Snowsport England Limited

Transcription

1 Registration number: Snowsport England Limited (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December Stephen W Jones FCA Chartered Accountant & Registered Auditor King Edward House 82 Stourbridge Road Halesowen West Midlands B63 3UP

2 Contents Company Information 1 Directors' Report 2 Statement of Directors' Responsibilities 3 Independent Auditor's Report 4 to 5 Income and Expenditure Account 6 Balance Sheet 7 Notes to the Financial Statements 8 to 11 The following pages do not form part of the statutory financial statements: Detailed Income and Expenditure Account 12 to 14

3 Company Information Directors Company secretary Registered office Auditors Mrs Karen Richardson Mr Jeremy David Eaton Mr Bryan Peter Thomas Mr Robert Edward Parker Robson Ms Tania Barton Mrs Karen Richardson Sport Park 3 Oakwood Drive Loughborough Leicestershire LE11 3QF Stephen W Jones FCA Chartered Accountant & Registered Auditor King Edward House 82 Stourbridge Road Halesowen West Midlands B63 3UP Page 1

4 Directors' Report for the Year Ended 31 December The directors present their report and the financial statements for the year ended 31 December. Directors of the company The directors who held office during the year were as follows: Mrs Karen Richardson Mr Jeremy David Eaton Mr Bryan Peter Thomas Mr Geoffrey Peter Parsons (Resigned 8 November ) Mr Robert Edward Parker Robson Mr Clive Anthony Punter (Resigned 9 August ) Ms Tania Barton (appointed 15 April ) Disclosure of information to the auditor Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and which they know the auditor is unaware of. Small company provisions This report has been prepared in accordance with the small companies regime under the Companies Act Approved by the Board on 19 June 2015 and signed on its behalf by:... Mr Jeremy David Eaton Director Page 2

5 Statement of Directors' Responsibilities The directors are responsible for preparing the Annual 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 these financial statements, the directors are required to: select suitable accounting policies and apply them consistently; make judgements and accounting estimates that are reasonable and prudent; and 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 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. Page 3

6 Independent Auditor's Report to the Members of Snowsport England Limited I have audited the financial statements of Snowsport England Limited for the year ended 31 December, set out on pages 6 to 11. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (Effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities). This report is made solely to the company s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act My audit work has been undertaken so that I might state to the company s members those matters I am required to state to them in an auditor s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company s members as a body, for my audit work, for this report, or for the opinions I have formed. Respective responsibilities of directors and auditor As explained more fully in the Statement of Directors' Responsibilities (set out on page 3), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. My responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require me to comply with the Auditing Practices Board s (APB s) Ethical Standards for Auditors. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, I read all the financial and non-financial information in the Annual Report and Financial Statements to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by me in the course of performing the audit. If I become aware of any apparent material misstatements or inconsistencies I consider the implications for my report. Opinion on the financial statements In my opinion the financial statements: give a true and fair view of the state of the company's affairs as at 31 December and of its profit 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 Opinion on other matter prescribed by the Companies Act 2006 In my opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements. Page 4

7 Independent Auditor's Report to the Members of Snowsport England Limited... continued Matters on which I am required to report by exception I have nothing to report in respect of the following matters where the Companies Act 2006 requires me to report to you if, in my opinion: adequate accounting records have not been kept, or returns adequate for my audit have not been received from branches not visited by me; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of directors remuneration specified by law are not made; or I have not received all the information and explanations I require for my audit; or the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report and take advantage of the small companies exemption from the requirement to prepare a Strategic Report.... Mr S Jones (Senior Statutory Auditor) For and on behalf of Stephen W Jones FCA, Statutory Auditor King Edward House 82 Stourbridge Road Halesowen West Midlands B63 3UP 19 June 2015 Page 5

8 Income and Expenditure for the Year Ended 31 December Note Turnover 767, ,450 Cost of sales (485,630) (442,544) Gross profit 282, ,906 Administrative expenses (251,222) (318,282) Operating surplus (deficit) 2 30,853 (35,376) Other interest receivable and similar income 2, Interest payable and similar charges - (1) Surplus (deficit) on ordinary activities before taxation 33,313 (34,628) Surplus (deficit) for the financial year 8 33,313 (34,628) The notes on pages 8 to 11 form an integral part of these financial statements. Page 6

9 (Registration number: ) Balance Sheet at 31 December Note Fixed assets Tangible fixed assets 4 2,103 2,250 Current assets Stocks 3,752 8,110 Debtors 5 37,468 56,874 Cash at bank and in hand 487, , , ,809 Creditors: Amounts falling due within one year 6 (400,432) (378,511) Net current assets 128,758 95,298 Net assets 130,861 97,548 Capital and reserves Other reserves 8-86,082 Income and Expenditure account 8 130,861 11,466 Member funds 130,861 97,548 These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008). Approved and authorised for issue by the Board on 19 June 2015 and signed on its behalf by:... Mrs Karen Richardson Director The notes on pages 8 to 11 form an integral part of these financial statements. Page 7

10 Notes to the Financial Statements for the Year Ended 31 December 1 Accounting policies Basis of preparation The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for smaller entities (effective April 2008). As the company is a non-profit making organisation, the results have been presented in the form of an income and expenditure account. Name Change On 17th November the company changed its name from 'English Ski Council Limited' to 'Snowsport England Limited' Turnover Income from activities is recognised when the event is held. Registration, renewal and affiliation income is allocated in the period to which it relates based on the membership year to 31 October. At the balance sheet date the proportion of income relating to the following period is carried forward as deferred income in creditors. Where a training camp is held which spans the balance sheet date then income is recognised to cover the costs incurred to that date if a break-even or surplus is anticipated. Should an overall deficit on camp be indicated that deficit is recognised before the balance sheet date by reducing income accordingly. Grants receivable are credited to income in the same period in which the expenditure to which they relate is incurred. Income received but not expended at the balance sheet date is carried forward as deferred income in creditors. Depreciation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: Asset class Technical Equipment Motor Vehicles Office Equipment Depreciation method and rate 25% Straight Line 33% Straight Line 25% Straight Line Stock Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Foreign currency Monetary assets and liablities are translated at the rate of exchange ruling at the balance sheet date; other assets are translated at the rate of exchange as at the date of the transaction. Profits and losses on translation and conversion are included as part of the results from ordinary activities for the year unless they relate to extraordinary items when they are included as part of those items. Hire purchase and leasing Rentals payable under operating leases are charged in the income and expenditure account on a straight line basis over the lease term. Page 8

11 Notes to the Financial Statements for the Year Ended 31 December... continued 2 Operating surplus/(deficit) Operating surplus/(deficit) is stated after charging: Auditor's remuneration - The audit of the company's annual accounts 4,642 4,287 Profit on sale of tangible fixed assets - (417) Depreciation of tangible fixed assets 1,849 4,659 3 Exceptional items Exceptional administrative expenses (13,656) 47,256 Exceptional costs relate to the new CRM software and website being developed and a creditor write off. 4 Tangible fixed assets Technical Equipment Office equipment Total Cost or valuation At 1 January 28,345 13,861 42,206 Additions 268 1,434 1,702 At 31 December 28,613 15,295 43,908 Depreciation At 1 January 28,215 11,741 39,956 Charge for the year 197 1,652 1,849 At 31 December 28,412 13,393 41,805 Net book value At 31 December 201 1,902 2,103 At 31 December 130 2,120 2,250 Page 9

12 Notes to the Financial Statements for the Year Ended 31 December... continued 5 Debtors Trade debtors 31,156 22,955 Other debtors and accrued income 6,312 33,919 37,468 56,874 6 Creditors: Amounts falling due within one year Trade creditors 38,808 23,251 Bank loans and overdrafts Other taxes and social security 11,361 11,371 Other creditors and deferred income 350, , , ,511 7 Company status The company is a private company limited by guarantee 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. 8 Reserves Income and Expenditure Account Total At 1 January 97,548 97,548 Surplus for the year 33,313 33,313 At 31 December 130, ,861 Capital Reserve and Development Reserve have been consolidated with the Income and Expenditure Account Page 10

13 Notes to the Financial Statements for the Year Ended 31 December... continued 9 Commitments Operating lease commitments As at 31 December the company had annual commitments under non-cancellable operating leases as follows: Operating leases which expire: Within two and five years 17,290 17,290 Over five years 3,948 3,948 21,238 21, Related party transactions Other related party transactions During the year the company made the following related party transactions: Harrison Salmon Associates (Karen Richardson is a director of Harrison Salmon Associates and also a company director.) Harrison Salmon Associates provide bookkeeping and accounting services for the company and the work is carried out at normal business rates. During the period costs of 21, (Net) were incurred. At the balance sheet date the amount due to Harrison Salmon Associates was 1,729 ( - 1,728). Vital Marketing Ltd (Jeremy Eaton is a director of Vital Marketing Ltd and also a company director.) Vital Marketing provide marketing services for the company and the work is carried out at normal business rates. During the period costs of 45, (Net) were incurred. At the balance sheet date the amount due to Vital Marketing Ltd was 12,277 ( - 42,100). Page 11

14 Detailed Income and Expenditure for the Year Ended 31 December Turnover (analysed below) 767, ,450 Cost of sales (analysed below) (485,630) (442,544) Gross profit 282, ,906 Gross profit (%) 36.74% 39.00% Administrative expenses Employment costs (analysed below) (112,517) (120,935) Office expenses (analysed below) (13,292) (13,044) General administrative expenses (analysed below) (116,892) (174,233) Finance charges (analysed below) (6,672) (5,828) Depreciation costs (analysed below) (1,849) (4,242) (251,222) (318,282) Other interest receivable and similar income (analysed below) 2, Interest payable and similar charges (analysed below) - (1) Surplus (deficit) on ordinary activities before taxation 33,313 (34,628) This page does not form part of the statutory financial statements Page 12

15 Detailed Income and Expenditure for the Year Ended 31 December Turnover Sales, UK 242, ,743 Squad Income Affliliations Renewals 171, ,840 Donations Sponsorship Awards 11,249 13,682 Sport England 342, ,999 Management charges receivable - (577) 767, ,450 Cost of sales Purchases 264, ,476 Direct costs 221, , , ,544 Employment costs Wages and salaries 100, ,534 Staff NIC (Employers) 10,328 11,430 Staff training 2, , ,935 Office Expenses Rent and rates 13,292 10,070 Office Expenses - 1,157 Insurance - 1,756 Equipment repairs and renewals ,292 13,044 This page does not form part of the statutory financial statements Page 13

16 Detailed Income and Expenditure for the Year Ended 31 December... continued General administrative expenses Telephone and fax 4,246 2,816 Computer software and maintenance costs 10,863 7,348 Printing, postage and stationery 4,822 6,978 Trade subscriptions Hire of plant and machinery 2,278 3,210 Lease of motor vehicles 5,197 6,112 Sundry expenses 11,860 12,831 Accountancy fees 21,577 21,057 Auditor's remuneration 4,642 4,287 Consultancy fees - 1,585 Professional indemnity insurance 38,993 42,664 Legal and professional fees 15,566 6,062 VAT Inspection - 9,375 Motor expenses 821 2,680 Advertising 5,849 - Travel and subsistence 3,604 1,629 Customer entertaining (disallowable for tax) Bad debts written off - (2,700) Exceptional administrative expenses (13,656) 47,256 Finance charges 116, ,233 Bank charges 6,672 5,828 Depreciation costs Depreciation of plant and machinery 197 2,407 Depreciation of office equipment 1,652 2,252 Profit on sale of tangible fixed assets - (417) 1,849 4,242 Other interest receivable and similar income Bank interest receivable 2, , Interest payable and similar charges Bank interest payable This page does not form part of the statutory financial statements Page 14