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Registration number: 12711879

MKbasketballfoundation

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

image-name
 

MKbasketballfoundation

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

MKbasketballfoundation

Company Information

Directors

Mr P Taylor

Mrs AD Taylor

Company secretary

Mrs AD Taylor

Registered office

4 Watermill Lane
Wolverton Mill
Milton Keynes
Buckinghamshire
MK12 5PR

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
MKbasketballfoundation
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of MKbasketballfoundation for the year ended 31 August 2023 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of MKbasketballfoundation, as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of MKbasketballfoundation and state those matters that we have agreed to state to the Board of Directors of MKbasketballfoundation, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MKbasketballfoundation and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that MKbasketballfoundation has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of MKbasketballfoundation. You consider that MKbasketballfoundation is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of MKbasketballfoundation. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Michael J Emery & Co Limited
Chartered Accountants
22 St John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

6 March 2024

 

MKbasketballfoundation

(Registration number: 12711879)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,894

-

Current assets

 

Stocks

5

800

800

Debtors

6

14,752

4,203

Cash at bank and in hand

 

138,782

102,964

 

154,334

107,967

Creditors: Amounts falling due within one year

7

(34,244)

(11,440)

Net current assets

 

120,090

96,527

Net assets

 

122,984

96,527

Reserves

 

Retained earnings

122,984

96,527

Surplus

 

122,984

96,527

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 6 March 2024 and signed on its behalf by:
 

.........................................
Mrs AD Taylor
Company secretary and director

 

MKbasketballfoundation

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.

The address of its registered office is:
4 Watermill Lane
Wolverton Mill
Milton Keynes
Buckinghamshire
MK12 5PR

These financial statements were authorised for issue by the Board on 6 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of merchandise and club memberships.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Other grants

Grant income is recognised on an accruals basis; being matched against the expenditure which it is intended to contribute towards.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

MKbasketballfoundation

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from club members in respect of membership fees and kit sales.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

MKbasketballfoundation

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

3

Staff numbers

The average number of persons employed by the company during the year, including directors, was 5 (2022 - 5).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

3,322

3,322

At 31 August 2023

3,322

3,322

Depreciation

Charge for the year

428

428

At 31 August 2023

428

428

Carrying amount

At 31 August 2023

2,894

2,894

5

Stocks

2023
£

2022
£

Inventory

800

800

 

MKbasketballfoundation

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Debtors

2023
£

2022
£

Trade debtors

3,172

856

Prepayments

3,466

343

PAYE and NIC debtor

5,110

-

Other debtors

3,004

3,004

14,752

4,203

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals

1,464

1,240

Income in advance

32,003

2,623

PAYE and NIC creditor

-

5,303

Corporation tax control

777

2,274

34,244

11,440