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REGISTERED NUMBER: 01520069 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 30 September 2023

for

BRITISH BOBSLEIGH AND SKELETON
ASSOCIATION LTD

BRITISH BOBSLEIGH AND SKELETON
ASSOCIATION LTD (REGISTERED NUMBER: 01520069)






Contents of the Financial Statements
for the year ended 30 September 2023




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 7

Balance Sheet 8

Notes to the Financial Statements 9


BRITISH BOBSLEIGH AND SKELETON
ASSOCIATION LTD

Company Information
for the year ended 30 September 2023







DIRECTORS: G J Moore
H M Ratnage-Black
I M Richardson
P Davison
D A Goodridge
R H Q B Moon
K S Moore





SECRETARY: N J Tomlin





REGISTERED OFFICE: 5 South Buildings
University Of Bath
Claverton Down
Bath
BA2 7AY





REGISTERED NUMBER: 01520069 (England and Wales)





AUDITORS: Richardson Swift Audit Ltd
Chartered Accountants
Statutory Auditor
11 Laura Place
Bath
BA2 4BL

BRITISH BOBSLEIGH AND SKELETON
ASSOCIATION LTD (REGISTERED NUMBER: 01520069)

Report of the Directors
for the year ended 30 September 2023

The directors present their report with the financial statements of the company for the year ended 30 September 2023.

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

G J Moore
H M Ratnage-Black
I M Richardson

Other changes in directors holding office are as follows:

J M Poulton - resigned 1 November 2022

P Davison , D A Goodridge , R H Q B Moon and K S Moore were appointed as directors after 30 September 2023 but prior to the date of this report.

K J Drawer , S A Sequeira and S W H Winfield ceased to be directors after 30 September 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.


BRITISH BOBSLEIGH AND SKELETON
ASSOCIATION LTD (REGISTERED NUMBER: 01520069)

Report of the Directors
for the year ended 30 September 2023

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:





G J Moore - Director


13 March 2024

Report of the Independent Auditors to the Members of
British Bobsleigh And Skeleton
Association Ltd

Opinion
We have audited the financial statements of British Bobsleigh And Skeleton Association Ltd (the 'company') for the year ended 30 September 2023 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its deficit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
British Bobsleigh And Skeleton
Association Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
British Bobsleigh And Skeleton
Association Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity by discussion with key personnel and consideration of our experience of this and similar sectors.

We determined that the most significant laws and regulations which have a direct impact on the form and content of the financial statements of the entity are the Companies Act and UK GAAP, specifically FRS102.

We determined that the most significant operational laws and regulations for the entity are those governing the operation of sporting and members clubs, specifically health and safety, safeguarding and employment laws along with the regulations set by the IOC and funding regulations set out by UK Sport and England.

Based on the results or our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above, with no issues arising.

We gained an understating of the entity's policy and procedures by discussion with key personnel and substantive audit work.

We assessed the risk of material misstatement in respect of fraud through our planning processes, and no significant risks were identified.

We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach.

Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Catherine Edwards BSc FCA (Senior Statutory Auditor)
for and on behalf of Richardson Swift Audit Ltd
Chartered Accountants
Statutory Auditor
11 Laura Place
Bath
BA2 4BL

13 March 2024

BRITISH BOBSLEIGH AND SKELETON
ASSOCIATION LTD (REGISTERED NUMBER: 01520069)

Income Statement
for the year ended 30 September 2023

2023 2022
Notes £    £   

TURNOVER 1,944,865 1,791,844

Administrative expenses 2,044,465 1,703,809
OPERATING (DEFICIT)/SURPLUS (99,600 ) 88,035

Interest receivable and similar income 148 9
(DEFICIT)/SURPLUS BEFORE TAXATION (99,452 ) 88,044

Tax on (deficit)/surplus 4 28 2
(DEFICIT)/SURPLUS FOR THE FINANCIAL
YEAR

(99,480

)

88,042

BRITISH BOBSLEIGH AND SKELETON
ASSOCIATION LTD (REGISTERED NUMBER: 01520069)

Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 231,281 87,861

CURRENT ASSETS
Stocks 17,783 38,375
Debtors 7 58,618 80,928
Cash at bank 271,087 314,114
347,488 433,417
CREDITORS
Amounts falling due within one year 8 372,744 215,773
NET CURRENT (LIABILITIES)/ASSETS (25,256 ) 217,644
TOTAL ASSETS LESS CURRENT LIABILITIES 206,025 305,505

RESERVES
Income and expenditure account 206,025 305,505
206,025 305,505

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 13 March 2024 and were signed on its behalf by:





G J Moore - Director


BRITISH BOBSLEIGH AND SKELETON
ASSOCIATION LTD (REGISTERED NUMBER: 01520069)

Notes to the Financial Statements
for the year ended 30 September 2023

1. STATUTORY INFORMATION

British Bobsleigh And Skeleton Association Ltd is a private company, limited by guarantee , registered in England and 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
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.

Going concern
British Bobsleigh and Skeleton Association is fully funded by UK Sport for the Milan Cortina 2026 Olympic Winter Games. The directors have reviewed the cash flow and are of the opinion that the company can meet its financial obligations during the following 12 months and beyond. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Critical accounting judgements and key sources of estimation uncertainty
No significant judgements or key assumptions have had to be made by the directors in preparing these financial statements.

Turnover
Income comprises athlete and capital funding awards from UK Sport and Sport England, sponsorship, membership fees and other income.

Athlete funding is recognised in the period to which it relates. Grants for capital funding are recognised over the life of the corresponding assets. Sponsorship income is recognised in the period it is received, unless it is earmarked for a specific event in which case it is recognised in the period in which the event takes place. Membership fee income is recognised in the period to which it is received.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Storage facility - 20% on cost
Office Equipment - 25% on cost
Plant and Machinery - 25% on cost

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

BRITISH BOBSLEIGH AND SKELETON
ASSOCIATION LTD (REGISTERED NUMBER: 01520069)

Notes to the Financial Statements - continued
for the year ended 30 September 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.

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.

3. EMPLOYEES

The average number of employees during the year was 7 (2022 - 8 ) .

BRITISH BOBSLEIGH AND SKELETON
ASSOCIATION LTD (REGISTERED NUMBER: 01520069)

Notes to the Financial Statements - continued
for the year ended 30 September 2023

4. TAXATION

Analysis of the tax charge
The tax charge on the deficit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 28 2
Tax on (deficit)/surplus 28 2

5. RELATED PARTY TRANSACTIONS

During the year transactions with 3 Directors amounted to £9,357, being expenses for directors duties and for the role of Chair of the Performance Management Group (2022: £9,423 for 4 Directors).

6. TANGIBLE FIXED ASSETS
Storage Office Plant and
facility Equipment Machinery Totals
£    £    £    £   
COST
At 1 October 2022 26,357 31,413 796,432 854,202
Additions - - 240,643 240,643
At 30 September 2023 26,357 31,413 1,037,075 1,094,845
DEPRECIATION
At 1 October 2022 26,357 27,912 712,072 766,341
Charge for year - 3,266 93,957 97,223
At 30 September 2023 26,357 31,178 806,029 863,564
NET BOOK VALUE
At 30 September 2023 - 235 231,046 231,281
At 30 September 2022 - 3,501 84,360 87,861

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 18,080
Other debtors 10,398 10,443
Prepayments and accrued income 48,220 52,405
58,618 80,928

BRITISH BOBSLEIGH AND SKELETON
ASSOCIATION LTD (REGISTERED NUMBER: 01520069)

Notes to the Financial Statements - continued
for the year ended 30 September 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 36,458 20,564
Corporation tax 28 2
Social security and other taxes 12,943 12,531
Other creditors 6,294 43,173
Accruals and deferred income 317,021 139,503
372,744 215,773

9. LIMITED BY GUARANTEE

The company is limited by guarantee. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

10. FINANCIAL INSTRUMENTS

At the prior year end the entity held a forward currency contract to purchase €171,000. At the year-end its fair value, being a level 2 valuation, approximated to £nil. No such contract was in place at the current year end.

11. OPERATING LEASE COMMITMENTS

At the year end, the company had commitments under operating leases totalling £136,549 (2022: £nil), payable over 3 years.

12. GRANT INCOME AND EXPENDITURE


Public
(UKS / SE ) Non-Public Total 2023 Total 2022
£    £    £    £   
Income
Revenue grant funding 1,812,262 - 1,812,262 1,622,876
Capital grant funding 28,591 - 28,591 34,829
Sponsorship - 7,103 7,103 20,000
Membership - 2,739 2,739 7,072
Other income - 94,170 94,170 107,067
1,840,853 104,012 1,944,865 1,791,844

Expenditure
Performance (1,719,319 ) (11,839 ) (1,731,158 ) (1,438,106 )
Overheads and support costs (233,383 ) (79,924 ) (313,307 ) (265,703 )
(1,952,702 ) (91,763 ) (2,044,465 ) (1,703,809 )

Net income / expenditure (111,849 ) 12,249 (99,600 ) 88,035