Medical Artists' Association of Great Britain Company Accounts

MEDICAL ARTISTS' ASSOCIATION OF GREAT BRITAIN - Company Information

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COMPANY REGISTRATION NUMBER: 02506846

Medical Artists' Association of Great Britain

Company Limited by Guarantee

Filleted Unaudited Financial Statements

31 December 2016

Medical Artists' Association of Great Britain

Company Limited by Guarantee

Financial Statements

Year ended 31 December 2016

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Medical Artists' Association of Great Britain

Company Limited by Guarantee

Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Tangible assets	5		1,232	1,232

Current assets

Debtors	6	267	2,206
Cash at bank and in hand		8,957	5,375
		-------	-------
		9,224	7,581

Creditors: amounts falling due within one year	7	2,442		2,914
		-------		-------
Net current assets			6,782	4,667
			-------	-------
Total assets less current liabilities			8,014	5,899
			-------	-------

Capital and reserves

Other reserves	6,000	6,000
Profit and loss account	2,014	( 101)
	-------	-------
Members funds	8,014	5,899
	-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Officers' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

Medical Artists' Association of Great Britain

Company Limited by Guarantee

Statement of Financial Position (continued)

31 December 2016

These financial statements were approved by the board of directors and authorised for issue on 28 February 2017 , and are signed on behalf of the board by:

Mr P Wilson (Chairman)

Officer

Company registration number: 02506846

Medical Artists' Association of Great Britain

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Equity House, 128 - 136 High Street, Edgware, Middlesex, HA8 7TT.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances .

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

4. Company limited by guarantee

The company is limited by the guarantee of its members and does not have a share capital. The extent of each members' guarantee is £1.

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 January 2016 and 31 December 2016	1,232	1,232
	-------	-------
Depreciation
At 1 January 2016 and 31 December 2016	–	–
	-------	-------
Carrying amount
At 31 December 2016	1,232	1,232
	-------	-------

6. Debtors

	2016	2015
	£	£
Other debtors	267	2,206
	----	-------

7. Creditors: amounts falling due within one year

	2016	2015
	£	£
Subscriptions in advance	1,992	2,340
Other creditors	450	574
	-------	-------
	2,442	2,914
	-------	-------

8. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.

9. Bequest

Medals were struck from monies received from the Patricia Archer Trust bequeathed to the Association for the purpose of making awards to members for outstanding work. Although the cost was written off in the 2012 Accounts, medals are held by the Council for future presentations.