Company registration number SC322717 (Scotland)
THE MOUNTAINEERING COUNCIL OF SCOTLAND
T/A MOUNTAINEERING SCOTLAND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
THE MOUNTAINEERING COUNCIL OF SCOTLAND
T/A MOUNTAINEERING SCOTLAND
COMPANY INFORMATION
Directors
Anne Butler (President)
(Appointed 11 November 2023)
Jo Dytch (Chair)
Alistair Todd (Vice Chair)
Hazel Meehan (Treasurer)
Ilona Turnbull
Dominic Hall
Peter Crane
Andrew Walker
Hugo Allan
(Appointed 11 November 2023)
Brendan Hughes
(Appointed 11 November 2023)
Secretary
Stuart Younie
Company number
SC322717
Registered office
Mcofs
The Granary
West Mill Street
PERTH
PH1 5QP
Accountants
MMG Chartered Accountants
15 High Street
CRIEFF
PH7 3HU
Business address
Mcofs
The Granary
West Mill Street
PERTH
PH1 5QP
Bankers
Bank of Scotland
PO Box 10
KIRKCALDY
KY1 3PA
THE MOUNTAINEERING COUNCIL OF SCOTLAND
T/A MOUNTAINEERING SCOTLAND
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE MOUNTAINEERING COUNCIL OF SCOTLAND
T/A MOUNTAINEERING SCOTLAND
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
112,933
116,574
Current assets
Stocks
3,702
1,586
Debtors
5
97,085
52,029
Cash at bank and in hand
227,183
264,635
327,970
318,250
Creditors: amounts falling due within one year
6
(82,526)
(79,125)
Net current assets
245,444
239,125
Total assets less current liabilities
358,377
355,699
Provisions for liabilities
(826)
(774)
Net assets
357,551
354,925
Reserves
Income and expenditure account
357,551
354,925
Members' funds
357,551
354,925

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 15 August 2024 and are signed on its behalf by:
Hazel Meehan (Treasurer)
Director
Company registration number SC322717 (Scotland)
THE MOUNTAINEERING COUNCIL OF SCOTLAND
T/A MOUNTAINEERING SCOTLAND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

The Mountaineering Council of Scotland is a private company limited by guarantee incorporated in Scotland. The registered office is Mcofs, The Granary, West Mill Street, PERTH, PH1 5QP.

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.

 

Grant income is recognised when the company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

 

 

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 or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% and 5% per annum straight line
Plant and equipment
33% per annum straight line
Fixtures and fittings
20% per annum straight line
Computers
33% per annum straight line

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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

THE MOUNTAINEERING COUNCIL OF SCOTLAND
T/A MOUNTAINEERING SCOTLAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 balance sheet 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

THE MOUNTAINEERING COUNCIL OF SCOTLAND
T/A MOUNTAINEERING SCOTLAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Taxation

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

Corporation tax arises on the interest received during the year.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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 (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
14
13
THE MOUNTAINEERING COUNCIL OF SCOTLAND
T/A MOUNTAINEERING SCOTLAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 April 2023
133,698
7,586
8,661
43,738
193,683
Additions
-
0
-
0
-
0
3,400
3,400
At 31 March 2024
133,698
7,586
8,661
47,138
197,083
Depreciation and impairment
At 1 April 2023
21,200
7,340
4,845
43,724
77,109
Depreciation charged in the year
3,915
246
1,732
1,148
7,041
At 31 March 2024
25,115
7,586
6,577
44,872
84,150
Carrying amount
At 31 March 2024
108,583
-
0
2,084
2,266
112,933
At 31 March 2023
112,498
246
3,816
14
116,574
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
97,085
52,029
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
48,408
44,593
Corporation tax
-
0
2
Other creditors
34,118
34,530
82,526
79,125
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.

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