Company Registration No. 02544376 (England and Wales)
BOAT RACE COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
PAGES FOR FILING WITH REGISTRAR
BOAT RACE COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr R Gillespie
Mr D Searle
Mr P N Withers
Mr F W Murison
Mrs A Troup
Miss F J Morrison
Ms S Cassidy
(Appointed 15 May 2018)
Mr D S Pearce
(Appointed 13 November 2018)
Secretary
Mr M A Boomla
Company number
02544376
Registered office
Prager Metis LLP
5a Bear Lane
Southwark
London
SE1 0UH
Auditor
Arnold Hill & Co LLP
Craven House
16 Northumberland Avenue
London
United Kingdom
WC2N 5AP
BOAT RACE COMPANY LIMITED
BALANCE SHEET
AS AT 30 JUNE 2018
30 June 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,000
5,000
Current assets
Debtors
4
450,416
326,718
Cash at bank and in hand
148,952
394,593
599,368
721,311
Creditors: amounts falling due within one year
5
(716,996)
(724,479)
Net current liabilities
(117,628)
(3,168)
Total assets less current liabilities
(112,628)
1,832
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
(112,630)
1,830
Total equity
(112,628)
1,832
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 March 2019 and are signed on its behalf by:
Mr D Searle
Director
Company Registration No. 02544376
BOAT RACE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
- 2 -
1
Accounting policies
Company information
Boat Race Company Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
5a Bear Lane, Southwark, London, SE1 0UH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements are prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors regularly review cash flow forecasts to determine the cash requirements of the company. The shareholder, Oxford and Cambridge Rowing Foundation, has provided funding to the company during the year and after the year end to enable it to meet its liabilities as they fall due. In addition, where necessary the company can reduce costs by cutting the level of funding it provides to The Cambridge University Boat Club, The Cambridge University Women's Boat Club, The Oxford University Boat Club and The Oxford University Women's Boat Club.
Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents sponsorship and other income, which is stated net of value added tax, and represents amounts receivable from third parties.
Turnover is attributable to one continuing activity, the professional exploitation of the commercial potential of The Boat Race.
1.4
Tangible fixed assets
The Trophy is not depreciated on the grounds that the annual depreciation charge would be immaterial, based on the remaining useful economic life.
1.5
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 balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
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.
BOAT RACE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 3 -
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.
Basic financial liabilities
Basic financial liabilities, including creditors
and
loans from
fellow group companies, 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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
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. A
m
ounts 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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was 1 (2017 - 1).
BOAT RACE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 4 -
3
Tangible fixed assets
Trophy
£
Cost
At 1 July 2017 and 30 June 2018
5,000
Depreciation and impairment
At 1 July 2017 and 30 June 2018
-
Carrying amount
At 30 June 2018
5,000
At 30 June 2017
5,000
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
402,730
125,940
Corporation tax recoverable
4,484
-
Other debtors
43,202
200,778
450,416
326,718
5
Creditors: amounts falling due within one year
2018
2017
£
£
Amounts due to parent undertakings
150,000
423,000
Corporation tax
-
4,169
Other creditors
566,996
297,310
716,996
724,479
6
Retirement benefit schemes
2018
2017
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
-
3,612
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
BOAT RACE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 5 -
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
BOAT RACE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 6 -
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Mr Justin Moore.
The auditor was Arnold Hill & Co LLP.
9
Related party transactions
During the year the company paid £140,000 (2017: £225,000) to each of The Cambridge University Boat Club, The Cambridge University Women's Boat Club, The Oxford University Boat Club and The Oxford University Women's Boat Club. The boat clubs are stakeholders in the ultimate parent undertaking, The Oxford and Cambridge Rowing Foundation.
Also during the year, the company received a loan from The Oxford and Cambridge Rowing Foundation of £150,000. The loan is interest-free and repayable on demand.
The company paid professional fees of £30,308 (2017: £30,308) to Prager Metis LLP; Mr M A Boomla, secretary of The Boat Race Company Limited, is a partner of Prager Metis LLP.
10
Parent company
The company is a wholly owned subsidiary of The Oxford and Cambridge Rowing Foundation, which is a UK registered charity, number 292325. The company receives sponsorship monies in respect of The Oxford and Cambridge Boat Race and distributes its profits to the Foundation by way of Gift Aid. None was distributed in the current year (2017: £423,000).