REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
BASKETBALL ENGLAND |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
BASKETBALL ENGLAND |
BASKETBALL ENGLAND (REGISTERED NUMBER: 01429756) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
BASKETBALL ENGLAND |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
605 Albert House |
256-260 Old Street |
London |
EC1V 9DD |
BASKETBALL ENGLAND (REGISTERED NUMBER: 01429756) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PENSION ASSET | 10 |
NET ASSETS |
RESERVES |
Income and expenditure account |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
BASKETBALL ENGLAND (REGISTERED NUMBER: 01429756) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Basketball England is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound. |
Going concern |
At the time of signing these accounts, having considered the economic climate, the Directors expectations and intentions for the next twelve months, and the availability of working capital, the Directors are of the opinion that the Company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue grants |
Revenue grants are recognised in the period to which they relate except for specific project grants which are only recognised in the period received to the extent that related expenditure has been incurred. |
Memberships |
Memberships income is recognised on a straight line basis over the period in which the membership covers. Any membership paid for in advance is deferred and recognised in the period in which it covers. |
Education courses |
Courses are recognised for the period in which the course takes place. Any courses paid for in advance are deferred until that date. |
BASKETBALL ENGLAND (REGISTERED NUMBER: 01429756) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: |
Sports equipment - 20% on cost |
Fixtures and fittings - 20% on cost |
Trophies - not provided |
Computer Equipment - 20% on cost |
BASKETBALL ENGLAND (REGISTERED NUMBER: 01429756) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic Financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities |
Basic financial liabilities, including creditors, bank loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Other financial liabilities |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
BASKETBALL ENGLAND (REGISTERED NUMBER: 01429756) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
The company also operates a Local Government Pension Scheme which is a funded scheme and the assets are held separately from those of the company in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The amounts charged to operating surplus are the current service costs and gains and losses on settlement and curtailments. They are included as part of staff costs. Past service costs are recognised immediately in the Statement of Financial Activities if the benefits have vested. If the benefits have not vested immediately, the costs are recognised over the period until vesting occurs. The expected return on assets and the interest cost are shown as a net finance amount of other finance costs or credits adjacent to interest. Actuarial gains and losses are recognised immediately in other gains and losses. |
Vat |
The company is partially exempt and a special method for calculating re-claimable input VAT has been agreed with H M Revenue & Customs. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
Additions |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
BASKETBALL ENGLAND (REGISTERED NUMBER: 01429756) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Sports | and | Computer |
equipment | fittings | Trophies | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Social security and other taxes |
VAT | 49,883 | 20,669 |
Other creditors |
Accruals and deferred income |
BASKETBALL ENGLAND (REGISTERED NUMBER: 01429756) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | EMPLOYEE BENEFIT OBLIGATIONS |
Local Government Pension Scheme (LGPS) |
The LGPS is a funded defined benefit pension scheme, with assets held in separate trustee administered funds. The total contribution made for the period ended 31 March 2023 was £33,000 (2022: £50,000) of which employer's contributions totalled £31,000 (2022: £48,000) and employees' contributions totalled £2,000 (2022: £2,000). |
The amounts on which the financial statements are based are from the full actuarial valuation dated 31 March 2023. |
The amounts recognised in surplus or deficit are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
as restated |
£ | £ |
Current service cost |
Net interest from net defined benefit asset/liability |
23,000 |
19,000 |
Past service cost |
Interest income on assets | (25,000 | ) | (17,000 | ) |
10,000 | 15,000 |
Actual return on plan assets |
BASKETBALL ENGLAND (REGISTERED NUMBER: 01429756) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
Changes in the present value of the defined benefit obligation are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
as restated |
£ | £ |
Opening defined benefit obligation |
Current service cost |
Contributions by scheme participants |
Interest cost |
Actuarial losses/(gains) | ( |
) | ( |
) |
Benefits paid | ( |
) | ( |
) |
Changes in the fair value of scheme assets are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
as restated |
£ | £ |
Opening fair value of scheme assets |
Contributions by employer |
Contributions by scheme participants |
Interest income on assets | 25,000 | 17,000 |
Benefits paid | (8,000 | ) | (32,000 | ) |
Asset gains/(losses) during |
the period | (41,000 | ) | 81,000 |
BASKETBALL ENGLAND (REGISTERED NUMBER: 01429756) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
The amounts recognised in other comprehensive income are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
as restated |
£ | £ |
Asset gains/(losses) during |
the period | (41,000 | ) | 81,000 |
Liability gains/(losses) arising during the period |
244,000 |
68,000 |
203,000 | 149,000 |
The major categories of scheme assets as a percentage of total scheme assets are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
as restated |
Equities | 80.80% | 79.80% |
Government bonds | 6.90% | 7.40% |
Corporate bonds | 4.60% | 4.80% |
Property | 3.30% | 4.00% |
Cash | 2.30% | 2.90% |
Other | 2.10% | 1.10% |
100.00% | 100.00% |
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
2023 | 2022 |
as restated |
Discount rate |
CPI inflation |
Pension increases |
Pension accounts revaluation rate |
Salary increases |
BASKETBALL ENGLAND (REGISTERED NUMBER: 01429756) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
11. | RELATED PARTY DISCLOSURES |
The director R W Bell and S Mason, are also a directors of The British Basketball Federation. During the year, the company received grants of £47,867 (2022: £nil) and purchased goods and services totalling £13,976 (2022: £9,863) from The British Basketball Federation. All transactions were made under normal commercial terms. At the year end, the company was owed £41,389 (2022: £41,389) from The British Basketball Federation, and owed £14,549 (2022: £3,325) to the British Basketball Federation. |
The director, M Newby, is also a director of City Of Leeds Basketball Foundation Limited. During the year, the company made sales of £4,867 (2022: £nil) and purchased goods and services totalling £7,281 (2022: £10,211) from City Of Leeds Basketball Foundation Limited. All transactions were made under normal commercial terms. At the year end, the company was owed £3,107 (2022: £Nil) from City Of Leeds Basketball Foundation Limited and owed £5,918 (2022: £Nil) to City of Leeds Basketball Foundation Limited. |
12. | LIMITED BY GUARANTEE |
The company is limited by guarantee and as such has no share capital. The members of the company have a maximum liability of £1 each. |
13. | APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities with the preparation of the financial statements. |
14. | LEASING AGREEMENTS |
At the 31st March 2023, Basketball England had financial commitments of £Nil (2022: £1,120). |