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REGISTERED NUMBER: SC207488 (Scotland)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Scottish Canoe Association

Scottish Canoe Association (Registered number: SC207488)






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




Page

Balance Sheet 1

Notes to the Financial Statements 3


Scottish Canoe Association (Registered number: SC207488)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,038,296 116,313

CURRENT ASSETS
Debtors 5 64,918 68,961
Cash at bank and in hand 688,700 858,486
753,618 927,447
CREDITORS
Amounts falling due within one year 6 (282,640 ) (537,750 )
NET CURRENT ASSETS 470,978 389,697
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,509,274

506,010

CREDITORS
Amounts falling due after more than one
year

7

(1,073,445

)

(78,961

)
NET ASSETS 435,829 427,049

RESERVES
Income and expenditure account 8 435,829 427,049
435,829 427,049

Scottish Canoe Association (Registered number: SC207488)

Balance Sheet - continued
31 March 2024


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 surplus or deficit 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 17 September 2024 and were signed on its behalf by:





Mr D Mear - Director


Scottish Canoe Association (Registered number: SC207488)

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

1. STATUTORY INFORMATION

Scottish Canoe Association is a private company limited by guarantee, domiciled in Scotland, registration number SC207488. The registered office is SCA Grandtully Campsite, Lageonan Road, Grandtully, By Pitlochry, PH9 0PL.

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.

Income
The income of the company consists of grants and awards, membership subscriptions and other sundry items. Income is recognised at the point when the service is complete.

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.
Renovations to land & building - 4% on cost
Canoes & equipment - 25% on cost
Office equipment - 25% on cost
Motor vehicles - 25% on cost

Tangible fixed assets are stated at cost less depreciation. Cost represents 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.

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.

Scottish Canoe Association (Registered number: SC207488)

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

2. ACCOUNTING POLICIES - continued

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
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 26 ) .

4. TANGIBLE FIXED ASSETS
Renovations
to land & Canoes & Office Motor
building equipment equipment vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 268,186 16,906 28,372 97,394 410,858
Additions 949,504 - - - 949,504
At 31 March 2024 1,217,690 16,906 28,372 97,394 1,360,362
DEPRECIATION
At 1 April 2023 185,461 16,906 28,372 63,806 294,545
Charge for year 10,727 - - 16,794 27,521
At 31 March 2024 196,188 16,906 28,372 80,600 322,066
NET BOOK VALUE
At 31 March 2024 1,021,502 - - 16,794 1,038,296
At 31 March 2023 82,725 - - 33,588 116,313

Land & building renovations are secured by a standard charge in favour of Perth and Kinross Council, which places a restriction on the transferring of ownership of land to another person above current valuation and for a different purpose.

Land & building renovations include expenditure incurred on the refurbishment of Grandtully Campsite. The asset was still under construction as at 31st March 2024 with cost to date totalling £949,504 and therefore it is not being depreciated.

Scottish Canoe Association (Registered number: SC207488)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 27,284 31,111
Other debtors 37,634 37,850
64,918 68,961

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 9,627 14,971
Taxation and social security 2,547 -
Other creditors 270,466 522,779
282,640 537,750

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Other creditors 1,073,445 78,961

Scottish Canoe Association (Registered number: SC207488)

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

8. RESERVES

Sources of Reserves

At the end of each financial year the surplus/loss from each cost centre and committee is transferred to a common accumulated reserve fund.

It is the policy of the company to achieve accumulated reserves sufficient to enable normal business operations to continue for at least six months without external funding.

The sources of these reserves since 2000 include:

£
Transferred to the company on incorporation 34,683

Accumulated from the various committees:
- Marathon committee7,431
- Sprint committee(1,357)
- Slalom committee4,993
- Polo committee4,664
- Ocean racing741
- Freestyle(282)
- Wild water racing committee(1,353)
- Surf committee(4,452)

Accumulated from Grandtully campsite271,921
Accumulated from all other activities118,840

Total435,829

Committees are encouraged to be as self-sufficient as possible and to generate sufficient income from their activities as they require to develop and promote their respective disciplines.

A long term development project to improve and increase facilities at the Grandtully site is close to completion as at 31st March 2024. The site has been closed for most of the financial year and will reopen in summer 2024.

Scottish Canoe Association (Registered number: SC207488)

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

9. COMMITTEE INCOME AND EXPENDITURE

£
Committee income
Marathon 3,448
Polo 2,680
Slalom 3,429
Sprint 4,115
Wild water racing 1,588
Ocean Racing 1,486
Freestyle 661
Other 6,737

Total 24,144

Committee expenditure
Marathon 2,911
Polo 2,842
Surf 51
Slalom 2,066
Sprint 4,818
Wild water racing 2,154
Freestyle 679
Ocean racing 1,120
Other 4,641

Total 21,282

10. STATUS OF COMPANY

The company is limited by guarantee and does not have share capital. The liability of each member is limited to £1 in the event of the company being wound up.