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2017-08-31
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No description of principal activities is disclosed
2016-09-01
Sage Accounts Production 18.11 - FRS
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08652500
2016-09-01
2017-08-31
08652500
2017-08-31
08652500
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2016-08-31
08652500
2016-08-31
08652500
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08652500
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2016-09-01
2017-08-31
08652500
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2016-09-01
2017-08-31
08652500
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2016-09-01
2017-08-31
08652500
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2016-09-01
2017-08-31
08652500
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2016-09-01
2017-08-31
08652500
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2016-09-01
2017-08-31
08652500
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2016-09-01
2017-08-31
08652500
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2016-09-01
2017-08-31
08652500
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2016-09-01
2017-08-31
08652500
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2016-08-31
08652500
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2016-09-01
2017-08-31
08652500
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2017-08-31
08652500
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2016-08-31
08652500
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2017-08-31
08652500
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2016-08-31
08652500
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2015-08-31
08652500
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2017-08-31
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2017-08-31
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2017-08-31
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2017-08-31
Company registration number:
08652500
Milton Keynes IAC
Company limited by guarantee
Unaudited filleted financial statements
31 August 2017
Milton Keynes IAC
Company limited by guarantee
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Milton Keynes IAC
Company limited by guarantee
Directors and other information
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Directors
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Anwar Kassim
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Georgette Child
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Paula Ballard
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Permjit Gosal
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(Appointed 17 October 2016)
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Dr Julie Mills
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David Jeremy Coles
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(Appointed 31 May 2017)(Resigned 7 November 2017)
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Marion Ruth Stone
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(Appointed 17 October 2016)(Retired 28 February 2017)
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Company number
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08652500
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Registered office
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23 Fossey Close
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Milton Keynes
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MK5 7FT
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Business address
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23 Fossey Close
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Milton Keynes
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MK5 7FT
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Accountants
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ACE Accounts & Tax Limited
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2 Whittle Court
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Knowlhill
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Milton Keynes
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MK5 8FT
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Milton Keynes IAC
Company limited by guarantee
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Milton Keynes IAC
Year ended 31 August 2017
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 August 2017 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
ACE Accounts & Tax Limited
Chartered Certified Accountants
2 Whittle Court
Knowlhill
Milton Keynes
MK5 8FT
24 April 2018
Milton Keynes IAC
Company limited by guarantee
Statement of financial position
31 August 2017
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2017
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2016
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Note
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£
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£
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£
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£
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Current assets
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Debtors
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6
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38
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-
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Cash at bank and in hand
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73,227
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36,550
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_______
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_______
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73,265
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36,550
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Creditors: amounts falling due
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within one year
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7
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(
70,739)
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(
35,650)
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_______
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_______
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Net current assets
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2,526
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900
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_______
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_______
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Total assets less current liabilities
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2,526
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900
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_______
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_______
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Net assets
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2,526
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900
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_______
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_______
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Capital and reserves
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Profit and loss account
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2,526
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900
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_______
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_______
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Members funds
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2,526
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900
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_______
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_______
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For the year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
24 April 2018
, and are signed on behalf of the board by:
Anwar Kassim
Director
Company registration number:
08652500
Milton Keynes IAC
Company limited by guarantee
Statement of changes in equity
Year ended 31 August 2017
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Profit and loss account
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Total
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£
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£
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At 1 September 2015
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1,126
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1,126
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Profit/(loss) for the year
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(
226)
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(
226)
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_______
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_______
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Total comprehensive income for the year
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(
226)
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(
226)
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_______
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_______
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At 31 August 2016 and 1 September 2016
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900
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900
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Profit/(loss) for the year
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1,626
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1,626
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_______
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_______
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Total comprehensive income for the year
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1,626
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1,626
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_______
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_______
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At 31 August 2017
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2,526
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2,526
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_______
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_______
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Milton Keynes IAC
Company limited by guarantee
Notes to the financial statements
Year ended 31 August 2017
1.
General information
The company is a private company limited by guarantee, registered in . The address of the registered office is Milton Keynes IAC, 23 Fossey Close, Milton Keynes, MK5 7FT.
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 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 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
4.
Limited by guarantee
The company is limited by guarantee and therefore has no share capital. The liability of themembers upon winding up of the company is limited to £1.
5.
Staff costs
The average number of persons employed by the company during the year amounted to
3
(2016: - ).
6.
Debtors
|
|
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2017
|
2016
|
|
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£
|
£
|
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Other debtors
|
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38
|
-
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_______
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_______
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7.
Creditors: amounts falling due within one year
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2017
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2016
|
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£
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£
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Trade creditors
|
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35,936
|
-
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Corporation tax
|
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303
|
700
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Other creditors
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34,500
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34,950
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_______
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_______
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70,739
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35,650
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_______
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_______
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8.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.