REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
MODERN PENTATHLON ASSOCIATION OF GREAT |
BRITAIN LIMITED |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
MODERN PENTATHLON ASSOCIATION OF GREAT |
BRITAIN LIMITED |
MODERN PENTATHLON ASSOCIATION OF GREAT |
BRITAIN LIMITED (REGISTERED NUMBER: 04931041) |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MODERN PENTATHLON ASSOCIATION OF GREAT |
BRITAIN LIMITED |
Company Information |
for the year ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
11 Laura Place |
Bath |
BA2 4BL |
MODERN PENTATHLON ASSOCIATION OF GREAT |
BRITAIN LIMITED (REGISTERED NUMBER: 04931041) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
RESERVES |
Retained earnings | ( |
) | (11,060 | ) |
( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MODERN PENTATHLON ASSOCIATION OF GREAT |
BRITAIN LIMITED (REGISTERED NUMBER: 04931041) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Modern Pentathlon Association of Great Britain Limited is a private company, limited by guarantee, registered in England & Wales. 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 |
Notwithstanding the Company's negative net assets of £20,193, these Financial Statements have been prepared on a going concern basis which the Directors consider to be appropriate. |
The Company has prepared detailed cashflow, income and expenditure budgets over the next two years, including committed funding income from UK Sport and Sport England, and the Directors therefore assess that the Company has adequate resources to continue in operational existence for the foreseeable future. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Sale of goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
• the Company has transferred the significant risks and rewards of ownership to the buyer; |
• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
• the amount of revenue can be measured reliably; |
• it is probable that the Company will receive the consideration due under the transaction; and |
• the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract 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 under the contract; |
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
• the costs incurred and the costs to complete the contract can be measured reliably. |
Tangible fixed assets |
Office Equipment | - |
Fixtures and fittings | - |
Motor vehicles | - |
MODERN PENTATHLON ASSOCIATION OF GREAT |
BRITAIN LIMITED (REGISTERED NUMBER: 04931041) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the assets if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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. |
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. |
Interest income |
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
MODERN PENTATHLON ASSOCIATION OF GREAT |
BRITAIN LIMITED (REGISTERED NUMBER: 04931041) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Office | and | Motor |
Equipment | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as | restated |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as | restated |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | COMPANY STATUS |
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation. |
MODERN PENTATHLON ASSOCIATION OF GREAT |
BRITAIN LIMITED (REGISTERED NUMBER: 04931041) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
9. | OPERATING LEASE COMMITMENTS |
At the year end the company had commitments under operating leases totalling £1,350 (2022: £2,969). |