Registration number:
Snowsport England Limited
(A company limited by guarantee)
for the Year Ended 31 December 2023
Snowsport England Limited
Contents
Company Information |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Balance Sheet |
|
Notes to the Financial Statements |
Snowsport England Limited
Company Information
Directors |
Gregory James Sturge Simon Levene Gareth Case Dominic Harold David McGonigal Andrew William Howell Morwenna Michelle Angove Kahlen James Macaulay Mark Blanchard Victoria Wells Blessing Ekairia John Greenwood |
Registered office |
|
Independent Auditors |
|
Snowsport England Limited
Directors' Report for the Year Ended 31 December 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
Directors of the company
The directors who held office during the year were as follows:
Tim Fawke - Director and CEO (resigned 31 May 2023)
Christopher Stroud - Director (resigned 21 June 2023)
Morwenna Michelle Angove - Senior Independent Director
Simon Levene - Finance Director
Gregory Sturge - Director
Gareth Case - Director
Dominic Harold David McGonigal - Director (appointed 9 January 2023)
Emma Wright - Director (resigned 21 June 2023)
Andrew William Howell - Director
John Greenwood - Director (appointed 20 June 2023)
Blessing Ekairia - Director (appointed 16 October 2023)
Anna Turner - Director (appointed 16 October 2023 and resigned 6 December 2023)
Victoria Wells - Director (appointed 16 October 2023)
Kahlen James - Director (appointed 16 October 2023)
Objectives and Activities
• To promote and support all activities related to snowsports to a wide and increasingly diverse audience of participants and to serve the best interests of our members.
• To ensure that we work in collaboration with Sport England to help deliver the 'Uniting the Movement' strategy through implementation of Snowsport England's 'Inspiring Snowsport' strategy.
• To maintain the financial health of the company, managing costs while looking to increase revenues from our core business and to look to new income streams, so that the company can continue to serve the interests of current and potential members and the wider needs of the sport in the longer term.
Structure, governance and management
As a High Performing National Governing Body (HPNGB) the board are fully aware of the key requirements of good governance, transparency and appropriate financial management. Procedures are in place to continually review and update these three core elements as are policies on risk assessment, safeguarding, athlete welfare and codes of conduct.
The composition of the board aims to be well balanced in terms of gender and with an aim to bring in more diverse directors. Employed management and staff are ten employees (9.1 Full time equivalent) supported by over 500 unpaid volunteers.
Snowsport England Limited
Directors' Report for the Year Ended 31 December 2023
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors Harrison Salmon Associates are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Small companies provision statement
This report has 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.
Approved and authorised by the
......................................... |
Snowsport England Limited
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the company's financial statements and 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.
Snowsport England Limited
(Registration number: 01517634)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
- |
|
Net assets |
|
|
|
Reserves |
|||
Retained earnings |
|
|
|
Surplus |
|
|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Snowsport England Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information and basis of preparation |
The company is a private company limited by guarantee incorporated and domiciled in England.
The address of its registered office is:
United Kingdom
The financial statements are prepared in Sterling (£), which is the functional currency of the company.The financial statements are for the year ended 31 December 2023 (2022: year ended 31 December 2022).
The financial statements have been prepared on a going concern basis under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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.
Going concern
The financial statements have been prepared on a going concern basis.
Snowsport England Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Audit report
.........................................
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred 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.
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Snowsport England Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
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 |
Technical Equipment |
25% straight line |
Office Equipment |
25% 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 customers for merchandise sold or services performed in the ordinary course of business.
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.
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Snowsport England Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Sport England Funding
During the year income of £354,065 (2022 - £325,380) was recognised in relation to Sport England and is presented as other operating income.
2023 |
2022 |
|
£ |
£ |
|
Programmes |
11,250 |
22,940 |
Staff infrastructure |
204,740 |
165,171 |
Service Charges |
20,000 |
28,700 |
235,990 |
216,811 |
|
Additional consultancy grants |
118,075 |
108,569 |
Total income |
354,065 |
325,380 |
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Snowsport England Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Office Equipment |
Technical Equipment |
Total |
|
Cost or valuation |
|||
At 1 January 2023 |
|
|
|
At 31 December 2023 |
|
|
|
Depreciation |
|||
At 1 January 2023 |
|
|
|
Charge for the year |
- |
|
|
At 31 December 2023 |
|
|
|
Carrying amount |
|||
At 31 December 2023 |
- |
|
|
At 31 December 2022 |
- |
|
|
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
- |
|
|
Snowsport England Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
|
Included within other creditors are amounts totalling £58,972.09 (2022 - £63,634) in relation to Sport England deferred income, £Nil (2022 - £6,705) relating to Sports Aid deferred income and £117,664 (2022 - £114,087) in relation to affiliation and registration and renewals deferred income.
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
8 Operating lease commitments
As at 31st December 2023 the company had total minimum lease payment commitments under non-cancellable operating leases as follows: £Nil (2022: £4,738).
9 Provisions available for small entities
In common with many other businesses of our size and nature we use our auditors to prepare and submit to the tax authorities and assist with the preparation of the financial statements.