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Company registration number: 00083398
MACHINERY USERS' ASSOCIATION (INCORPORATED)
Trading as Machinery Users' Association (Incorporated)
Company limited by guarantee
Unaudited filleted financial statements
31 March 2023
MACHINERY USERS' ASSOCIATION (INCORPORATED)
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
MACHINERY USERS' ASSOCIATION (INCORPORATED)
Company limited by guarantee
Directors and other information
Directors D.P. Cross
I.V. Roberts
R.A. Robertson
P.J. Sewell
Secretary I.V. Roberts
Company number 00083398
Registered office Warlies Park House
Horseshoe Hill
Upshire
EN9 3SL
Business address Warlies Park House
Horseshoe Hill
Upshire
EN9 3SL
Accountants Peaty & Co
163-164 Moulsham Street
Chelmsford
Essex
CM2 0LD
MACHINERY USERS' ASSOCIATION (INCORPORATED)
Company limited by guarantee
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Machinery Users' Association (Incorporated)
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Machinery Users' Association (Incorporated) for the year ended 31 March 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Machinery Users' Association (Incorporated), as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Machinery Users' Association (Incorporated) and state those matters that we have agreed to state to the board of directors of Machinery Users' Association (Incorporated) as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Machinery Users' Association (Incorporated) and its board of directors as a body for our work or for this report.
It is your duty to ensure that Machinery Users' Association (Incorporated) has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Machinery Users' Association (Incorporated). You consider that Machinery Users' Association (Incorporated) is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Machinery Users' Association (Incorporated). For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Peaty & Co
Chartered Accountants
163-164 Moulsham Street
Chelmsford
Essex
CM2 0LD
20 November 2023
MACHINERY USERS' ASSOCIATION (INCORPORATED)
Company limited by guarantee
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 6 994,938 1,109,355
_______ _______
994,938 1,109,355
Current assets
Debtors 7 9,176 11,703
Cash at bank and in hand 66,810 7,894
_______ _______
75,986 19,597
Creditors: amounts falling due
within one year 8 ( 940,879) ( 882,050)
_______ _______
Net current liabilities ( 864,893) ( 862,453)
_______ _______
Total assets less current liabilities 130,045 246,902
_______ _______
Net assets 130,045 246,902
_______ _______
Capital and reserves
Revaluation reserve 64,681 147,546
Profit and loss account 65,364 99,356
_______ _______
Members funds 130,045 246,902
_______ _______
For the year ending 31 March 2023 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;
- 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 Section 1A of 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 20 November 2023 , and are signed on behalf of the board by:
R.A. Robertson
Director
Company registration number: 00083398
MACHINERY USERS' ASSOCIATION (INCORPORATED)
Company limited by guarantee
Statement of changes in equity
Year ended 31 March 2023
Revaluation reserve Profit and loss account Total
£ £ £
At 1 April 2021 148,888 112,807 261,695
Loss for the year ( 14,793) ( 14,793)
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account (17,508) 17,508 -
Reclassification from profit and loss account to revaluation reserve 16,166 (16,166) -
_______ _______ _______
Total comprehensive income for the year ( 1,342) ( 13,451) ( 14,793)
_______ _______ _______
At 31 March 2022 and 1 April 2022 147,546 99,356 246,902
Loss for the year ( 116,857) ( 116,857)
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account 31,552 (31,552) -
Reclassification from profit and loss account to revaluation reserve (114,417) 114,417 -
_______ _______ _______
Total comprehensive income for the year ( 82,865) ( 33,992) ( 116,857)
_______ _______ _______
At 31 March 2023 64,681 65,364 130,045
_______ _______ _______
MACHINERY USERS' ASSOCIATION (INCORPORATED)
Company limited by guarantee
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by guarantee, registered in England and Wales. The address of the registered office is Warlies Park House, Horseshoe Hill, Upshire, EN9 3SL.
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.
Consolidation
The company is entitled to exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts. These accounts, therefore, present information about the company only and not about its group.
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The company is limited by guarantee and therefore has no share capital.
5. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2023 2022
£ £
Remuneration 1,000 1,000
_______ _______
6. Investments
Shares in group undertakings and participating interests Other investments other than loans Total
£ £ £
Cost or valuation
At 1 April 2022 2,000 1,107,355 1,109,355
Additions - 288,978 288,978
Disposals - ( 354,811) ( 354,811)
Revaluations - ( 48,584) ( 48,584)
_______ _______ _______
At 31 March 2023 2,000 992,938 994,938
_______ _______ _______
Impairment
At 1 April 2022 and 31 March 2023 - - -
_______ _______ _______
Carrying amount
At 31 March 2023 2,000 992,938 994,938
_______ _______ _______
At 31 March 2022 2,000 1,107,355 1,109,355
_______ _______ _______
Investments held at valuation
In respect of investments held at valuation, the comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Other investments other than loans Total
£ £
At 31 March 2023
Aggregate cost 928,257 928,257
Aggregate depreciation - -
_______ _______
Carrying amount 928,257 928,257
_______ _______
At 31 March 2022
Aggregate cost 959,809 959,809
Aggregate depreciation - -
_______ _______
Carrying amount 959,809 959,809
_______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
MUA Property Services Ltd Warlies Park House, Horseshoe Hill, Upshire. EN9 3SL Ordinary 100
MUA Management Services Ltd Warlies Park House, Horseshoe Hill, Upshire. EN9 3SL Ordinary 100
The results and capital and reserves for the period of the trading companies are as follows:
Capital and Profit/(loss)
reserves for the
period
2023 2022 2023 2022
£ £ £ £
Subsidiary undertakings
MUA Property Services Ltd 909,705 893,191 16,514 22,986
7. Debtors
2023 2022
£ £
Other debtors 9,176 11,703
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 940,879 882,050
_______ _______
9. Related party transactions
During the year the company paid management charges of £50,796 (2022 £59,607) to MUA Property Services Limited. At 31st March 2023 £940,879 (2022 £882,050) was owed by the company to MUA Property Services Limited.