Registration number:
The British Association of Snowsport Instructors Limited
for the Year Ended 31 May 2019
A9 Accountancy Limited
Elm House
Cradlehall Business Park
Inverness
IV2 5GH
The British Association of Snowsport Instructors Limited
(Registration number: SC278963)
Balance Sheet as at 31 May 2019
Note |
2019 |
Restated |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Profit and loss account |
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768,522 |
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Total equity |
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768,522 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 1 |
The British Association of Snowsport Instructors Limited
Notes to the Financial Statements for the Year Ended 31 May 2019
General information |
The company is a company limited by guarantee, incorporated in Scotland.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Prior period errors
During the prior period a systems error meant that income had been incorrectly deferred at the year end.
Relating to the current period disclosed in these financial statements |
Relating to the prior period disclosed in these financial statements |
Relating to periods before the prior period disclosed in these financial statements |
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Turnover |
(82,000) |
82,000 |
- |
Going concern
The financial statements have been prepared on a going concern basis.
Audit report
Page 2 |
The British Association of Snowsport Instructors Limited
Notes to the Financial Statements for the Year Ended 31 May 2019
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
2% straight line |
Plant and machinery |
25% straight line |
Computer equipment |
33% straight line |
Office fixtures fittings and equipment |
20% straight line |
Software |
12.5% & 14.3% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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The British Association of Snowsport Instructors Limited
Notes to the Financial Statements for the Year Ended 31 May 2019
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Going concern |
The directors acknowledge the risk of Brexit and how it may impact the company’s overseas activity in the coming year. The company has agreements in place with skiing nations so that the instructors can continue to run courses in the EU and due to the good reputation of the organisation the BASI qualified instructors are in high demand. Following the transitional agreement between the United Kingdom and the EU countries the BASI instructors are expected to be able to work under the terms of any such agreement and therefore there is no immediate risk that the company will be unable to continue trading for the foreseeable future.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 4 |
The British Association of Snowsport Instructors Limited
Notes to the Financial Statements for the Year Ended 31 May 2019
Tangible assets |
Land and buildings |
Computer equipment |
Office fixtures, fittings and equipment |
Software |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 June 2018 |
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Additions |
- |
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- |
- |
- |
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At 31 May 2019 |
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Depreciation |
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At 1 June 2018 |
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Charge for the year |
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At 31 May 2019 |
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Carrying amount |
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At 31 May 2019 |
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At 31 May 2018 |
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- |
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Included within the net book value of land and buildings above is £485,137 (2018 - £497,568) in respect of freehold land and buildings.
Stocks |
2019 |
2018 |
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Other inventories |
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Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Page 5 |
The British Association of Snowsport Instructors Limited
Notes to the Financial Statements for the Year Ended 31 May 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Related party transactions |
Summary of transactions with other related parties
Coaching services £5,201
Telemark Ski tour services £2,267
Snowdome courses £1,975
Ski trainer services from directors £18,613
BASI Promotions Limited is a company limited by guarantee which is wholly owned by the members of The British Association of Snowsport Instructors Limited. The company charged a management fee of £42,000 (2018- £40,400) for management services.
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