Company Registration No. 02817909 (England and Wales)
ENGLAND BOXING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ENGLAND BOXING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ENGLAND BOXING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
9,519
292
Current assets
Debtors
5
105,798
107,378
Cash at bank and in hand
1,002,226
900,257
1,108,024
1,007,635
Creditors: amounts falling due within one year
6
(879,558)
(737,882)
Net current assets
228,466
269,753
Net assets
237,985
270,045
Reserves
Income and expenditure account
237,985
270,045
Members' funds
237,985
270,045
The directors of the company have elected not to include a copy of the income and expenditure 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 6 December 2023 and are signed on its behalf by:
Mr R J Brooke
Mr A Patel
Director
Director
Company registration number 02817909 (England and Wales)
ENGLAND BOXING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2
1
Accounting policies
Company information
England Boxing Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is English Institute of Sport, Coleridge Road, Sheffield, S9 5DA.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
The income of the company consists of clubs' and individual's affiliation and registration fees, grants and donations, together with monies raised from tournaments and the sales of goods towards running boxing events.
Affiliation and registration fees are payable annually, 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.
1.3
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:
Plant and equipment
20% straight line
Fixtures and fittings
20 - 25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
ENGLAND BOXING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
3
1.6
Financial instruments
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.
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
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies 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 payments 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. 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.
1.7
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 is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ENGLAND BOXING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
4
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
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.
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 recognise or acknowledge the contribution of gratuitous services to the company.
2
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.
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
30
21
ENGLAND BOXING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
258,635
Additions
11,114
Disposals
(121,458)
At 31 March 2023
148,291
Depreciation and impairment
At 1 April 2022
258,343
Depreciation charged in the year
1,887
Eliminated in respect of disposals
(121,458)
At 31 March 2023
138,772
Carrying amount
At 31 March 2023
9,519
At 31 March 2022
292
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,218
14,297
Other debtors
104,580
93,081
105,798
107,378
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
148,509
189,575
Corporation tax
1,234
Other taxation and social security
35,024
13,591
Other creditors
696,025
533,482
879,558
737,882
ENGLAND BOXING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6
7
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.
Senior Statutory Auditor:
Steven Knowles FCA
Statutory Auditor:
Knowles Warwick Audit Services Limited
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Equipment
2,156
9
Grant income and expenditure
During the year income and expenditure in respect of each source of funding was a follows:
Year ended 31 March 2023
Sport England
Other funding
Non-public income
Total
£
£
£
£
Income
Grant
1,864,896
68,529
-
1,933,425
Membership
-
-
568,191
568,191
Events
-
-
134,445
134,445
Education & courses
-
-
320,944
320,944
Other income
-
-
84,763
84,763
Total income
1,864,896
68,529
1,108,343
3,041,768
Expenditure
Overhead & support costs
984,072
-
455,882
1,439,954
Talent & performance
477,092
-
5,452
482,544
Community & participation
373,732
68,529
-
442,261
Events
30,000
-
467,583
497,583
Education & courses
-
-
211,486
211,486
Total expenditure
1,864,896
68,529
1,140,403
3,073,828