UKinbound Limited - Limited company accounts 11.6

REGISTERED NUMBER: 06460272

Report of the Directors and

Audited Financial Statements

for the Year Ended 30 September 2014

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:

H Bastin

R S Beckwith

K Beecham

M J Bodini

G Davis

A Farantouris

M Humphreys

A Jones

M McVay

K Urban

S Cheng

E Spriet

A Hanson

SECRETARY:

M J Bodini

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 2014.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2013 to the date of this report.

H Bastin

R S Beckwith

K Beecham

M J Bodini

G Davis

A Farantouris

M Humphreys

A Jones

M McVay

K Urban

S Cheng

E Spriet

A Hanson

Other changes in directors holding office are as follows:

M Newman - resigned 12 November 2013

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, Charcroft Baker LLP, 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:

R S Beckwith - Director

18 December 2014

We have audited the financial statements of UKinbound Limited for the year ended 30 September 2014 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 April 2008) (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 2014 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

14 January 2015

TURNOVER

889,146

782,600

Cost of sales

374,197

350,581

GROSS SURPLUS

514,949

432,019

Administrative expenses

467,654

394,592

OPERATING SURPLUS

2

47,295

37,427

Interest receivable and similar income

14

14

SURPLUS ON ORDINARY ACTIVITIES BEFORE TAXATION

47,309

37,441

Tax on surplus on ordinary activities

3

3

3

SURPLUS FOR THE FINANCIAL YEAR

47,306

37,438

FIXED ASSETS

Tangible assets

4

48,127

14,125

CURRENT ASSETS

Debtors

5

608,048

609,314

Cash at bank and in hand

270,374

126,864

878,422

736,178

CREDITORS

Amounts falling due within one year

6

804,331

675,391

NET CURRENT ASSETS

74,091

60,787

TOTAL ASSETS LESS CURRENT LIABILITIES

122,218

74,912

RESERVES

Income and expenditure account

8

122,218

74,912

122,218

74,912

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 18 December 2014 and were signed on its behalf by:

R S Beckwith - 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 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:

2014

2013

£

£

Depreciation - owned assets

16,270

5,612

Loss on disposal of fixed assets

433

-

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:

2014

2013

£

£

Current tax:

UK corporation tax

3

3

Tax on surplus on ordinary activities

3

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.	TANGIBLE FIXED ASSETS

Leasehold

property

Office

costs

equipment

Website

Totals

£

£

£

£

COST

At 1 October 2013

9,987

18,326

14,625

42,938

Additions

18,806

28,144

3,755

50,705

Disposals

(9,987

)

(7,887

)

-

(17,874

)

At 30 September 2014

18,806

38,583

18,380

75,769

DEPRECIATION

At 1 October 2013

9,987

15,402

3,424

28,813

Charge for year

940

9,265

6,065

16,270

Eliminated on disposal

(9,987

)

(7,454

)

-

(17,441

)

At 30 September 2014

940

17,213

9,489

27,642

NET BOOK VALUE

At 30 September 2014

17,866

21,370

8,891

48,127

At 30 September 2013

-

2,924

11,201

14,125

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

£

Trade debtors

415,450

452,109

Other debtors and prepayments

192,598

157,205

608,048

609,314

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

£

Trade creditors

103,575

20,055

Taxation and social security

98,838

103,963

Other creditors

9,390

4,050

Deferred income

592,528

547,323

804,331

675,391

7.	OPERATING LEASE COMMITMENTS

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

2014

2013

£

£

Expiring:

Within one year

-

30,536

Between one and five years

28,000

-

28,000

30,536

8.

RESERVES

Income

and

expenditure

account

£

At 1 October 2013

74,912

Surplus for the year

47,306

At 30 September 2014

122,218

9.	CONTINGENT LIABILITIES

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

a prior year adjustment.

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 have challenged this decision, appealed to the VAT Tribunal and obtained Counsel's opinion which

states that the company's claim is valid.

Although Counsel's opinion is positive, the outcome of the claim cannot be assessed with certainty. The company

therefore has a contingent liability to repay £100,141 in the event that the outcome is adverse. The directors have

been advised that the company would be given time in which to make any such repayment.

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.