31 January 2016
At 31 January 2015
6
Debtors
2016
2015
£
£
Trade debtors
2016 AGM paid in advance
-
Other debtors
7
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
-
Taxation and social security
Other creditors
(COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2016
- 10 -
8
Members funds
Retained surplus
£
Balance at 1 February 2015
Surplus for the year
Balance at 31 January 2016
In the event of the company being wound up with insufficient assets to pay all of its debts, the members have agreed to contribute a maximum of £5 each towards any shortfall. If, following a winding up, there is a surplus of assets, these must be returned to members.