The International RSX Class Association Limited

Transcription

1 Registration number: The International RSX Class Association Limited (A company limited by guarantee) Director's Report and Unaudited Financial Statements for the Year Ended 31 January

2 Contents Director's Report 1 Accountants' Report 2 Profit and Loss Account 3 Balance Sheet 4 Notes to the Financial Statements 5 The following pages do not form part of the statutory financial statements: Detailed Profit and Loss Account 6 to 7

3 Director's Report for the Year Ended 31 January The director presents his report and the unaudited financial statements for the year ended 31 January. Director of the company The director who held office during the year was as follows: C R Ramsden Principal activity The principal activity of the company is to promote and advance throughout the world the interests of persons involved in the racing of RSX Class and ongoing development of the RS:X as an international Olympic Class. Small company provisions This report has been prepared in accordance with the small companies regime under the Companies Act Approved by the Board on... and signed on its behalf by:... M Aldridge Company secretary Page 1

4 Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of The International RSX Class Association Limited for the Year Ended 31 January In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The International RSX Class Association Limited for the year ended 31 January set out on pages 3 to 6 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 icaew.com/membershandbook. This report is made solely to the Board of Directors of The International RSX Class Association Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The International RSX Class Association Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The International RSX Class Association Limited and its Board of Directors as a body for our work or for this report. It is your duty to ensure that The International RSX Class Association Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of The International RSX Class Association Limited. You consider that The International RSX Class Association Limited 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 accounts of The International RSX Class Association Limited. 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 accounts. ***DRAFT*** ***THIS REPORT HAS NOT BEEN SIGNED BY THE ACCOUNTANTS*** Page 2

5 Profit and Loss Account for the Year Ended 31 January Note Turnover 114, ,978 Administrative expenses (164,750) (89,163) Operating (loss)/profit (50,462) 14,815 (Loss)/profit on ordinary activities before taxation (50,462) 14,815 (Loss)/profit for the financial year 5 (50,462) 14,815 The company has no recognised gains or losses for the year other than the results above. The notes on pages 5 to 6 form an integral part of these financial statements. Page 3

6 (Registration number: ) Balance Sheet at 31 January Note Current assets Debtors 2 3,737 - Cash at bank and in hand 1,956 52,945 5,693 52,945 Creditors: Amounts falling due within one year 3 (5,209) (1,999) Net assets ,946 Capital and reserves Profit and loss account ,946 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). For the year ending 31 January the company was entitled to exemption 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 The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. Approved by the director on C R Ramsden Director The notes on pages 5 to 6 form an integral part of these financial statements. Page 4

7 Notes to the Financial Statements for the Year Ended 31 January 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). Turnover Turnover represents subscriptions and race fees due from members. Foreign currency Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account. 2 Debtors Other debtors 3,737-3 Creditors: Amounts falling due within one year Other creditors 5,209 1,999 4 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. 5 Reserves Profit and loss account Total At 1 February 50,946 50,946 Loss for the year (50,462) (50,462) At 31 January Page 5

8 Detailed Profit and Loss Account for the Year Ended 31 January Turnover (analysed below) 114, ,978 Administrative expenses Employment costs (analysed below) (9,446) (8,972) General administrative expenses (analysed below) (148,592) (79,651) Finance charges (analysed below) (6,712) (540) (164,750) (89,163) (Loss)/profit on ordinary activities before taxation (50,462) 14,815 This page does not form part of the statutory financial statements Page 6

9 Detailed Profit and Loss Account for the Year Ended 31 January Turnover Subscriptions and race fees 114, , , ,978 Employment costs Wages and salaries 9,446 8,972 General administrative expenses Committee costs and expenses 19,503 35,254 Prize money 31,959 - ISAF 3,158 - Share of entry fees/refunds 8,399 - Accountancy fees 2,144 2,675 Legal and professional fees 24,015 - Advertising 1,730 - Regatta costs 22,182 32,838 Media projects 19,386 8,884 Travel and subsistence 16, ,592 79,651 Finance charges Bank charges 1, Foreign currency (gains)/losses 5,387 (208) 6, This page does not form part of the statutory financial statements Page 7