Report of the Directors and Financial Statements for the Year Ended 31 March 2016 for THE AYRSHIRE CHAMBER OF COMMERCE AND INDUSTRY
THE AYRSHIRE CHAMBER OF COMMERCE AND INDUSTRY
Contents of the Financial Statements for the Year Ended 31 March 2016
Page Company Information
1
Report of the Directors
2
Report of the Independent Auditors
4
Profit and Loss Account
6
Balance Sheet
7
Notes to the Financial Statements
8
Trading and Profit and Loss Account
11
THE AYRSHIRE CHAMBER OF COMMERCE AND INDUSTRY Company Information for the Year Ended 31 March 2016
DIRECTORS:
S Cresswell (President) D MacKay G McKinstry (Vice President) M Birtwistle R Fergusson A Paterson G Hunt D MacGarvie P Peers M Calder L Gibson L Stevely D Wilkinson K Sommerville
REGISTERED OFFICE:
The Mezzanine Glasgow Prestwick International Airport Prestwick Ayrshire KA9 2PL
REGISTERED NUMBER:
SC119799
AUDITORS:
Rogerson & Goldie Registered Auditors Chartered Accountants 29 Portland Road Kilmarnock KA1 2BY
Page 1
THE AYRSHIRE CHAMBER OF COMMERCE AND INDUSTRY Report of the Directors for the Year Ended 31 March 2016 The directors present their report with the financial statements of the company for the year ended 31 March 2016. DIRECTORS The directors shown below have held office during the whole of the period from 1 April 2015 to the date of this report. S Cresswell (President) D MacKay G McKinstry (Vice President) M Birtwistle R Fergusson A Paterson G Hunt D MacGarvie P Peers Other changes in directors holding office are as follows: C Elder - resigned 10 September 2015 W Hatton - resigned 10 September 2015 J G Reid - resigned 10 September 2015 W Mackie - resigned 10 September 2015 A Blacklock - resigned 22 April 2015 J Findlay - resigned 10 September 2015 M Calder - appointed 10 September 2015 L Gibson - appointed 10 September 2015 L Stevely - appointed 10 September 2015 D Wilkinson - appointed 10 September 2015 K Sommerville - appointed 19 November 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 profit or loss 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, Rogerson & Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Page 2
THE AYRSHIRE CHAMBER OF COMMERCE AND INDUSTRY Report of the Directors for the Year Ended 31 March 2016 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:
R Fergusson - Director
16 June 2016
Page 3
Report of the Independent Auditors to the Members of THE AYRSHIRE CHAMBER OF COMMERCE AND INDUSTRY We have audited the financial statements of THE AYRSHIRE CHAMBER OF COMMERCE AND INDUSTRY for the year ended 31 March 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 31 March 2016 and of its profit 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.
Page 4
Report of the Independent Auditors to the Members of THE AYRSHIRE CHAMBER OF COMMERCE AND INDUSTRY
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.
Bryan Swan (Senior Statutory Auditor) for and on behalf of Rogerson & Goldie Registered Auditors Chartered Accountants 29 Portland Road Kilmarnock KA1 2BY 16 June 2016
Page 5
THE AYRSHIRE CHAMBER OF COMMERCE AND INDUSTRY Profit and Loss Account for the Year Ended 31 March 2016 2016 £
2015 £
TURNOVER
701,025
645,896
Cost of sales
192,412
152,470
GROSS PROFIT
508,613
493,426
Administrative expenses
485,875
478,450
22,738
14,976
569
679
23,307
15,655
2,671
1,474
20,636
14,181
Notes
OPERATING PROFIT
2
Interest receivable and similar income PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION Tax on profit on ordinary activities
3
PROFIT FOR THE FINANCIAL YEAR
The notes form part of these financial statements Page 6
THE AYRSHIRE CHAMBER OF COMMERCE AND INDUSTRY (Registered number: SC119799) Balance Sheet 31 March 2016 2016 Notes FIXED ASSETS Tangible assets CURRENT ASSETS Debtors Cash in hand
CREDITORS Amounts falling due within one year
£
4
5
6
2015 £
£
32,396
£ 22,946
125,871 459,259
150,696 382,759
585,130
533,455
282,026
241,537
NET CURRENT ASSETS
303,104
291,918
TOTAL ASSETS LESS CURRENT LIABILITIES
335,500
314,864
335,500
314,864
335,500
314,864
RESERVES Profit and loss account
7
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 16 June 2016 and were signed on its behalf by:
S Cresswell (President) - Director
The notes form part of these financial statements Page 7
THE AYRSHIRE CHAMBER OF COMMERCE AND INDUSTRY Notes to the Financial Statements for the Year Ended 31 March 2016 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). Income & expenditure Income and expenditure is stated exclusive of VAT. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures & fittings Office furniture & equipment Computer equipment
- 25% on cost - 20% on cost - 33% on cost
Deferred tax Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed at the balance sheet date except that the recognition of deferred tax assets is limited to the extent that the company anticipates making sufficient taxable profits in the future to absorb the reversal of the underlying timing differences. Deferred tax balances are not discounted. Pension costs and other post-retirement benefits The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate. 2.
OPERATING PROFIT The operating profit is stated after charging:
Depreciation - owned assets Loss on disposal of fixed assets Auditors' remuneration Pension costs
2016 £ 10,047 1,700 12,587
2015 £ 10,408 334 1,500 11,165
-
-
Directors' remuneration and other benefits etc
3.
TAXATION Analysis of the tax charge The tax charge on the profit on ordinary activities for the year was as follows: 2016 £
2015 £
Current tax: UK corporation tax
2,671
1,474
Tax on profit on ordinary activities
2,671
1,474
Page 8
continued...
THE AYRSHIRE CHAMBER OF COMMERCE AND INDUSTRY Notes to the Financial Statements - continued for the Year Ended 31 March 2016 3.
TAXATION - continued Factors affecting the tax charge The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:
Profit on ordinary activities before tax Profit on ordinary activities multiplied by the standard rate of corporation tax in the UK of 20% (2015 - 20%) Effects of: Capital allowances in excess of depreciation Current tax charge
4.
2015 £ 15,655
4,661
3,131
(1,990)
(1,657)
2,671
1,474
TANGIBLE FIXED ASSETS Fixtures & fittings £
5.
2016 £ 23,307
Office furniture & equipment £
Database £
Computer equipment £
Totals £
COST At 1 April 2015 Additions
10,000 -
8,587 849
16,500
17,874 2,148
36,461 19,497
At 31 March 2016
10,000
9,436
16,500
20,022
55,958
DEPRECIATION At 1 April 2015 Charge for year
5,000 2,500
1,717 1,789
275
6,798 5,483
13,515 10,047
At 31 March 2016
7,500
3,506
275
12,281
23,562
NET BOOK VALUE At 31 March 2016
2,500
5,930
16,225
7,741
32,396
At 31 March 2015
5,000
6,870
-
11,076
22,946
2016 £ 82,647 43,224
2015 £ 99,707 50,989
125,871
150,696
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors Other debtors
Page 9
continued...
THE AYRSHIRE CHAMBER OF COMMERCE AND INDUSTRY Notes to the Financial Statements - continued for the Year Ended 31 March 2016 6.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors Taxation and social security Other creditors
7.
2016 £ 68,089 23,763 190,174
2015 £ 77,715 24,039 139,783
282,026
241,537
RESERVES Profit and loss account £ At 1 April 2015 Profit for the year
314,864 20,636
At 31 March 2016
335,500
Page 10
THE AYRSHIRE CHAMBER OF COMMERCE AND INDUSTRY Trading and Profit and Loss Account for the Year Ended 31 March 2016 2016 £ Turnover Subscriptions Events Training & seminars Chamber Services - Members Other Income
2015 £
£
148,230 96,964 19,486 149,026 287,319
139,629 103,829 23,078 146,491 232,869 645,896
701,025 Cost of sales Subscriptions Events Training & Seminars Chamber Services - Members Other Income
31,376 59,463 11,855 45,187 44,531
GROSS PROFIT Other income Interest received gross
Expenditure Wages Social security Pensions Healthcare Posts, telephone & fax Printing, stationery & advertising Travelling Repairs and renewals Computer costs Meeting expenses Staff training Sundry expenses Rent & rates Insurance Heating & lighting Legal & professional fees Auditors' remuneration Depreciation of tangible fixed assets Profit/loss on sale of tangible fixed assets Bad debts
£
29,344 67,950 14,443 31,695 9,038 192,412
152,470
508,613
493,426
569
679
509,182
494,105
328,715 26,335 12,587 3,090 6,041 13,462 15,901 2,947 10,976 271 2,009 5,046 30,367 7,830 2,957 2,860 1,700 10,047 542
311,595 25,981 11,165 2,787 6,775 19,243 13,969 5,655 12,926 433 2,054 5,983 29,530 6,504 2,879 2,489 1,500 10,408 334 4,208 483,683
476,418
Carried forward Finance costs Bank charges
25,499
17,687
2,192
2,032
NET PROFIT
23,307
15,655
This page does not form part of the statutory financial statements Page 11
This page does not form part of the statutory financial statements Page 11
This page does not form part of the statutory financial statements Page 11