REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
NATIONAL ICE SKATING ASSOCIATION OF THE |
UNITED KINGDOM |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
NATIONAL ICE SKATING ASSOCIATION OF THE |
UNITED KINGDOM |
NATIONAL ICE SKATING ASSOCIATION OF THE |
UNITED KINGDOM (REGISTERED NUMBER: 02677064) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
NATIONAL ICE SKATING ASSOCIATION OF THE |
UNITED KINGDOM |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
5th Floor, Walker House |
Exchange Flags |
Liverpool |
L2 3YL |
NATIONAL ICE SKATING ASSOCIATION OF THE |
UNITED KINGDOM (REGISTERED NUMBER: 02677064) |
BALANCE SHEET |
30 JUNE 2023 |
30.6.23 | 30.6.22 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 8 |
NET ASSETS |
RESERVES |
Income and expenditure account | 9 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
NATIONAL ICE SKATING ASSOCIATION OF THE |
UNITED KINGDOM (REGISTERED NUMBER: 02677064) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
National Ice Skating Association Of the United Kingdom is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Grant income |
- Grants are classified either as a grant relating to revenue or a grant relating to assets. |
- Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. |
- Grants relating to assets are recognised income on a systematic basis over the expected useful life of the asset. |
Other income (including membership fees) |
Other income is recognised during the period in which it arises. Income received in respect to services or goods provided in a different period is deferred or accrued as required. Income is only recognised when the following conditions are satisfied: |
- the company has transferred the significant risks and rewards of ownership to the buyer; |
- the amount of revenue can be measured reliably |
- it is probable that the company 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. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over it estimated useful life. |
Statue | - | 5% on cost |
Video equipment | - | 20% on cost |
Fixtures & Fittings | - | 20% on cost |
Website development | - | 20% on cost |
Computer equipment | - | 20% on cost |
NATIONAL ICE SKATING ASSOCIATION OF THE |
UNITED KINGDOM (REGISTERED NUMBER: 02677064) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
NATIONAL ICE SKATING ASSOCIATION OF THE |
UNITED KINGDOM (REGISTERED NUMBER: 02677064) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Video | and |
Statue | Equipment | fittings |
£ | £ | £ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Website | Computer |
development | equipment | Totals |
£ | £ | £ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
NATIONAL ICE SKATING ASSOCIATION OF THE |
UNITED KINGDOM (REGISTERED NUMBER: 02677064) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
as restated |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
as restated |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.6.23 | 30.6.22 |
as restated |
£ | £ |
Within one year |
Between one and five years |
8. | PROVISIONS FOR LIABILITIES |
30.6.23 | 30.6.22 |
as restated |
£ | £ |
Other provisions | 50,000 | - |
Other |
provisions |
£ |
Provided during year |
Balance at 30 June 2023 |
NATIONAL ICE SKATING ASSOCIATION OF THE |
UNITED KINGDOM (REGISTERED NUMBER: 02677064) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
8. | PROVISIONS FOR LIABILITIES - continued |
British Ice Skating ("BIS") as the membership brand for the Association, has received a member complaint against another member. As the national governing body, BIS are obliged to investigate this issue, which is on-going. This requires BIS to involve independent consultants and legal advisors to assist with handling the complaint. The costs involved will be borne by BIS as the matter is not an insurable risk. No costs from advisors have been billed to date. In light of this, the directors consider it appropriate to make a provision of £50,000 in the financial statements for likely costs to be incurred. This represents the directors best estimate of costs to conclusion though the matter has not been resolved up to the date of the signing of these accounts. The directors do expect the matter to be resolved in the year ended 30 June 2024. |
9. | RESERVES |
Income |
and |
expenditure |
account |
£ |
At 1 July 2022 |
Deficit for the year | ( |
) |
At 30 June 2023 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | ULTIMATE CONTROLLING PARTY |
The company is controlled by the members. |