MGI UK Area Limited - Limited company accounts 11.9

REGISTERED NUMBER: 05758387 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2015

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

9

DIRECTORS:

Mr A Worsdale

Mr R A S Isaacs

Mr S J Turner

Mr C A Morris

Mr S P Yeates

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 2015.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2014 to the date of this

report.

Mr A Worsdale

Mr R A S Isaacs

Mr S J Turner

Other changes in directors holding office are as follows:

Mr C A Morris - appointed 29 November 2014

Mr S P Yeates was appointed as a director after 30 June 2015 but prior to the date of this report.

Mr P S Winter and Mr P G Ewing ceased to be directors after 30 June 2015 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

10 March 2016

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 2015 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 profit 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

10 March 2016

TURNOVER

143,682

180,540

Administrative expenses

134,946

195,158

8,736

(14,618

)

Other operating income

(848

)

(326

)

OPERATING PROFIT/(LOSS) and

PROFIT/(LOSS) ON ORDINARY
ACTIVITIES BEFORE TAXATION

2

7,888

(14,944

)

Tax on profit/(loss) on ordinary activities

3

-

PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

7,888

(14,944

)

CURRENT ASSETS

Debtors

4

106,468

9,786

Cash at bank and in hand

96,504

35,611

202,972

45,397

CREDITORS

Amounts falling due within one year

5

185,947

36,260

NET CURRENT ASSETS

17,025

9,137

TOTAL ASSETS LESS CURRENT
LIABILITIES

17,025

9,137

CAPITAL AND RESERVES

Called up share capital

6

4

Profit and loss account

7

17,021

9,133

SHAREHOLDERS' FUNDS

17,025

9,137

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2015 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 10 March 2016 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 PROFIT/(LOSS)

The operating profit (2014 - operating loss) is stated after charging:

2015

2014

£

Foreign exchange differences

848

326

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 2015 nor for

the year ended 30 June 2014.

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2015

2014

£

Trade debtors

91,050

2,800

VAT

-

461

Prepayments and accrued income

15,418

6,525

106,468

9,786

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2015

2014

£

Trade creditors

13,460

11,160

VAT

23,565

-

Accruals and deferred income

148,922

25,100

185,947

36,260

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

4

Ordinary

£1

4

7.

RESERVES

Profit

and loss

account

£

At 1 July 2014

9,133

Profit for the year

7,888

At 30 June 2015

17,021

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;

2015

2014

£

Rickard Luckin Limited

Mr A Worsdale

10,785

13,646

ST Hampden Limited

Mr S J Turner

9,892

13,180

Carter Backer Winter LLP

Mr P Winter

14,327

17,275

Harrison Bedel & Owen Limited

Mr P Ewing

10,280

12,434

Milsted Langdon LLP

Mr R Isaac

13,525

15,850

Muras Baker Jones

Mr C Morris

8,526

9,989

Amount due from related party at balance sheet date;

2015

2014

£

Rickard Luckin Limited

Mr A Worsdale

-

ST Hampden Limited

Mr S J Turner

4,220

-

Carter Backer Winter LLP

Mr P Winter

-

Harrison Bedel & Owen Limited

Mr P Ewing

-

Milsted Langdon LLP

Mr R Isaac

-

Muras Baker Jones

Mr C Morris

6,840

-