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REGISTERED NUMBER: SC203383 (Scotland)















Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Boxing Scotland Limited

Boxing Scotland Limited (Registered number: SC203383)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Report of the Directors 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


Boxing Scotland Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: K Bell
D Broadfoot
F Delaney
M R T Henry
Ms L Junner





REGISTERED OFFICE: National High-Performance Centre
Olympia Theatre, 2 Orr Street
Bridgeton Cross
Glasgow
Strathclyde
G40 2QH





REGISTERED NUMBER: SC203383 (Scotland)





ACCOUNTANTS: ICW Accountancy Ltd
15 St Leonard Street
Lanark
Lanarkshire
ML11 7AB

Boxing Scotland Limited (Registered number: SC203383)

Report of the Directors
for the Year Ended 31 March 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the governing body of boxing in Scotland.

REVIEW OF BUSINESS
Boxing Scotland Ltd has enjoyed it's most successful Commonwealth Games year ever returning our best ever medal tally including 3 golds and 2 bronze giving us a top 3 ranking in the medals table above all other home nations. Overall, the 2019-2023 cycle has been our most successful cycle to date. Financially a decision was taken by the Board to utilise reserves in order to create a dedicated training program over and above what was already budgeted through the Sportscotland investment. Following the exceptional performance to date Sportscotland have confirmed their decision to increase Boxing Scotland's annual funding. We also believe our international success has inspired greater ambition across our clubs including boxers and coaches and the future has never looked brighter for boxing in Scotland.

Throughout the past year we have witnessed an increase in the number of registered athletes, clubs and officials and took the conscious decision to freeze affiliation, registration and permit fees.
Given the success detailed above we are delighted that Sportscotland have recognised this and as a result we have secured a significant uplift to the current investment over the next four years. This will be reinvested in the development of grass roots boxing

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

K Bell
D Broadfoot
F Delaney
M R T Henry
Ms L Junner

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:





K Bell - Director


30 September 2023

Boxing Scotland Limited (Registered number: SC203383)

Income Statement
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   

TURNOVER 988,877 930,230

Cost of sales 488,768 434,052
GROSS SURPLUS 500,109 496,178

Administrative expenses 576,320 526,167
(76,211 ) (29,989 )

Other operating income 385 33,998
OPERATING (DEFICIT)/SURPLUS 5 (75,826 ) 4,009

Interest receivable and similar income 44 -
(DEFICIT)/SURPLUS BEFORE TAXATION (75,782 ) 4,009

Tax on (deficit)/surplus - -
(DEFICIT)/SURPLUS FOR THE
FINANCIAL YEAR

(75,782

)

4,009

Boxing Scotland Limited (Registered number: SC203383)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 40,766 47,740

CURRENT ASSETS
Stocks 5,347 6,606
Debtors 7 22,748 28,234
Cash at bank and in hand 88,505 171,484
116,600 206,324
CREDITORS
Amounts falling due within one year 8 72,264 64,471
NET CURRENT ASSETS 44,336 141,853
TOTAL ASSETS LESS CURRENT
LIABILITIES

85,102

189,593

CREDITORS
Amounts falling due after more than one year 9 (56,678 ) (56,678 )

ACCRUALS AND DEFERRED INCOME (32,245 ) (60,954 )
NET (LIABILITIES)/ASSETS (3,821 ) 71,961

RESERVES
Income and expenditure account (3,821 ) 71,961
(3,821 ) 71,961

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Boxing Scotland Limited (Registered number: SC203383)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared 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 30 September 2023 and were signed on its behalf by:





K Bell - Director


Boxing Scotland Limited (Registered number: SC203383)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Boxing Scotland Limited is a private company, limited by guarantee , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is recongised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Consideration is given to the point at which the Company is entitled to received the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recongised:

Revenue from the provision of services is recongised in the period in which the services are provided when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due;
- the costs incurred can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment - 33% on costs
Plant & machinery - 15% reducing balance
High Performance centre equipment - 15% reducing balance
Boxing equipment - 15% reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Boxing Scotland Limited (Registered number: SC203383)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions 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 the market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecongition of financial assets
Financial assets are derecongised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and reward of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, are initially recongised 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 on year are not amortised.

Boxing Scotland Limited (Registered number: SC203383)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
As asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead ot a revised carrying amount hg's than the carrying value has no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on a individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recongised.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In preparing these financial statements, the directors have made the following judgements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Assets are considered for indications of impairment. If required an impairment review will be carried out and a decision made on possible impairment. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash generating unit, the viability and expected future performance of that unit.

Bad debts are provided for where objective evidence of the need for a provision exists.

Inventories are assessed for evidence of obsolescence and a provision is made against any inventory unlikely to be sold, or where stock is sold post year end at a loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 9 ) .

Boxing Scotland Limited (Registered number: SC203383)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. OPERATING (DEFICIT)/SURPLUS

The operating deficit (2022 - operating surplus) is stated after charging:

31.3.23 31.3.22
£    £   
Depreciation - owned assets 8,774 13,620

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 136,521
Additions 1,800
At 31 March 2023 138,321
DEPRECIATION
At 1 April 2022 88,781
Charge for year 8,774
At 31 March 2023 97,555
NET BOOK VALUE
At 31 March 2023 40,766
At 31 March 2022 47,740

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors - 18,000
Other debtors 22,748 10,234
22,748 28,234

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 62,280 90
Taxation and social security 7,113 8,421
Other creditors 2,871 55,960
72,264 64,471

Boxing Scotland Limited (Registered number: SC203383)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Other creditors 56,678 56,678

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 56,678 12,989