UKinbound Limited - Limited company accounts 16.3

REGISTERED NUMBER: 06460272

Report of the Directors and

Audited Financial Statements

for the Year Ended 30 September 2016

for

UKinbound Limited

Page

Company Information

1

Report of the Directors

2

to

3

Report of the Independent Auditors

4

to

5

Income and Expenditure Account

6

Balance Sheet

7

Notes to the Financial Statements

8

to

10

DIRECTORS:

G P Slade

M McVay

E Spriet

A Hansson

L A Hillyard

T B Williamson

R J Russell

G Grieve

J Aitken

R M Segal

C Ball

T A Heslop

M J Melville

J C Bachelor

S A Handy

SECRETARY:

J C Bachelor

REGISTERED OFFICE:

10 Whitehorse Mews

37 Westminster Bridge Road

London

SE1 7QD

REGISTERED NUMBER:

06460272

AUDITORS:

Charcroft Baker LLP

Statutory Auditors

5 West Court

Enterprise Road

Maidstone

Kent

ME15 6JD

CHIEF EXECUTIVE:

Mrs D Wells

The directors present their report with the financial statements of the company for the year ended 30 September 2016.

DIRECTORS

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

this report.

M McVay

E Spriet

A Hansson

L A Hillyard

T B Williamson

R J Russell

G Grieve

J Aitken

R M Segal

C Ball

T A Heslop

M J Melville

J C Bachelor

S A Handy

Other changes in directors holding office are as follows:

G P Slade - appointed 14 March 2016

G Bowie - resigned 10 March 2016

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

UKinbound are in the process of re-tendering the audit services. The current auditors, Charcroft Baker LLP,

have tendered for this role. The successful bidder will be proposed for appointment at the forthcoming Annual

General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006

relating to small companies.

ON BEHALF OF THE BOARD:

M McVay - Director

12 December 2016

We have audited the financial statements of UKinbound Limited for the year ended 30 September 2016 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 30 September 2016 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.

Michael Baker (Senior Statutory Auditor)

for and on behalf of Charcroft Baker LLP

Statutory Auditors

5 West Court

Enterprise Road

Maidstone

Kent

ME15 6JD

15 December 2016

TURNOVER

1,031,399

952,858

Cost of sales

383,368

378,128

GROSS SURPLUS

648,031

574,730

Administrative expenses

577,559

524,139

OPERATING SURPLUS

2

70,472

50,591

Interest receivable and similar income

203

17

SURPLUS ON ORDINARY ACTIVITIES BEFORE TAXATION

70,675

50,608

Tax on surplus on ordinary activities

3

41

3

SURPLUS FOR THE FINANCIAL YEAR

70,634

50,605

FIXED ASSETS

Tangible assets

5

29,662

40,249

CURRENT ASSETS

Debtors

6

640,148

535,496

Cash at bank and in hand

434,171

399,422

1,074,319

934,918

CREDITORS

Amounts falling due within one year

7

979,114

920,934

NET CURRENT ASSETS

95,205

13,984

TOTAL ASSETS LESS CURRENT LIABILITIES

124,867

54,233

RESERVES

Income and expenditure account

9

124,867

54,233

124,867

54,233

The financial statements have been prepared in accordance with the 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 12 December 2016 and were signed on its behalf by:

M McVay - 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 January 2015).

Turnover

Turnover is derived from subscriptions and events on an accruals basis, net of associated 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.

Leasehold property costs

-

over the life of the lease

Office equipment

-

33% on cost and 25% on cost

Website

-

33% on cost

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not

reversed at the balance sheet date.

2.	OPERATING SURPLUS

The operating surplus is stated after charging:

2016

2015

as

restated

£

£

Depreciation - owned assets

21,112

20,108

Auditors' remuneration

2,500

2,500

Directors' remuneration and other benefits etc

-

-

3.

TAXATION

Analysis of the tax charge

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

2016

2015

as

restated

£

£

Current tax:

UK corporation tax

41

3

Tax on surplus on ordinary activities

41

3

It is considered that the Company is trading mutually with its Members and that it is not liable to

taxation on its income. However, the Company is liable to corporation tax on interest received.

4.	PRIOR YEARS ADJUSTMENT

Following a review, in 2008, of the status of the company for the purpose of Value Added Tax, H M

Revenue & Customs accepted that the company was exempt from the requirement to charge VAT on

its members' subscriptions and made a repayment to the company in respect of a claim made for VAT

paid in the period from 2005 to 2007. The amount recovered, net of recovery expenses, was included

in the company's 2008 accounts as an adjustment to prior years.

In 2009 the company submitted a further claim, in respect of earlier periods, following which H M

Revenue & Customs reversed their earlier decision and requested the return of the refund.

The directors challenged this decision and appealed to the VAT Tribunal. The VAT Tribunal held that

the company is not exempt from the requirement to charge VAT on its members' subscriptions

because the primary purpose of the company is not to represent its members to government and that

the company should therefore repay the amount incorrectly paid by HM Revenue & Customs in 2008.

This has been repaid since the year end and the total repayment, together with associated legal and

professional fees has been provided for and shown as an adjustment in respect of prior years in these

accounts thereby reducing the reserves on income and expenditure account brought forward.

5.	TANGIBLE FIXED ASSETS

Leasehold

property

Office

costs

equipment

Website

Totals

£

£

£

£

COST

At 1 October 2015

18,806

40,868

28,325

87,999

Additions

-

5,479

5,046

10,525

At 30 September 2016

18,806

46,347

33,371

98,524

DEPRECIATION

At 1 October 2015

4,702

26,946

16,102

47,750

Charge for year

3,761

10,449

6,902

21,112

At 30 September 2016

8,463

37,395

23,004

68,862

NET BOOK VALUE

At 30 September 2016

10,343

8,952

10,367

29,662

At 30 September 2015

14,104

13,922

12,223

40,249

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

as

restated

£

£

Trade debtors

485,919

378,424

Other debtors and prepayments

154,229

157,072

640,148

535,496

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

as

restated

£

£

Trade creditors

48,760

31,602

Taxation and social security

110,830

114,425

Other creditors

119,852

121,205

Deferred income

699,672

653,702

979,114

920,934

8.	OPERATING LEASE COMMITMENTS

At the year end the company had annual commitments under non-cancellable operating leases as set

out below:

2016

2015

as

restated

£

£

Expiring:

Between one and five years

28,000

28,000

9.

RESERVES

Income

and

expenditure

account

£

At 1 October 2015

172,823

Prior years adjustment

(118,590

)

54,233

Surplus for the year

70,634

At 30 September 2016

124,867

10.	RELATED PARTY DISCLOSURES

11.	MEMBERS' LIABILITY

The company is limited by guarantee not having a share capital. The liability of the members is limited

in the event of the company being wound up to a sum not exceeding £1 each.

12.	ULTIMATE CONTROLLING PARTY

The company is owned by its members, as a body, and has no ultimate controlling party.