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REGISTERED NUMBER: SC246645 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

The Scottish Amateur Swimming
Association Limited

The Scottish Amateur Swimming
Association Limited (Registered number: SC246645)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


The Scottish Amateur Swimming
Association Limited (Registered number: SC246645)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 7,104 13,800

CURRENT ASSETS
Debtors 5 162,389 112,716
Cash at bank and in hand 2,011,196 2,191,204
2,173,585 2,303,920
CREDITORS
Amounts falling due within one year 6 (1,780,952 ) (1,922,282 )
NET CURRENT ASSETS 392,633 381,638
TOTAL ASSETS LESS CURRENT
LIABILITIES

399,737

395,438

RESERVES
Retained earnings 399,737 395,438
399,737 395,438

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 August 2024 and were signed on its behalf by:





Mr G R Marchbank - Director


The Scottish Amateur Swimming
Association Limited (Registered number: SC246645)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

The company is a private company limited by guarantee, domiciled in Scotland, registration number SC246645. The address of the registered office is University of Stirling Sport, University of Stirling, Stirling, FK9 4LA.

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.

Revenue recognition
The main components of income are Membership Fees, sportscotland grants, Aquatics GB grants, Sponsorship, National Framework and Education programmes.

Membership fees are non-refundable and are recognised in the period in which the subscription relates.

Grants are released to income over the period specified in the offer document.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Equipment and fittings - 33% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

The Scottish Amateur Swimming
Association Limited (Registered number: SC246645)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accruals model.

Under the accruals model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised in income in the period in which it becomes receivable.

Going concern
The Company receives support from sportscotland in the form of a grant, as well as income from members and partners. At 31 March 2024, the Company held cash balances of £2 million. Directors have reviewed the Company's financial resources, commitments and working capital projections and believe that the Company will be able to meet its obligations as they fall due for a period of at least 12 months from the date of approval of these financial statements. On this basis, the financial statements have been prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2023 - 42 ) .

The Scottish Amateur Swimming
Association Limited (Registered number: SC246645)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Equipment
and
fittings
£   
COST
At 1 April 2023 23,192
Additions 1,200
At 31 March 2024 24,392
DEPRECIATION
At 1 April 2023 9,392
Charge for year 7,896
At 31 March 2024 17,288
NET BOOK VALUE
At 31 March 2024 7,104
At 31 March 2023 13,800

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 42,629 19,530
Other debtors 119,760 93,186
162,389 112,716

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 602,770 756,711
Taxation and social security 22,712 8,341
Other creditors 1,155,470 1,157,230
1,780,952 1,922,282

Trade creditors include membership income received in advance of the membership year amounting to £361,843 (2023 : £396,848).

Other creditors includes an amount of £1,086,474 (2023 : £1,120,458) in relation to grants and other income deferred to later accounting periods in accordance with the terms of the offer documents.

7. GOVERNMENT GRANTS

Government grants were received during the year from sportscotland. The total amount within income amounted to £1,589,590 (2023 : £1,477,907). This grant was ring-fenced to support staffing, business continuity and sport recovery. Grants not fully utilised during the year are deferred to later accounting periods in accordance with the terms of the offer documents.