Company registration number 04413282 (England and Wales)
Cycling Time Trials
financial statements
For the year ended 31 March 2023
Cycling Time Trials
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Cycling Time Trials
Statement of financial position
As at 31 March 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,776
7,702
Current assets
Stocks
18,523
11,290
Debtors
5
88,972
30,226
Cash at bank and in hand
407,612
413,476
515,107
454,992
Creditors: amounts falling due within one year
6
(85,780)
(64,183)
Net current assets
429,327
390,809
Net assets
435,103
398,511
Reserves
Other reserves
157,855
157,855
Income and expenditure account
277,248
240,656
Members' funds
435,103
398,511
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 27 October 2023 and are signed on its behalf by:
A Parish
Director
Company Registration No. 04413282
Cycling Time Trials
Notes to the financial statements
For the year ended 31 March 2023
- 2 -
1
Accounting policies
Company information
Cycling Time Trials is a private company limited by guarantee incorporated in England and Wales. The registered office is The Glades, Festival Way, Festival Park, Stoke-on-Trent, Staffordshire, ST1 5SQ.
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
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% per annum on net book value
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).
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts.
Cycling Time Trials
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 3 -
1.7
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 statement of financial position 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 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 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.
1.8
Taxation
The company is exempt from corporation tax on its mutual trading activities, being a company not carrying on a business for the purposes of making a profit.
Tax is due on non-mutual trading activities.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
Cycling Time Trials
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
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 employed by the company during the year was:
2023
2022
Number
Number
Total
2
4
4
Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2022 and 31 March 2023
27,348
Depreciation and impairment
At 1 April 2022
19,646
Depreciation charged in the year
1,926
At 31 March 2023
21,572
Carrying amount
At 31 March 2023
5,776
At 31 March 2022
7,702
Cycling Time Trials
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
88,972
30,226
6
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
8,717
Other creditors
77,063
64,183
85,780
64,183
7
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
8
National Committee Members
No emoluments were paid during the year. Only accommodation, travel expenses and subsistence were paid in accordance with section 46 of the Articles of Association.
9
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:
Gary Neil Chadwick FCCA
Statutory Auditor:
DJH Mitten Clarke Audit Limited