Registered number: 08916725
MEC FOUNDATION UK DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023
Smart Sense Accountants Ltd
Mec Foundation UK Directors' Report and Financial Statements For The Year Ended 28 February 2023
Contents
| Page | |
|---|---|
| Company Information | 1 |
| Directors' Report | 2 |
| Accountant's Report | 3 |
| Profit and Loss Account | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 6 |
| The following pages do not form part of the statutory accounts: | |
| Trading Profit and Loss Account | 7 |
Mec Foundation UK Company Information For The Year Ended 28 February 2023
| Directors | Mr Azizkhon AFZALOV |
|---|---|
| Dr Mehmet Emin AYDIN | |
| Dr Mehmet KARAKUS | |
| Mr Metin KOYUNCU | |
| Mr Hayri TUT | |
| Secretary | Mr Azizkhon AFZALOV |
| Company Number | 08916725 |
| Registered Office | Turkish Community Centre |
| 35 Grainger Park Road | |
| Newcastle Upon Tyne | |
| NE4 8SA | |
| Accountants | Smart Sense Accountants Ltd |
| 167 Easterly Road | |
| Leeds | |
| LS8 2RA |
Charity Registration Number : 1156165
Our Aims and Objectives
Our charity's purposes as set out in the objects contained in the company's memorandum of association are to: to promote the benefit of the inhabitants of Europe and in particulur of Turk origin and provide facilities with the object of improving the lives of the said inhabitants, to advance the Muslim religion within Europe.
Main Activity
Our charity's main activity is the operation of MEC FOUNDATION UK in Newcastle.
Achievements and performance
Our charity took over the running of the MEC FOUNDATION UK in 2014 and has successfully continued to operate it since then.
How our activities deliver public benefit
The activities run from the centre have promoted education and provided leisure facilities. Additionally events are held to encourage and support the Muslim Faith.
Structure, Governance and Management
Governing Document
The organisation is a charitable company limited by guarantee and was incorporated on 28 February 2014. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed by its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.
Recruitment and Appointment of Trustees
The directors of the company are also charity trustees for the purposes of charity law. They retire at each annual general meeting but may be proposed for re-election.
Page 1
Mec Foundation UK Company No. 08916725 Directors' Report For The Year Ended 28 February 2023
The directors present their report and the financial statements for the year ended 28 February 2023.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report 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 the financial statements the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments 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.
Directors
The directors who held office during the year were as follows: Mr Azizkhon AFZALOV Dr Mehmet Emin AYDIN Dr Mehmet KARAKUS Mr Metin KOYUNCU Mr Hayri TUT
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
Mr Metin KOYUNCU Director
14/03/2023
Page 2
Mec Foundation UK Accountant's Report For The Year Ended 28 February 2023
In accordance with the engagement letter dated , and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report 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 directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 28 February 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
Signed
14/03/2023
Smart Sense Accountants Ltd 167 Easterly Road Leeds LS8 2RA
Page 3
Mec Foundation UK Profit and Loss Account For The Year Ended 28 February 2023
| Notes TURNOVER Cost of sales GROSS PROFIT Administrative expenses OPERATING PROFIT AND PROFIT FOR THE FINANCIAL YEAR |
2023 £ 199,152 (7,068) 192,084 (131,704) 60,380 |
2022 £ 38,084 (7,124) |
|---|---|---|
| 30,960 (20,193) |
||
| 10,767 |
The notes on page 6 form part of these financial statements.
Page 4
Mec Foundation UK Balance Sheet As at 28 February 2023
| Notes FIXED ASSETS Tangible Assets 3 CURRENT ASSETS Cash at bank and in hand Creditors: Amounts Falling Due Within One Year 4 NET CURRENT ASSETS (LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS Profit and Loss Account SHAREHOLDERS' FUNDS |
2023 £ £ 1 1 82,685 82,685 (600) 82,085 82,086 82,086 82,086 82,086 |
2023 £ £ 1 1 82,685 82,685 (600) 82,085 82,086 82,086 82,086 82,086 |
2022 £ £ 1 1 22,305 22,305 (600) 21,705 21,706 21,706 21,706 21,706 |
2022 £ £ 1 1 22,305 22,305 (600) 21,705 21,706 21,706 21,706 21,706 |
|---|---|---|---|---|
| 1 82,085 |
1 21,705 |
|||
| 82,685 (600) |
22,305 (600) |
|||
| 82,086 | 21,706 | |||
| 82,086 | 21,706 | |||
| 82,086 | 21,706 | |||
| 82,086 | 21,706 |
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
Mr Metin KOYUNCU
Director
14/03/2023
The notes on page 6 form part of these financial statements.
Page 5
Mec Foundation UK Notes to the Financial Statements For The Year Ended 28 February 2023
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0%
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: NIL (2022: NIL)
3. Tangible Assets
| Cost As at 1 March 2022 As at 28 February 2023 Net Book Value As at 28 February 2023 As at 1 March 2022 . Creditors: Amounts Falling Due Within One Year Accruals and deferred income |
2023 £ 600 600 |
Land & Property Freehold £ 1 |
|---|---|---|
| 1 | ||
| 1 | ||
| 1 | ||
| 2022 £ 600 |
||
| 600 |
4. Creditors: Amounts Falling Due Within One Year
5. General Information
Mec Foundation UK is a private company, limited by shares, incorporated in England & Wales, registered number 08916725. The registered office is Turkish Community Centre, 35 Grainger Park Road, Newcastle Upon Tyne, NE4 8SA.
Page 6
Mec Foundation UK Trading Profit and Loss Account For The Year Ended 28 February 2023
| TURNOVER Donations Rental income COST OF SALES Premises costs Insurance GROSS PROFIT Administrative Expenses Wages and salaries Subsistence expenses Rent Rates Light and heat Water rates Repairs and maintenance Cleaning Telecommunications and data costs Accountancy fees Legal fees Professional fees Charitable donations Sundry expenses OPERATING PROFIT AND PROFIT FOR THE FINANCIAL YEAR |
2023 £ £ 189,607 9,545 199,152 5,326 1,742 (7,068) 192,084 - 11,642 6,850 425 9,050 2,027 3,368 1,315 908 600 - 1,800 93,720 (1) (131,704) 60,380 |
2023 £ £ 189,607 9,545 199,152 5,326 1,742 (7,068) 192,084 - 11,642 6,850 425 9,050 2,027 3,368 1,315 908 600 - 1,800 93,720 (1) (131,704) 60,380 |
2022 £ £ 26,659 11,425 38,084 5,522 1,602 (7,124) 30,960 6,600 - - 911 6,682 - - - 1,306 600 233 1,880 1,980 1 (20,193) 10,767 |
2022 £ £ 26,659 11,425 38,084 5,522 1,602 (7,124) 30,960 6,600 - - 911 6,682 - - - 1,306 600 233 1,880 1,980 1 (20,193) 10,767 |
|---|---|---|---|---|
| 199,152 (7,068) |
38,084 (7,124) |
|||
| - 11,642 6,850 425 9,050 2,027 3,368 1,315 908 600 - 1,800 93,720 (1) |
6,600 - - 911 6,682 - - - 1,306 600 233 1,880 1,980 1 |
|||
| 192,084 (131,704) |
30,960 (20,193) |
|||
| 60,380 | 10,767 |
Page 7