Registration number:
Major Projects Association
(A company limited by guarantee)
for the Year Ended 31 July 2025
Major Projects Association
(Registration number: 02157656)
Balance Sheet as at 31 July 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Other financial assets |
524,766 |
494,584 |
|
|
|
|
||
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Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Reserves |
|||
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Retained earnings |
806,068 |
782,761 |
|
|
Surplus |
806,068 |
782,761 |
Approved and authorised by the
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......................................... |
Major Projects Association
Notes to the Financial Statements for the Year Ended 31 July 2025
|
General information |
The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements have been prepared in pound sterling and rounded to the nearest pound.
Major Projects Association
Notes to the Financial Statements for the Year Ended 31 July 2025
Audit report
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Subscription income represents amounts receivable for the year from members.
Other income represents amounts receivable from members for attendance at events held during the year.
Investment income represents amounts receivable from interest on bank deposit accounts.
Grants payable
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Major Projects Association
Notes to the Financial Statements for the Year Ended 31 July 2025
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Equipment |
3 years straight line |
|
Simulator |
5 years straight line |
Intangible assets
Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Website costs |
3 years |
Investments
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Major Projects Association
Notes to the Financial Statements for the Year Ended 31 July 2025
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. Amounts not paid are shown as a liability in the balance sheet.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
|
Tax |
|
2025 |
2024 |
|
|
Corporation tax charge |
2,952 |
2,763 |
|
Deferred tax charge |
4,500 |
7,000 |
|
7,452 |
9,763 |
The deferred tax charge relates to the unrealised gain on the equity investments held. This is a non-cash item, and will only be payable on realisation of the gain by disposal of the assets.
Major Projects Association
Notes to the Financial Statements for the Year Ended 31 July 2025
|
Intangible assets |
|
Website costs |
Total |
|
|
Cost or valuation |
||
|
At 1 August 2024 |
|
|
|
At 31 July 2025 |
|
|
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Amortisation |
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|
At 1 August 2024 |
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|
|
At 31 July 2025 |
|
|
|
Carrying amount |
||
|
At 31 July 2025 |
- |
- |
|
At 31 July 2024 |
- |
- |
|
Tangible assets |
|
Equipment |
Simulator |
Total |
|
|
Cost or valuation |
|||
|
At 1 August 2024 |
|
|
|
|
Additions |
|
- |
|
|
Disposals |
( |
- |
( |
|
At 31 July 2025 |
|
|
|
|
Depreciation |
|||
|
At 1 August 2024 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
( |
- |
( |
|
At 31 July 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 July 2025 |
|
- |
|
|
At 31 July 2024 |
|
|
|
Major Projects Association
Notes to the Financial Statements for the Year Ended 31 July 2025
|
Other financial assets |
|
Financial assets at fair value through profit and loss |
Total |
|
|
Cost or valuation |
||
|
At 1 August 2024 |
554,948 |
554,948 |
|
Fair value adjustments |
(35,011) |
(35,011) |
|
Disposals |
4,829 |
4,829 |
|
At 31 July 2025 |
524,766 |
524,766 |
|
Carrying amount |
||
|
At 31 July 2025 |
|
524,766 |
|
At 31 July 2024 |
|
494,584 |
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
|
|
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
|
2025 |
2024 |
|
|
Trade creditors |
|
|
|
Corporation tax |
2,952 |
2,660 |
|
Other taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Major Projects Association
Notes to the Financial Statements for the Year Ended 31 July 2025
Creditors: amounts falling due after more than one year
|
2025 |
2024 |
|
|
Other creditors |
|
|
|
Provisions |
|
2025 |
2024 |
|
|
Deferred tax at 1 August |
19,500 |
12,500 |
|
Deferred tax charged to the P&L account |
4,500 |
7,000 |
|
Deferred tax at 31 July |
24,000 |
19,500 |
Deferred tax consists of:-
|
2025 |
2024 |
|
|
Investment revaluations |
24,000 |
19,500 |
|
24,000 |
19,500 |