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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
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ENGLAND BOXING LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 |
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FOR |
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ENGLAND BOXING LIMITED |
ENGLAND BOXING LIMITED (REGISTERED NUMBER: 02817909) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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ENGLAND BOXING LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
Regency Court |
62-66 Deansgate |
Manchester |
M3 2EN |
ENGLAND BOXING LIMITED (REGISTERED NUMBER: 02817909) |
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BALANCE SHEET |
31 MARCH 2021 |
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31.3.21 | 31.3.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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RESERVES |
Income and expenditure account |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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ENGLAND BOXING LIMITED (REGISTERED NUMBER: 02817909) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
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1. | STATUTORY INFORMATION |
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England Boxing Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are prepared in sterling, which is the functional currency of the company. Monetary assets in these financial statements are rounded to the nearest pound. |
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The principal accounting policies adopted are set out below. |
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Going Concern |
In common with virtually every other business in the country, the Company has been experiencing the effects of the Coronavirus pandemic. Whilst the full impact of this exceptional situation on the Company cannot be assessed with complete certainty at the current time, the Directors believe they have taken all possible steps to protect the Company including accessing relevant Government assistance. |
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At the time of signing these accounts 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. |
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Turnover |
The income of the company consists of clubs' and individual's affiliation/registration fees, grants and donations, together with monies raised from tournaments and the sale of goods towards running boxing events. |
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Affiliation and registration fees are payable annually, are accounted for when notified by the individual clubs that they are due and deferred to the extent that the affiliation income relates to the following financial year. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Plant and machinery | - | 25% on cost |
Fixtures and fittings | - | 20 - 25% on cost |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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ENGLAND BOXING LIMITED (REGISTERED NUMBER: 02817909) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Honorarium |
An honorarium is an ex gratia payment made to a person for their services in a volunteer capacity, or for services for which fees are not traditionally or legally required. |
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An honorarium is typically a payment made on a special or non-routine basis to an individual who is not an employee of the company, to recognize or to acknowledge the contribution of gratuitous services to the company. |
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Operating leases |
Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease. |
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Judgements and key sources of estimation uncertainty |
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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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ENGLAND BOXING LIMITED (REGISTERED NUMBER: 02817909) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 April 2020 |
and 31 March 2021 |
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DEPRECIATION |
At 1 April 2020 |
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Charge for year |
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At 31 March 2021 |
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NET BOOK VALUE |
At 31 March 2021 |
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At 31 March 2020 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | LEASING AGREEMENTS |
At the reporting date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases of £nil (2020: £976). |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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