The International Meat Trade Ass. Inc. - Limited company accounts 11.9

REGISTERED NUMBER: 00105383

THE INTERNATIONAL MEAT TRADE ASSOCIATION

INCORPORATED

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2015

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income and Expenditure Account

6

Balance Sheet

7

Notes to the Financial Statements

8

DIRECTORS:

M A Boanas

B Chick

B Johnston

N Stokes

I Kelly

J Whitlam

P Dolan

K Hermansen

W A Murdoch

J R D Parsons

M A Murphy

N A P Hatcliff

R Mollison

J W Ressell

R W Haesakkers

E G J Murphy

G A W Harmer

B J Mcintyre

SECRETARY:

E G J Murphy

REGISTERED OFFICE:

224 Central Markets

London

EC1A 9LH

REGISTERED NUMBER:

00105383

AUDITORS:

Spurling Cannon

Statutory Auditors

424 Margate Road

Westwood

Ramsgate

Kent

CT12 6SJ

The directors present their report with the financial statements of the company for the year ended 31 December 2015.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2015 to the date of this

report.

M A Boanas

B Chick

B Johnston

N Stokes

I Kelly

J Whitlam

P Dolan

K Hermansen

W A Murdoch

J R D Parsons

M A Murphy

Other changes in directors holding office are as follows:

D G Brydges - President OBE - resigned 10 March 2015

A P Thompson - resigned 10 March 2015

D Richards - resigned 10 March 2015

H Abrahams - resigned 1 January 2015

G Sparks - resigned 10 March 2015

J M Bagshaw - resigned 10 March 2015

M Johnston - resigned 10 March 2015

C J Norton - resigned 10 March 2015

N A P Hatcliff - appointed 11 March 2015

R Mollison - appointed 11 March 2015

J W Ressell - appointed 11 March 2015

R W Haesakkers - appointed 11 March 2015

E G J Murphy - appointed 11 March 2015

G A W Harmer - appointed 11 March 2015

B J Mcintyre - appointed 11 March 2015

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with

applicable law and regulations.

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 surplus or deficit 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to

have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that

the company's auditors are aware of that information.

AUDITORS

The auditors, Spurling Cannon, will be proposed for re-appointment at the forthcoming Annual General Meeting.

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:

E G J Murphy - Secretary

16 March 2016

We have audited the financial statements of The International Meat Trade Association Incorporated for the year ended

31 December 2015 on pages six to ten. 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 a Report of the Auditors 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 Statement of Directors' Responsibilities set out on page two, 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 Report of the Directors 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

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2015 and of its surplus 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 Report of the Directors for the financial year for which the financial

statements are prepared is consistent with the financial statements.

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 from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Jonathan Spurling (Senior Statutory Auditor)

for and on behalf of Spurling Cannon

Statutory Auditors

424 Margate Road

Westwood

Ramsgate

Kent

CT12 6SJ

4 April 2016

TURNOVER

260,580

283,888

Administrative expenses

247,182

248,383

OPERATING SURPLUS

2

13,398

35,505

Interest receivable and similar income

1,181

575

SURPLUS ON ORDINARY ACTIVITIES BEFORE TAXATION

14,579

36,080

Tax on surplus on ordinary activities

3

2,925

7,228

SURPLUS FOR THE FINANCIAL YEAR

11,654

28,852

FIXED ASSETS

Tangible assets

4

718

876

CURRENT ASSETS

Debtors

5

7,629

9,152

Cash at bank

223,880

232,851

231,509

242,003

CREDITORS

Amounts falling due within one year

6

26,132

48,438

NET CURRENT ASSETS

205,377

193,565

TOTAL ASSETS LESS CURRENT LIABILITIES

206,095

194,441

RESERVES

Income and expenditure account

8

206,095

194,441

206,095

194,441

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 January 2015).

The financial statements were approved by the Board of Directors on 16 March 2016 and were signed on its behalf by:

M A Boanas - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	OPERATING SURPLUS

The operating surplus is stated after charging:

2015

2014

£

£

Depreciation - owned assets

158

195

Directors' remuneration and other benefits etc

56,250

-

3.

TAXATION

Analysis of the tax charge

The tax charge on the surplus on ordinary activities for the year was as follows:

2015

2014

£

£

Current tax:

UK corporation tax

2,925

7,228

Tax on surplus on ordinary activities

2,925

7,228

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2015

and 31 December 2015

8,520

4,019

12,539

DEPRECIATION

At 1 January 2015

7,908

3,755

11,663

Charge for year

92

66

158

At 31 December 2015

8,000

3,821

11,821

NET BOOK VALUE

At 31 December 2015

520

198

718

At 31 December 2014

612

264

876

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2015

2014

£

£

Trade debtors

2,640

1,350

Sundry debtors

3,672

6,477

Prepayments

1,317

1,325

7,629

9,152

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2015

2014

£

£

Corporation Tax

2,925

7,228

VAT

963

445

Sundry creditors and accrued expenses

22,244

40,765

26,132

48,438

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2015

2014

£

£

Between one and five years

3,991

-

8.

RESERVES

Income

and

expenditure

account

£

At 1 January 2015

194,441

Surplus for the year

11,654

At 31 December 2015

206,095

9.	RELATED PARTY DISCLOSURES

10.

GUARANTEE

The members of the company have agreed to contribute £5 each to the assets of the company in the event of it

being wound up.

11.

TITLE

The Association is exempt, pursuant to Section 30 of the Companies Act 1985, from the inclusion of the word

Limited in its title.