Company Registration No. 02817909 (England and Wales)
ENGLAND BOXING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
ENGLAND BOXING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ENGLAND BOXING LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
21,635
9,519
Current assets
Debtors
5
128,201
105,798
Cash at bank and in hand
736,035
1,002,226
864,236
1,108,024
Creditors: amounts falling due within one year
6
(752,795)
(879,558)
Net current assets
111,441
228,466
Net assets
133,076
237,985
Reserves
Income and expenditure account
133,076
237,985
Members' funds
133,076
237,985

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

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 21 October 2024 and are signed on its behalf by:
Mr R J Brooke
Mr P Asare-Archer
Director
Director
Company registration number 02817909 (England and Wales)
ENGLAND BOXING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2
1
Accounting policies
Company information

England Boxing Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is English Institute of Sport, Coleridge Road, Sheffield, S9 5DA.

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
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Income and expenditure

The income of the company consists of clubs' and individual's affiliation and registration fees, grants and donations, together with monies raised from tournaments and the sales of goods towards running boxing events.

 

Affiliation and registration fees are payable annually, accounted for when notified by the individual clubs that they are due and deferred to the extent that the affiliation income relates to the following financial year.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Plant and equipment
20% straight line
Fixtures and fittings
20 - 25% 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.

1.5
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.

ENGLAND BOXING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
3
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
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.

1.8
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 is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

ENGLAND BOXING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
4
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.

 

 

 

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12

Honorarium

An honorarium is an ex gratia payment made to a person for their services in a volunteer capacity, or for services for which fees are not traditionally or legally required.

 

An honorarium is typically a payment made on a special or non-routine basis to an individual who is not an employee of the company, to recognise or acknowledge the contribution of gratuitous services to the company.

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
38
30
ENGLAND BOXING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
148,291
Additions
16,022
At 31 March 2024
164,313
Depreciation and impairment
At 1 April 2023
138,772
Depreciation charged in the year
3,906
At 31 March 2024
142,678
Carrying amount
At 31 March 2024
21,635
At 31 March 2023
9,519
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
21,633
1,218
Other debtors
106,568
104,580
128,201
105,798
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
116,867
148,509
Taxation and social security
40,926
35,024
Other creditors
595,002
696,025
752,795
879,558
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

ENGLAND BOXING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Audit report information
(Continued)
6
Senior Statutory Auditor:
Steven Knowles FCA
Statutory Auditor:
Knowles Warwick Audit Services Limited
Date of audit report:
22 October 2024
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Equipment
1,372
2,156
9
Grant income and expenditure

During the year income and expenditure in respect of each source of funding was a follows:

Year ended 31 March 2024
Sport England
Other funding
Non-public income
Total
£
£
£
£
Income
Grant
1,744,565
5,351
-
1,749,916
Membership
-
-
669,790
669,790
Events
-
-
195,174
195,174
Education & courses
-
-
413,940
413,940
Other income
-
-
45,330
45,330
Total income
1,744,565
5,351
1,324,234
3,074,150
Expenditure
Overhead & support costs
1,006,678
-
493,747
1,500,425
Talent & performance
436,678
-
244,203
680,881
Community & participation
271,209
-
12,934
284,143
Events
30,000
-
449,639
479,639
Education & courses
-
-
233,973
233,973
Total expenditure
1,744,565
-
1,434,496
3,179,061
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