REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
Manchester Active Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
Manchester Active Limited |
Manchester Active Limited (Registered number: 03747112) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
Manchester Active Limited (Registered number: 03747112) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 | ( |
) | ( |
) |
PENSION ASSET | 9 |
NET ASSETS |
RESERVES |
Income and expenditure account |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Manchester Active Limited (Registered number: 03747112) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Manchester Active Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation. |
Manchester City Council and Sport England are the only members of the company but the company is controlled by the Board, represented by Manchester City Council and Sport England. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounting policies adopted in the preparation of the financial statements are set out below. |
Turnover |
Turnover represents income and grants receivable and are described below. |
Sales in respect of the provision of facilities in the interest of elite sport, social welfare and education for recreation and leisure time occupation are accounted for on an accruals basis net of value added tax where applicable. |
Rental income is included in the profit and loss account in the period to which it relates under the relevant agreements. |
Grants are recognised on an accruals basis and matched to the related expenditure. Grant income received towards revenue expenditure is recognised within income in the same period as the related expenditure. Any revenue grant or service fee received towards future expenditure is treated as deferred income. |
Turnover is attributable to the principal activities of the company which is carried out entirely within the United Kingdom. |
Manchester Active Limited (Registered number: 03747112) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the profit and loss during the period in which they are incurred. |
Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases: |
Office equipment | - 33% on cost |
Sundry equipment | - 20% on cost |
The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the profit and loss account. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 and current taxation |
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. |
Finance costs |
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate of the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
Financial instruments |
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease. |
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. |
Pensions |
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year. |
The company operates a defined benefits pension scheme and the pension charge is based on a full actuarial valuation dated 31st March 2024.. |
Manchester Active Limited (Registered number: 03747112) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The financial statements have been prepared on a going concern basis, which presumes that the company will continue to receive appropriate financial support from Manchester City Council for the foreseeable future. |
Manchester City Council have confirmed their intention to provide such support for the foreseeable future and on this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. The directors are not aware of any reason why the arrangement with Manchester City Council would be materially modified notwithstanding the ongoing uncertainty attaching to public sector expenditure at the present time. |
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, being the 12-month period from the date of these accounts being approved, and therefore the financial statements have been prepared on a going concern basis.' |
Operating leases |
Rentals under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term. |
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate. |
Irrecoverable vat |
Irrecoverable VAT on revenue expenditure is included within expenditure in the profit and loss account. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Cycle To |
Office | Work |
equipment | Scheme | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
Manchester Active Limited (Registered number: 03747112) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | PROVISIONS FOR LIABILITIES |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax |
Accelerated capital allowances | ( |
) |
Defined benefit pension scheme | 577,000 | 337,250 |
585,180 | 334,801 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year |
Balance at 31 March 2024 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | EMPLOYEE BENEFIT OBLIGATIONS |
The company operates a defined contribution pension scheme. Contributions payable by the company to the fund during the period were £212,453 (2023- £220,557). |
The company also operates a defined benefit contribution pension scheme, which is funded. |
The pension costs and provision for the period ending 31st March 2024 are based on the advice of professionally qualified actuary. The most recent formal valuation is dated 31st March 2024. |
The contributions made for the period ended 31st March 2024 were £151,000 (2023: £159,000). The agreed contribution rate for future years is 17.2%, (2023 - 17.2%). |
Manchester Active Limited (Registered number: 03747112) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
The amounts recognised in surplus or deficit are as follows: |
Defined benefit |
pension plans |
31.3.24 | 31.3.23 |
£ | £ |
Current service cost |
Net interest from net defined benefit asset/liability |
(82,000 |
) |
42,000 |
Past service cost |
196,000 | 451,000 |
Actual return on plan assets |
Changes in the present value of the defined benefit obligation are as follows: |
Defined benefit |
pension plans |
31.3.24 | 31.3.23 |
£ | £ |
Opening defined benefit obligation |
Current service cost |
Contributions by scheme participants |
Interest cost |
Benefits paid | ( |
) | ( |
) |
Remeasurements: |
Actuarial (gains)/losses from changes in demographic assumptions |
(40,000 |
) |
(464,000 |
) |
Actuarial (gains)/losses from changes in financial assumptions |
(482,000 |
) |
(4,786,000 |
) |
Other experience | 160,000 | 1,474,000 |
Changes in the fair value of scheme assets are as follows: |
Defined benefit |
pension plans |
31.3.24 | 31.3.23 |
£ | £ |
Opening fair value of scheme assets |
Contributions by employer |
Contributions by scheme participants |
Interest income | 377,000 | 213,000 |
Benefits paid | (170,000 | ) | (81,000 | ) |
Business combinations | ( |
) |
Return on plan assets (excluding interest income) | 216,000 | (74,000 | ) |
Manchester Active Limited (Registered number: 03747112) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
The amounts recognised in other comprehensive income are as follows: |
Defined benefit |
pension plans |
31.3.24 | 31.3.23 |
£ | £ |
Actuarial (gains)/losses from changes in demographic assumptions |
40,000 |
464,000 |
Actuarial (gains)/losses from changes in financial assumptions |
482,000 |
4,786,000 |
Other experience | (160,000 | ) | (1,474,000 | ) |
Return on plan assets (excluding interest income) | 216,000 | (74,000 | ) |
Other experience adjustment | ( |
) |
578,000 | 3,519,000 |
The major categories of scheme assets as a percentage of total scheme assets are as follows: |
Defined benefit |
pension plans |
31.3.24 | 31.3.23 |
Equities | 69% | 68% |
Bonds | 15% | 15% |
Property | 8% | 9% |
Cash | 8% | 8% |
100% | 100% |
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
31.3.24 | 31.3.23 |
Discount rate |
Future salary increases |
Future pension increases |
10. | RELATED PARTY DISCLOSURES |
During the financial year, the company had following transaction with its related party. |
31.03.24 | 31.03.23 |
£ | £ |
Sales to related party | 7,604,225 | 5,627,124 |
Purchases from related party | 529,238 | 594,894 |
Debtors owing | 6,020 | 29,931 |
Creditors owing | 178,685 | 44,594 |