annual report and accounts for year ended 31 december 2013

8/10/2019 Annual Report and Accounts for Year Ended 31 December 2013

1/28

Registered in Scotland as a company limited by Guarantee.Registration number SC000791

REPORT OF THE DIRECTORSAND FINANCIAL STATEMENTSFor the year ended December 31, 2013


2/28

2

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2013

for

Aberdeen & Grampian Chamber of Commerce


3/28


Contents of the Financial Statementsfor the Year Ended 31 December 2013

Company Information

Presidents Report

Report of the Directors

Report of the Independent Auditors

Prot and Loss Account

Balance Sheet

Notes to the Financial Statements

1

3

6

12

14

15

17

Page


4/28

1 1

DIRECTORS:

SECRETARY:

REGISTERED OFFICE:

REGISTERED NUMBER:


Company Informationfor the Year Ended 31 December 2013

1

A M Carstairs

Ms E B HarrisA MacCuishG K YuleR N CollierMrs C M BenzieJ A BrebnerJ D CraigP J SharpR I WallenJ G BreamA J GreenG M KeenanD J MairJ G BreamW P Smyth

A G S Prentice

The HubExploration Drive

Aberdeen Energy ParkBridge of DonAberdeenshireAB23 8GX

SC000791 (Scotland)


5/28

2


Company Informationfor the Year Ended 31 December 2013

2

AUDITORS: Campbell Dallas LLP

Chartered Accountants &Statutory Auditors10 Carden PlaceAberdeenAB10 1UR


6/28

3 3

Members are at the heart of the Chamber and the Chamber is at the heart of a thriving

economy in the North-east of Scotland. After a year as your President, it is time toreect on what has been achieved and look forward to the challenges ahead.

Main activities and themes for 2013/14

In my rst year as President my key focus has been to ensure the Chamber is relevant toeach member and to seek to have an improved service for each member. I am pleasedto report that we continue to make progress to make the Chambers offering morerelevant and valuable to members. Feedback from the recent Members Survey hasindicated that we are providing good value to our members and while each memberwill see the value in different ways, we have taken comfort that good progress is beingmade. In 2014, we will be focussing on improving the communications with membersand seeking increased engagement.

In 2012/13, the Chamber restructured its business and relocated to the Hub in theAberdeen Energy Park. These changes provided a platform for the Chamber to progress.As part of the restructure, we recruited William Smyth as Membership Director andJames Bream as Research & Policy Director during 2013. Both have strong teams inpost. Combined with Bob Collier as Chief Executive and Gordon Prentice as Finance& Administration Director, we have a strengthened senior team and the Chamber teamhas achieved a pre-tax surplus of 83,840 which will allow further opportunities forinvestment in member services.

In addition to our successful training operation, the growing events calendar and thehighly respected export documentation and international operations support services,

we started a commercial research service as an additional leg to our commercialoperations. This new service for our members has exceeded our expectations in its rstyear of operation and has a solid pipeline of opportunities for the future. Whether it isinternal staff surveys, customer surveys or strategic analysis of sectors, it has provento be a growth area for the Chamber. In particular, we have also secured researchcommissions from the public sector throughout Scotland as these organisations seek toutilise our experience and knowledge about doing business at home and abroad.

Key Achievements

Alongside a healthy nancial surplus noted above, we secured an additional 103members in 2013 which took our total membership at the year end to 1254. The key

achievement to note is the upward trend in the last 4 months of the year which weanticipate continuing into 2014 as the Membership Network Managers meet with bothexisting and prospective new members. As President I have also enjoyed meeting manyof you. I am pleased to report that the overriding feedback is that many of our membersare now using more Chamber services due to an increased awareness of the Chambersactivities. We know there is still more we can do, but I am convinced that the Chamberteam will continue to develop new services and offerings to ensure you continue to getvalue for money.

We are fortunate to live and work in a strong economic environment and our NorthernStar Business Awards ceremony in September reected that strength with over 800people attending to celebrate the success of many businesses in the North East. Thisevent is now a well-established highlight of the local business calendar and I am surewill go from strength to strength in the coming years.


Presidents Reportfor the Year Ended 31 December 2013


7/28

4

Our economy is dominated by the oil and gas sector which has been strong throughout

2013 but there are many other sectors which also continue to grow and innovate andrequire support from the Chamber. In recognition of the different needs of our memberswe have set up sector membership groups which meet on different occasions throughoutthe year. Each sector group, ranging from tourism, transport, third sector, property, foodand drink, as well as oil and gas, has put in place an agenda to meet the needs of themembers in that sector. We will not overlap with other UK industry groups and bodiesbut we will try to add value and ensure that the strength of the Chamber is used to lobbywhere appropriate for the benet of each sector. I would encourage all members to takepart in the sector groups and become engaged in the issues that affect your business.

We continue to engage with the Scottish and British Chambers of Commerce. Bothorganisations recognise the strength of your Chamber and value our involvement in theissues which matter to business. Our involvement with the national Chambers also helpsto strengthen our lobbying activity on issues of national importance. Over the comingyear, your Chamber will look to further improve relationships with the teams in Glasgowand London to ensure your are well represented at all levels of the Chamber network.

Political activity and campaigns

There are a number of issues in the area that cut across all sector groups and we have beenaddressing these issues through a series of Vanguard Dinners with key inuencers andbusiness leaders. Such issues have included skills, Aberdeen City centre, independencereferendum, infrastructure and connectivity; a wide ranging list of issues, but each areat the heart of our economy and its future.

With the full policy team now in post for a year, it is working hard to ensure your viewsand priorities are highlighted with politicians. During 2013 the additional lobbyingcapacity in this area resulted in a number of wins for our members on issues such asbusiness rates, transport, investment and skills. The Chamber also secured a nominationfor Campaign of the Year at the BCC awards held in November in relation to our lobbyingon oil and gas issues.

We also ran our rst series of Meet the Leader events, where our members were ableto ask direct questions to the leaders of the Scottish Conservatives, Labour and LiberalDemocrats. Each of these events led to our political leaders becoming more aware ofthe key issues in the North-east of Scotland, which are often very different from thecentral belt. Unsurprisingly, transport and infrastructure dominated these events and I

am pleased that our national politicians are more informed about the investment whichis needed to facilitate a stronger economy in our area. It is clear that much of our needsremain misunderstood by Westminster and Holyrood and it will be a major focus of theChamber to ensure this region gets the support it needs.

It is not just at a national level that your Chamber is looking to inuence those in power.We are pleased that Aberdeen City Council agreed to set up a City Centre RegenerationBoard to develop proposals which will reinvigorate Aberdeen City Centre. Members ofthe Board include the leaders of all the political parties within the council, the universities,ACSEF, Aberdeen Inspired and of course your Chamber. I am delighted that our CEO,Bob Collier has spent considerable time to ensure that the board is effective and canmove with pace. There is still a long way to go but I am convinced that there is a strongconsensus for a long term plan to be implemented with appropriate funding in place.The next 12 months are critical but I am condent that with the Chambers input we can




8/28

5 5

create a city centre which can be positively compared with the many business centres

of excellence around the world.

Inevitably, politics in 2014 will be dominated by the independence referendum inSeptember. As residents in Scotland we will take the most important political decisionof our lives, which will set the direction of our country for our children and beyond.However, it is clear that neither full independence nor the status quo is on offer. Overthe coming months we will continue to challenge the politicians for answers to thekey questions and issues that you are raising with us and keep you updated on theproposition you are voting for via our one-page brieng papers, research, events andChamber analysis. As the referendum draws ever closer, I would urge all employeesof our members to engage with the Chamber and to also use their vote. Whateverthe result, our country needs business to be at the heart of policy making, as wealthcreation is essential for funding the public services we all rely on.

Conclusion

This region is unique in terms of its continued economic success, especially throughoutthe past few years. However, this can only continue if we receive the investment weneed to maintain and strengthen it. Your Chamber will continue to bang the drum onyour behalf with all levels of Government so that investment is delivered and you cancontinue to grow your business.

Thank you for your support over the past year and I look forward to being your Presidentfor another year. My thanks go to the Executive team led by Bob Collier, the Board andthe Chamber Council for their support and encouragement.

Alec M Carstairs - President




9/28

6

The directors present their report with the nancial statements of the company for the

year ended 31 December 2013.

PRINCIPAL ACTIVITYAberdeen & Grampian Chamber of Commerce is a company registered in Scotland andlimited by guarantee. Incorporated in 1877, the company began life 160 years ago asthe Aberdeen and North of Scotland Trade Protection Society and is now North-EastScotlands leading private sector member-based organisation, with 1254 corporatemembers employing an estimated aggregate 128,000 staff, mostly in the private sector.

The Chamber not only consults with members to represent the views of business acrossa wide spectrum of issues, but it also provides a competitive range of business services,and support for its members. Through its associations at national and international levelit provides advocacy on key business and economic issues to a range of governments,agencies and other stakeholders. The Chamber works in partnership with a wide rangeof organisations to achieve common goals.

AIMS, OBJECTIVES AND VALUES

Our aim is expressed as:

Our members at the heart of the Chamber: our Chamber at the heart of a strong andsustainable economy in the City and Shire: our region at the heart of a prosperouscountry: we are one team.

Our Objectives:

Our members at the heart of the Chamber:Objective One: To deliver the ultimate business network benets to membersObjective Two: To provide added value to members through the provision of rst classpaid-for servicesOur Chamber at the heart of a strong and sustainable economy in the City and Shire:Objective Three: To work with regional partners to secure effective economicdevelopmentOur region at the heart of a prosperous country:Objective Four: To be the voice of business - lobbying for a better operating environmentWe are one team.Objective Five: To continuously improve the performance of AGCC to give exceptional

value for money to members and partners

Our Values:

In 2013, the Chamber Board initiated a review of the Chamber Values which guide ouractivity and approach, and the following value statements emerged from the processand have since been adopted:

The Aberdeen & Grampian Chamber of Commerce is an independent not-for-protmembership organisation, with a focus on enabling the prosperity of all memberenterprises and the NE region in general. AGCC operates on an open and transparentbasis, conforming to values which guide our activity and approach.

We have a commercial focus at our H.E.A.R.T.


Report of the Directorsfor the Year Ended 31 December 2013


10/28

7 7

- We are here to HELP members

- ENTERPRISE is at the heart of our prosperity - We are driven to ACHIEVE success - We are determined to do the RIGHT thing - TEAMWORK delivers our best results

REVIEW OF BUSINESSHighlights for the year were:

- Net growth of 103 in membership to 1254 - Operating surplus of 62,191[2012: surplus of 114,382] - Net Prot after tax 69,645 [2012: 112,220] - Turnover up 7.2% from 2.23m to 2.39m - Training income up 11% - Advertising income up 36% - Successful launch of commercial research business

During 2013 your Chamber recruited a settled team after the re-structure and re-location in 2012. The team has performed above expectations and continues to deliverimproving services and benets to members. This was conrmed in the membershipsatisfaction survey conducted at the end of the year which revealed a satisfaction levelof 90%.

The Board approved a new 5-year Corporate Plan for the period 2014 to 2018 duringthe year, which identied further performance improvements, and took the generaltheme of Continuous Improvement.

External conrmation of quality of service came from further improvement against the53 other accredited chambers in the UK, with AGCC top for both training and eventsacross the whole country, and second only to London for sponsorship support. YourChamber was conrmed as the number one accredited chamber in Scotland comingtop in more than half of the benchmarking measures used compared to other Scottishaccredited chambers.

Corporate Governance

In addition to the AGM, there were seven meetings of the full Board, plus two meetings

of the Audit Panel and one of the Remuneration Panel. The Policy Council met on veoccasions in addition to there being a number of meetings with politicians and decisionmakers during the year.

A revised approach to risk management was introduced during 2013.

The Chamber would like to thank all members who volunteer to serve on the Board,Policy Council, Sector Groups and other ad hoc panels, for their time as well as theirwise counsel.

Future Outlook

Your Chamber will focus on Continuous Improvement for the period of the revised




11/28

8

Corporate Plan from 2014 to 2018.

We expect the economy in the rest of the UK and overseas to improve during 2014 and2015, though little impact will be seen in the region, which has weathered the downturnrobustly.

There are uncertainties in the medium term regarding the outcome of the Independencereferendum; the balance of UK and export activity focus for the oil & gas sector; and thecosts of doing business in the North east.

The team at AGCC are dedicated to providing value, service and excellence to membersand partners, and the Board would like to thank them all for their exceptional hard work,focus and performance during 2013.




12/28

9 9



DIRECTORS

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

A M Carstairs President Cela ConsultingMs E B Harris Vice President CornerstoneA MacCuish Vice President F G Burnett LtdG K Yule Immediate Past President Aberdeen Football ClubR N Collier Chief ExecutiveMs C M Benzie Aberdeen Airport LtdJ A Brebner Clydesdale Bank PLCJ D Craig Craig GroupP J Sharp Pinsent MasonsR I Wallen North East Scotland College

Other changes in directors holding office are as follows:

J G Bream Appointed 24 January 2013 AGCC (Research & PolicyDirector)

A J Green Appointed 26 June 2013 Wood Group PSNG M Keenan Appointed 26 June 2013 Keenan RecyclingD J Mair Appointed 26 June 2013 Subsea 7W P Smyth Appointed 16 August 2013 AGCC (Membership

Director)S R Taylor Resigned 26 June 2013 Hall Morrice LLP

B S Pack Resigned 26 June 2013 FarmdataC A B Crosby Resigned 26 June 2013

Corporate Governance

Audit Panel Remuneration PanelA MacCuish (Chair) E B Harris (Chair)J A Brebner P J SharpC M Benzie G K YuleR N Collier (CEO) R N Collier (CEO)A M Carstairs (Ex Officio) A M Carstairs (Ex Officio)

COUNCIL MEMBERS

Ex Officio Members of CouncilAlec Carstairs PresidentEdel Harris Vice PresidentAngus MacCuish Vice PresidentGeorge Yule Immediate Past PresidentRobert Collier Chief Executive


13/28

10



Holding office until 2014

Shona Anderson Visit ScotlandSimpson Buglass Graham & SibbaldAlex Drummond Lloyds Banking GroupJohn Low Stewart Milne Group LtdBelinda Miller Aberdeenshire CouncilTim Smith BP

Holding office until 2015David Briggs Robert Gordon University (Re-elected)Duncan Cameron First Aberdeen LtdStephen Gow Thistle HotelsDeirdre Michie Shell InternationalJohn Michie Michies Chemists (Re-elected)Rachel Milne Buchan Dial-a-bus / DAB PlusDerick Murray NestransJane Spiers Aberdeen Performing ArtsCraig Stevenson Land Securities (Bon Accord & St Nicholas)George Thom Royal Bank of ScotlandValerie Watts Aberdeen City Council

Holding office until 2016Trisha OReilly Oil & Gas UKKevin McCormick Archie FoundationRichard Tinto Tinto ArchitectureBeverley Tricker Tricker PR

Graeme Watt F G BurnettJennifer Young Ledingham Chalmers LLPIan Yuill Aberdeen City CouncilSteve Callaghan The National Trust for ScotlandEileen McBay Eastern AirwaysWilliam Beattie Bancon GroupColin Campbell Langstane Press LtdBarry Fraser EY

Co-opted Members of CouncilFred Dalgarno Dean of GuildEuan Gillies President, JCI Aberdeen

Alan Rowe University of Aberdeen


14/28

11 11



STATEMENT OF DIRECTORS RESPONSIBILITIES

The directors are responsible for preparing the Annual Report and the nancialstatements in accordance with applicable law and regulations.

Company law requires the directors to prepare nancial statements for each nancialyear. Under that law the directors have elected to prepare the nancial statementsin accordance with United Kingdom Generally Accepted Accounting Practice (UnitedKingdom Accounting Standards and applicable law). Under company law the directorsmust not approve the nancial statements unless they are satised that they give atrue and fair view of the state of affairs of the company and of the prot or loss of thecompany for that period. In preparing these nancial statements, the directors arerequired to:

- select suitable accounting policies and then apply them consistently;- make judgements and accounting estimates that are reasonable and prudent;- prepare the nancial 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 sufficientto show and explain the companys transactions and disclose with reasonable accuracyat any time the nancial position of the company and enable them to ensure that thenancial statements comply with the Companies Act 2006. They are also responsiblefor safeguarding the assets of the company and hence for taking reasonable steps forthe prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORSSo far as the directors are aware, there is no relevant audit information (as dened bySection 418 of the Companies Act 2006) of which the companys auditors are unaware,and each director has taken all the steps that he or she ought to have taken as a directorin order to make himself or herself aware of any relevant audit information and toestablish that the companys auditors are aware of that information.

AUDITORSThe auditors, Campbell Dallas LLP, will be proposed for re-appointment at theforthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 ofthe Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

R N Collier - Director

22 May 2014


15/28

12


Report of the Independent Auditors to the Members of Aberdeen and Grampian Chamber ofCommerce for the Year Ended 31 December 2013

We have audited the nancial statements of Aberdeen and Grampian Chamber of

Commerce for the year ended 31 December 2013 on pages fourteen to twenty three. Thenancial reporting framework that has been applied in their preparation is applicable lawand the Financial Reporting Standard for Smaller Entities (effective April 2008) (UnitedKingdom Generally Accepted Accounting Practice applicable to Smaller Entities).

This report is made solely to the companys members, as a body, in accordance withChapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertakenso that we might state to the companys members those matters we are required tostate to them in a Report of the Auditors and for no other purpose. To the fullest extentpermitted by law, we do not accept or assume responsibility to anyone other than thecompany and the companys members as a body, for our audit work, for this report, orfor the opinions we have formed.

Respective responsibilities of directors and auditorsAs explained more fully in the Statement of Directors Responsibilities set out on pageeleven, the directors are responsible for the preparation of the nancial statements andfor being satised that they give a true and fair view. Our responsibility is to audit andexpress an opinion on the nancial statements in accordance with applicable law andInternational Standards on Auditing (UK and Ireland). Those standards require us tocomply with the Auditing Practices Boards Ethical Standards for Auditors.

Scope of the audit of the nancial statementsAn audit involves obtaining evidence about the amounts and disclosures in the nancialstatements sufficient to give reasonable assurance that the nancial statements are freefrom material misstatement, whether caused by fraud or error. This includes an assessment

of: whether the accounting policies are appropriate to the companys circumstancesand have been consistently applied and adequately disclosed; the reasonableness ofsignicant accounting estimates made by the directors; and the overall presentationof the nancial statements. In addition, we read all the nancial and non-nancialinformation in the Presidents Report and the Report of the Directors to identify materialinconsistencies with the audited nancial statements and to identify any informationthat is apparently materially incorrect based on, or materially inconsistent with, theknowledge acquired by us in the course of performing the audit. If we become aware ofany apparent material misstatements or inconsistencies we consider the implications forour report.

Opinion on nancial statements

In our opinion the nancial statements:- give a true and fair view of the state of the companys affairs as at 31 December 2013

and of its prot 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 2006In our opinion the information given in the Report of the Directors for the nancialyear for which the nancial statements are prepared is consistent with the nancialstatements.


16/28

13 13


Report of the Independent Auditors to the Members of Aberdeen and Grampian Chamber ofCommerce for the Year Ended 31 December 2013

Matters on which we are required to report by exception

- We have nothing to report in respect of the following matters where the CompaniesAct 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audithave not been received from branches not visited by us; or

- the nancial statements are not in agreement with the accounting records andreturns; or

- certain disclosures of directors remuneration specied 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 nancial 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 theReport of the Directors.

Alan Taylor FCCA (Senior Statutory Auditor)for and on behalf of Campbell Dallas LLPChartered Accountants &Statutory Auditors10 Carden PlaceAberdeenAB10 1UR

22 May 2014


17/28

14


Prot and Loss Accountfor the Year Ended 31 December 2013

The notes form part of these nancial statements

2013 2012

Notes

TURNOVER 3 2,395,031 2,233,479

Cost of sales 922,201 852,464

GROSS PROFIT 1,472,830 1,381,015

Administrative expenses 1,410,639 1,266,633

OPERATING PROFIT 5 62,191 114,382

Income from xed assetinvestments 30,854 11,645

Interest receivable and similarincome 932 950

31,786 12,595

93,977 126,977

Interest payable and similarcharges 10,137 7,204

PROFIT ON ORDINARYACTIVITIES BEFORETAXATION

83,840 119,773

Tax on prot on ordinaryactivities 6 14,195 7,553

PROFIT FOR THE FINANCIALYEAR 69,645 112,220


18/28

15 15


Balance Sheetfor the Year Ended 31 December 2013

2013 2012

Notes

FIXED ASSETS

Tangible assets 7 99,000 121,706

Investments 8 524,081 409,535

623,081 531,241

CURRENT ASSETS

Debtors 9 331,730 373,217

Cash at bank and in hand 234,003 210,373

565,733 583,590

CREDITORS

Amounts falling due within one year 10 588,330 582,930

NET CURRENT (LIABILITIES)/ ASSETS (22,597) 660

TOTAL ASSETS LESS CURRENTLIABILITIES 600,484 531,901

PROVISIONS FOR LIABILITIES 12 5,558 6,620

NET ASSETS 594,926 525,281

RESERVES

Prot and loss account 13 594,926 525,281

594,926 525,281


continued...


19/28

16


Balance Sheet Continuedfor the Year Ended 31 December 2013

The nancial 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 FinancialReporting Standard for Smaller Entities (effective April 2008).

The nancial statements were approved by the Board of Directors on 22 May 2014 andwere signed on its behalf by:

A M Carstairs - President

A MacCuish Vice President



20/28

17 17


Notes to the Financial Statementsfor the Year Ended 31 December 2013

1. NATURE OF THE COMPANY

The company was incorporated under the Companies Act 1867 on 3 November1877 with no share capital and a guarantee by each member not exceeding 1.The number of members at 31 December 2013 was 1,254 (2012: 1,151).

2. ACCOUNTING POLICIES

Accounting conventionThe nancial statements have been prepared under the historical cost conventionand in accordance with the Financial Reporting Standard for Smaller Entities(effective April 2008).

Preparation of consolidated nancial statementsThe nancial statements contain information about Aberdeen and GrampianChamber of Commerce as an individual company and do not containconsolidated nancial information as the parent of a group. The company hastaken the option under Section 398 of the Companies Act 2006 not to prepareconsolidated nancial statements.

TurnoverTurnover represents amounts receivable for services provided in the year.Where services performed span the year end turnover is recognised based onmanagements best estimate of work performed to date and work required tocomplete the service. Where this is different to amounts invoiced in the year,turnover is deferred or accrued accordingly.

Tangible xed assetsDepreciation is provided at the following annual rates in order to write off eachasset over its estimated useful life or, if held under a nance lease, over the leaseterm, whichever is the shorter.

Tenants improvements - 10% on costPlant and machinery etc - 33% on cost and 20% - 33% on cost

Deferred taxDeferred tax is recognised in respect of all timing differences that have originatedbut not reversed at the balance sheet date. Deferred tax is provided at the

average rates that are expected to apply when the timing differences reverse,based on current tax rates and laws.

Hire purchase and leasing commitmentsAssets obtained under hire purchase contracts or nance leases are capitalisedin the balance sheet. Those held under hire purchase contracts are depreciatedover their estimated useful lives. Those held under nance leases are depreciatedover their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the prot and lossaccount over the relevant period. The capital element of the future payments istreated as a liability.

Rentals paid under operating leases are charged to the prot and loss accountas incurred.


21/28

18


Notes to the Financial Statements - continuedfor the Year Ended 31 December 2013

2. ACCOUNTING POLICIES - continued

Pension costsThe company operates a dened contribution pension scheme. Contributionspayable to the companys pension scheme are charged to the prot and lossaccount in the period to which they relate.

The assets of the scheme are held separately from the company.

Fixed asset investmentsFixed asset investments are stated at cost unless, in the opinion of the directors,there has been a permanent diminution in value, in which case an appropriateadjustment is made.

3. TURNOVER

The turnover and prot before taxation are attributable to the one principalactivity of the company.

An analysis of turnover by class of business is given below:

4. STAFF COSTS

The average monthly number of employees during the year was as follows:

continued...

2013 2012

Subscriptions 633,439 598,443

Services 1,761,592 1,635,036

2,395,031 2,233,479

2013 2012

Wages and salaries 885,809 766,512

Social security costs 92,948 70,469

Other pension costs 52,398 44,849

1,031,155 881,830

2013 2012

Membership services 25 20

Administration 3 3

28 23


22/28

19 19



5. OPERATING PROFIT

The operating prot is stated after charging/(crediting):

6. TAXATION

Analysis of the tax chargeThe tax charge on the prot on ordinary activities for the year was as follows:

2013 2012

Depreciation - owned assets 18,493 12,733

Depreciation - assets on hire purchase contracts 1,181 2,641

Loss on disposal of xed assets 2,063 801

Auditors remuneration 4,400 4,600

Foreign exchange differences 7 (6)

Directors remuneration and other benets etc 231,613 123,346

The number of directors to whom retirement benets were accruing was asfollows:

Money purchase schemes 3 1

2013 2012

Current tax:

UK corporation tax 15,257 416

Prior year tax - 517

Total current tax 15,257 933

Deferred tax (1,062) 6,620

Tax on prot on ordinary activities 14,195 7,553

continued...


23/28

20



7. TANGIBLE FIXED ASSETS

Fixed assets, included in the above, which are held under hire purchase contractsare as follows:

continued...

Tenantsimprovements

Plant andmachinery

etc

Totals

COST

At 1 January 2013 105,248 70,784 176,032

Additions (7,000) 6,030 (970)

Disposals - (11,401) (11,401)

At 31 December 2013 98,248 65,413 163,661

DEPRECIATION

At 1 January 2013 4,867 49,459 54,326

Charge for year 9,475 10,199 19,674

Eliminated on disposal - (9,339) (9,339)

At 31 December 2013 14,342 50,319 64,661

NET BOOK VALUE

At 31 December 2013 83,906 15,094 99,000

At 31 December 2012 100,381 21,325 121,706

Plant andmachinery

etc

COST

At 1 January 2013 8,005

Transfer to ownership (8,005)

At 31 December 2013 -

DEPRECIATION

At 1 January 2013 6,824

Charge for year 1,181

Eliminated on disposal (8,005)


NET BOOK VALUE


At 31 December 2012 1,181


24/28

21 21



8. FIXED ASSET INVESTMENTS

Market value of listed investments at 31 December 2013 - 594,504 (2012 -440,508).

The companys investments at the balance sheet date in the share capital ofcompanies include the following:

West African Action UK LimitedNature of business: Dormant

%Class of shares: holdingOrdinary 100.00

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

continued...

Sharesin group

undertakings

Listedinvestments

Totals

COST

At 1 January 2013 1 409,534 409,535

Additions - 251,086 251,086

Disposals - (136,540) (136,540)

At 31 December 2013 1 524,080 524,081

NET BOOK VALUE

At 31 December 2013 1 524,080 524,081

At 31 December 2012 1 409,534 409,535

31.8.13 31.8.12

Aggregate capital and reserves 1 1

2013 2012

Trade debtors 282,473 325,134

Other debtors 49,257 48,083

331,730 373,217


25/28

22



10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

11. OPERATING LEASE COMMITMENTS

The following operating lease payments are committed to be paid within oneyear:

12. PROVISIONS FOR LIABILITIES

continued...

2013 2012

Bank loans and overdrafts 6,863 2,244

Hire purchase contracts - 667

Trade creditors 64,861 44,128

Taxation and social security 94,801 81,272

Other creditors 421,805 454,619

588,330 582,930

2013 2012

Expiring:

Within one year 2,484 750

Between one and ve years 4,870 25,684

In more than ve years 77,216 77,216

84,570 103,650

2013 2012

Deferred tax 5,558 6,620

Deferredtax

Balance at 1 January 2013 6,620

Capital allowances (1,062)

Balance at 31 December 2013 5,558


26/28

23 23



13. RESERVES

14. PENSION COMMITMENTS

The company operates a dened contribution scheme on behalf of its directorsand employees. The annual commitment under this scheme is for contributionsof 54,581 (2012 - 38,130).

15. CAPITAL COMMITMENTS

16. RELATED PARTY DISCLOSURES

The company provides services to entities in which directors have an interest.The board of directors consider that disclosure of such transactions, which areundertaken on normal commercial terms, would not inuence decisions madeby users of the accounts.

17. ULTIMATE CONTROLLING PARTY

The company is under control of its members.

Protand lossaccount

At 1 January 2013 525,281

Prot for the year 69,645

At 31 December 2013 594,926

2013 2012

Contracted but not provided for in the nancial statements 12,131 -


27/28


28/28

T 01224 343900

THE HUBEXPLORATION DRIVEABERDEEN ENERGY PARKBRIDGE OF DONABERDEENAB23 8GX

annual report and accounts for year ended 31 december 2013

Documents