Thermal Insulation Contracts Assoc - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 01885918 (England and Wales)

Audited Financial Statements

for the Year Ended 31st December 2017

for

THERMAL INSULATION CONTRACTORS

ASSOCIATION

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J G Soady

R A Doble

Ms M H Marsland

Ms P Palmer

T Stark

K Bramwell

P Coles

M E Broughton

I J Tattersall

A Gosling

S Jones

R L Cardiss

SECRETARY:

Miss J Rush

REGISTERED OFFICE:

TICA House

34 Allington Way

Yarm Road Business Park

Darlington

Co. Durham

DL1 4QB

REGISTERED NUMBER:

01885918 (England and Wales)

SENIOR STATUTORY AUDITOR:

Karl Gordon BA, FCCA

AUDITORS:

Mitchell Gordon LLP

Accountants and Statutory Auditor

43 Coniscliffe Road

Darlington

Co. Durham

DL3 7EH

FIXED ASSETS

Tangible assets

4

1,016,748

1,027,300

CURRENT ASSETS

Debtors

5

503,229

502,573

Cash at bank and in hand

707,508

538,396

1,210,737

1,040,969

CREDITORS

Amounts falling due within one year

6

411,527

415,595

NET CURRENT ASSETS

799,210

625,374

TOTAL ASSETS LESS CURRENT LIABILITIES

1,815,958

1,652,674

RESERVES

Income and expenditure account

1,815,958

1,652,674

1,815,958

1,652,674

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 25th May 2018 and were signed on its behalf by:

Ms M H Marsland - Director

1.	STATUTORY INFORMATION

Thermal Insulation Contractors Association is a private company, limited by guarantee , registered in England

and Wales. The company's registered number and registered office address can be found on the Company

Information page.

In the event of the company being wound up the liability of each member shall not exceed £1.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared under the going concern basis of accounting.

Turnover

Turnover represents the value of work carried out during the year including amounts not yet invoiced, excluding

value added tax. Income is being recognised according to the stage of completion of work done.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2.5% on cost

Training equipment

-

33% on cost

Office furniture and equipment

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

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.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to surplus or deficit over the relevant period. The capital

element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a money purchase scheme for employees. The assets of the scheme are held separately

from the assets of the company. Contributions to the scheme are charged to the income statement when they are

incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2016 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Office

furniture

Freehold

Training

and

property

equipment

equipment

£

£

£

COST

At 1st January 2017

1,188,675

51,036

48,691

Additions

13,061

2,780

21,013

Disposals

-

-

(5,663

)

At 31st December 2017

1,201,736

53,816

64,041

DEPRECIATION

At 1st January 2017

221,861

42,653

35,716

Charge for year

30,206

4,910

6,150

Eliminated on disposal

-

-

(2,646

)

At 31st December 2017

252,067

47,563

39,220

NET BOOK VALUE

At 31st December 2017

949,669

6,253

24,821

At 31st December 2016

966,814

8,383

12,975

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st January 2017

37,750

111,515

1,437,667

Additions

-

13,220

50,074

Disposals

-

(26,564

)

(32,227

)

At 31st December 2017

37,750

98,171

1,455,514

DEPRECIATION

At 1st January 2017

6,292

103,845

410,367

Charge for year

9,437

6,870

57,573

Eliminated on disposal

-

(26,528

)

(29,174

)

At 31st December 2017

15,729

84,187

438,766

NET BOOK VALUE

At 31st December 2017

22,021

13,984

1,016,748

At 31st December 2016

31,458

7,670

1,027,300

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1st January 2017

37,750

Transfer to ownership

(37,750

)

At 31st December 2017

-

DEPRECIATION

At 1st January 2017

6,292

Transfer to ownership

(6,292

)

At 31st December 2017

-

NET BOOK VALUE

At 31st December 2017

-

At 31st December 2016

31,458

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/17

31/12/16

£

£

Trade debtors

413,731

408,055

Other debtors

89,498

94,518

503,229

502,573

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/17

31/12/16

£

£

Hire purchase contracts (see note 7)

-

5,875

Trade creditors

17,322

24,729

Taxation and social security

83,056

82,454

Other creditors

311,149

302,537

411,527

415,595

7.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31/12/17

31/12/16

£

£

Net obligations repayable:

Within one year

-

5,875

Non-cancellable operating

leases

31/12/17

31/12/16

£

£

Within one year

21,696

14,825

Between one and five years

19,592

8,552

41,288

23,377

8.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/17

31/12/16

£

£

Hire purchase contracts

-

5,875

The hire purchase contracts are secured on the assets to which they relate.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Karl Gordon BA, FCCA (Senior Statutory Auditor)

for and on behalf of Mitchell Gordon LLP

10.	RELATED PARTY DISCLOSURES

Transactions were undertaken with a charitable company of which it can appoint the Board of Trustees. There is

also 1 director in common (2016 2 directors in common).

During the year the company recharged expenses amounting to £39,144 (2016 £43,306) to the charitable

company.

At the year end there is an amount of £31,243 (2016 £26,898) owed from the charitable company.

11.	APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns

to the tax authorities and assist with the preparation of the financial statements.