REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements for the Year Ended 30 September 2023 |
for |
BRITISH BOBSLEIGH AND SKELETON |
ASSOCIATION LTD |
REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements for the Year Ended 30 September 2023 |
for |
BRITISH BOBSLEIGH AND SKELETON |
ASSOCIATION LTD |
BRITISH BOBSLEIGH AND SKELETON |
ASSOCIATION LTD (REGISTERED NUMBER: 01520069) |
Contents of the Financial Statements |
for the year ended 30 September 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Income Statement | 7 |
Balance Sheet | 8 |
Notes to the Financial Statements | 9 |
BRITISH BOBSLEIGH AND SKELETON |
ASSOCIATION LTD |
Company Information |
for the year ended 30 September 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
11 Laura Place |
Bath |
BA2 4BL |
BRITISH BOBSLEIGH AND SKELETON |
ASSOCIATION LTD (REGISTERED NUMBER: 01520069) |
Report of the Directors |
for the year ended 30 September 2023 |
The directors present their report with the financial statements of the company for the year ended 30 September 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors 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 surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
BRITISH BOBSLEIGH AND SKELETON |
ASSOCIATION LTD (REGISTERED NUMBER: 01520069) |
Report of the Directors |
for the year ended 30 September 2023 |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
British Bobsleigh And Skeleton |
Association Ltd |
Opinion |
We have audited the financial statements of British Bobsleigh And Skeleton Association Ltd (the 'company') for the year ended 30 September 2023 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its deficit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
British Bobsleigh And Skeleton |
Association Ltd |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; 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 |
- | we have not received all the information and explanations we require for our 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 from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
British Bobsleigh And Skeleton |
Association Ltd |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity by discussion with key personnel and consideration of our experience of this and similar sectors. |
We determined that the most significant laws and regulations which have a direct impact on the form and content of the financial statements of the entity are the Companies Act and UK GAAP, specifically FRS102. |
We determined that the most significant operational laws and regulations for the entity are those governing the operation of sporting and members clubs, specifically health and safety, safeguarding and employment laws along with the regulations set by the IOC and funding regulations set out by UK Sport and England. |
Based on the results or our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above, with no issues arising. |
We gained an understating of the entity's policy and procedures by discussion with key personnel and substantive audit work. |
We assessed the risk of material misstatement in respect of fraud through our planning processes, and no significant risks were identified. |
We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach. |
Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
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 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
11 Laura Place |
Bath |
BA2 4BL |
BRITISH BOBSLEIGH AND SKELETON |
ASSOCIATION LTD (REGISTERED NUMBER: 01520069) |
Income Statement |
for the year ended 30 September 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
OPERATING (DEFICIT)/SURPLUS | ( |
) |
Interest receivable and similar income |
(DEFICIT)/SURPLUS BEFORE TAXATION | ( |
) |
Tax on (deficit)/surplus | 4 |
(DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR |
( |
) |
BRITISH BOBSLEIGH AND SKELETON |
ASSOCIATION LTD (REGISTERED NUMBER: 01520069) |
Balance Sheet |
30 September 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account |
The financial statements were approved by the Board of Directors and authorised for issue on |
BRITISH BOBSLEIGH AND SKELETON |
ASSOCIATION LTD (REGISTERED NUMBER: 01520069) |
Notes to the Financial Statements |
for the year ended 30 September 2023 |
1. | STATUTORY INFORMATION |
British Bobsleigh And Skeleton Association Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
British Bobsleigh and Skeleton Association is fully funded by UK Sport for the Milan Cortina 2026 Olympic Winter Games. The directors have reviewed the cash flow and are of the opinion that the company can meet its financial obligations during the following 12 months and beyond. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis. |
Critical accounting judgements and key sources of estimation uncertainty |
No significant judgements or key assumptions have had to be made by the directors in preparing these financial statements. |
Turnover |
Income comprises athlete and capital funding awards from UK Sport and Sport England, sponsorship, membership fees and other income. |
Athlete funding is recognised in the period to which it relates. Grants for capital funding are recognised over the life of the corresponding assets. Sponsorship income is recognised in the period it is received, unless it is earmarked for a specific event in which case it is recognised in the period in which the event takes place. Membership fee income is recognised in the period to which it is received. |
Tangible fixed assets |
Storage facility | - |
Office Equipment | - |
Plant and Machinery | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
BRITISH BOBSLEIGH AND SKELETON |
ASSOCIATION LTD (REGISTERED NUMBER: 01520069) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the assets if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
3. | EMPLOYEES |
The average number of employees during the year was |
BRITISH BOBSLEIGH AND SKELETON |
ASSOCIATION LTD (REGISTERED NUMBER: 01520069) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2023 |
4. | TAXATION |
Analysis of the tax charge |
The tax charge on the deficit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on (deficit)/surplus |
5. | RELATED PARTY TRANSACTIONS |
During the year transactions with 3 Directors amounted to £9,357, being expenses for directors duties and for the role of Chair of the Performance Management Group (2022: £9,423 for 4 Directors). |
6. | TANGIBLE FIXED ASSETS |
Storage | Office | Plant and |
facility | Equipment | Machinery | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
BRITISH BOBSLEIGH AND SKELETON |
ASSOCIATION LTD (REGISTERED NUMBER: 01520069) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
9. | LIMITED BY GUARANTEE |
The company is limited by guarantee. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation. |
10. | FINANCIAL INSTRUMENTS |
At the prior year end the entity held a forward currency contract to purchase €171,000. At the year-end its fair value, being a level 2 valuation, approximated to £nil. No such contract was in place at the current year end. |
11. | OPERATING LEASE COMMITMENTS |
At the year end, the company had commitments under operating leases totalling £136,549 (2022: £nil), payable over 3 years. |
12. | GRANT INCOME AND EXPENDITURE |
Public |
(UKS / SE | ) | Non-Public | Total 2023 | Total 2022 |
£ | £ | £ | £ |
Income |
Revenue grant funding | 1,812,262 | - | 1,812,262 | 1,622,876 |
Capital grant funding | 28,591 | - | 28,591 | 34,829 |
Sponsorship | - | 7,103 | 7,103 | 20,000 |
Membership | - | 2,739 | 2,739 | 7,072 |
Other income | - | 94,170 | 94,170 | 107,067 |
1,840,853 | 104,012 | 1,944,865 | 1,791,844 |
Expenditure |
Performance | (1,719,319 | ) | (11,839 | ) | (1,731,158 | ) | (1,438,106 | ) |
Overheads and support costs | (233,383 | ) | (79,924 | ) | (313,307 | ) | (265,703 | ) |
(1,952,702 | ) | (91,763 | ) | (2,044,465 | ) | (1,703,809 | ) |
Net income / expenditure | (111,849 | ) | 12,249 | (99,600 | ) | 88,035 |