MGI UK Area Limited - Limited company accounts 11.6

REGISTERED NUMBER: 05758387 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2014

FOR

MGI UK AREA LIMITED

Page

Company Information

1

Report of the Directors

2

Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

to

6

Notes to the Financial Statements

7

to

8

DIRECTORS:

Mr P Winter

Mr A Worsdale

Mr R A S Isaacs

Mr P G Ewing

Mr S J Turner

Mr C A Morris

REGISTERED OFFICE:

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

REGISTERED NUMBER:

05758387 (England and Wales)

ACCOUNTANTS:

Seymour Taylor Audit Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

The directors present their report with the financial statements of the company for the year ended

30 June 2014.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2013 to the date of

this report.

Mr P Winter

Mr A Worsdale

Mr R A S Isaacs

Mr P G Ewing

Other changes in directors holding office are as follows:

Mr F W Johnston - resigned 29 November 2013

Mr J P Kinsella - resigned 14 April 2014

Mr S J Turner - appointed 29 November 2013

Mr C A Morris was appointed as a director after 30 June 2014 but prior to the date of this report.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act

2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr S J Turner - Director

24 March 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of MGI UK Area Limited for the year ended 30 June 2014 which

comprise the Profit and Loss Account, the 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 at

icaew.com/membershandbook.

This report is made solely to the Board of Directors of MGI UK Area Limited, as a body, in accordance

with our terms of engagement. Our work has been undertaken solely to prepare for your approval the

financial statements of MGI UK Area Limited and state those matters that we have agreed to state to the

Board of Directors of MGI UK Area Limited, as a body, in this report in accordance with AAF 2/10 as

detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume

responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for

this report.

It is your duty to ensure that MGI UK Area Limited 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 MGI UK Area Limited. You consider that MGI UK Area Limited 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 MGI UK Area

Limited. 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.

Seymour Taylor Audit Limited

57 London Road

High Wycombe

Buckinghamshire

HP11 1BS

24 March 2015

TURNOVER

180,540

173,240

Administrative expenses

195,158

172,676

(14,618

)

564

Other operating income

(326

)

102

OPERATING (LOSS)/PROFIT and

(LOSS)/PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION

2

(14,944

)

666

Tax on (loss)/profit on ordinary
activities

3

-

(LOSS)/PROFIT FOR THE
FINANCIAL YEAR

(14,944

)

666

CURRENT ASSETS

Debtors

4

9,786

21,070

Cash at bank

35,611

11,966

45,397

33,036

CREDITORS

Amounts falling due within one year

5

36,260

8,955

NET CURRENT ASSETS

9,137

24,081

TOTAL ASSETS LESS CURRENT
LIABILITIES

9,137

24,081

CAPITAL AND RESERVES

Called up share capital

6

4

Profit and loss account

7

9,133

24,077

SHAREHOLDERS' FUNDS

9,137

24,081

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 profit or loss 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 in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 24 March 2015 and were signed on its
behalf by:

Mr S J Turner - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Foreign currencies

Monetary 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 instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either 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.

2.	OPERATING (LOSS)/PROFIT

The operating loss (2013 - operating profit) is stated after charging/(crediting):

2014

2013

£

Foreign exchange differences

326

(102

)

Directors' remuneration

-

3.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose on ordinary activities for the year ended 30 June 2014 nor

for the year ended 30 June 2013.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

Trade debtors

2,800

8,888

VAT

461

-

Prepayments and accrued income

6,525

12,182

9,786

21,070

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

Trade creditors

11,160

-

VAT

-

1,109

Other creditors

-

3,186

Accruals and deferred income

25,100

4,660

36,260

8,955

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

4

Ordinary

£1

4

7.

RESERVES

Profit

and loss

account

£

At 1 July 2013

24,077

Deficit for the year

(14,944

)

At 30 June 2014

9,133

8.	RELATED PARTY DISCLOSURES

The company was under the control of its directors throughout the current and previous year.

The company operates to benefit the members of MGI and the officers of the company are also

partners or directors in firms that are members of MGI. During the year the company received

subscriptions from its member firms where the directors are partners or directors as follows;

2014

2013

£

Richard Keen Limited

Mr A Worsdale

13,646

17,543

Watson Buckle Limited

Mr J Kinsella

11,413

9,689

ST Hampden Limited

Mr S J Turner

13,180

15,120

Carter Backer Winter LLP

Mr P Winter

17,275

24,300

Harrison Bedel & Owen Limited

Mr P Ewing

12,434

13,220

Milsted Langdon LLP

Mr R Isaac

15,850

16,780