Company registration number 12695416 (England and Wales)
CHELSEA AND WESTMINSTER SWIMMING CLUB LTD
(A NON PROFIT COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
CHELSEA AND WESTMINSTER SWIMMING CLUB LTD
(A NON PROFIT COMPANY LIMITED BY GUARANTEE)
COMPANY INFORMATION
Directors
Mr G L Rudd
Mrs S Marcal Whittles
Mrs T Pryce-Jones
Company number
12695416
Registered office
Accountancy House
90 Walworth Road
London
SE1 6SW
Accountants
PJT & Co Limited
Accountancy House
90 Walworth Road
London
SE1 6SW
CHELSEA AND WESTMINSTER SWIMMING CLUB LTD
(A NON PROFIT COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Directors' report
1
Accountants' report
2
Income and expenditure account
3
Balance sheet
4
Notes to the financial statements
5 - 6
CHELSEA AND WESTMINSTER SWIMMING CLUB LTD
(A NON PROFIT COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -
The executives present their annual report and financial statements for the year ended 31 August 2024.
Principal activities
The Club’s objects (the Objects) are specifically restricted to teach and coach swimmers to compete in swimming galas at club, county, regional, national and international competitive level on a not-for-profit basis.
In furtherance of the Objects:
(a) the Club is committed to treating everyone equally within the context of its activity and with due respect to the differences of individuals. It shall not apply nor endorse unlawful or unjustified discrimination and shall act in compliance with the protections afforded by the Equality Act 2010;
(b) the Club shall implement the Swim England Equality Policy (as may be amended from time to time);
(c) the Club is committed to health and fitness through swimming for children and youth in the community served by the Club.
The Club has power to do anything which is calculated to further its Objects or is conducive or incidental to doing so.
The Club is a not-for-profit limited liability company (limited by guarantee) run for the benefit of its members.
Directors
The executives who held office during the year and up to the date of signature of the financial statements were as follows:
Mr G L Rudd
Mrs S Marcal Whittles
Mrs T Pryce-Jones
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the Board and signed on its behalf
Mrs T Pryce-Jones
Director
12 November 2024
CHELSEA AND WESTMINSTER SWIMMING CLUB LTD
(A NON PROFIT COMPANY LIMITED BY GUARANTEE)
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF CHELSEA AND WESTMINSTER SWIMMING CLUB LTD
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Chelsea and Westminster Swimming Club Ltd for the year ended 31 August 2024 which comprise the income and expenditure account, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the Board of Directors of Chelsea and Westminster Swimming Club Ltd, as a body, in accordance with the terms of our engagement . Our work has been undertaken solely to prepare for your approval the financial statements of Chelsea and Westminster Swimming Club Ltd and state those matters that we have agreed to state to the Board of Directors of Chelsea and Westminster Swimming Club Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Chelsea and Westminster Swimming Club Ltd and its Board of Directors as a body, for our work or for this report.
We have carried out this engagement in accordance with Technical Factsheet 163 Audit Exempt Companies - ACCA Accounts Preparation Report issued by the Association of Chartered Certified Accountants and have complied with the ethical guidance laid down by the Association relating to members undertaking the compilation of financial statements.
It is your duty to ensure that Chelsea and Westminster Swimming Club Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and deficit of Chelsea and Westminster Swimming Club Ltd. You consider that Chelsea and Westminster Swimming Club Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Chelsea and Westminster Swimming Club Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
PJT & Co Limited
12 November 2024
Chartered Certified Accountants
Accountancy House
90 Walworth Road
London
SE1 6SW
CHELSEA AND WESTMINSTER SWIMMING CLUB LTD
(A NON PROFIT COMPANY LIMITED BY GUARANTEE)
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
2024
2023
£
£
Income
1,153,968
1,078,401
Cost of sales
(92,874)
(73,461)
Gross surplus
1,061,094
1,004,940
Administrative expenses
(1,117,847)
(960,695)
(Deficit)/surplus before taxation
(56,753)
44,245
CHELSEA AND WESTMINSTER SWIMMING CLUB LTD
(A NON PROFIT COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 4 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
6,585
5,178
Cash at bank and in hand
145,312
275,490
151,897
280,668
Creditors: amounts falling due within one year
3
(76,848)
(94,350)
Net current assets
75,049
186,318
Reserves
Income and expenditure account
5
75,049
186,318
Members' funds
75,049
186,318
For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared 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 12 November 2024 and are signed on its behalf by:
Mr G L Rudd
Mrs S Marcal Whittles
Director
Director
Company registration number 12695416 (England and Wales)
CHELSEA AND WESTMINSTER SWIMMING CLUB LTD
(A NON PROFIT COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
1
Accounting policies
Company information
Chelsea and Westminster Swimming Club Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is Accountancy House, 90 Walworth Road, London, SE1 6SW.
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
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
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.
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
Financial liabilities classified as payable within one year are not amortised.
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.
1.4
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.
1.5
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.
CHELSEA AND WESTMINSTER SWIMMING CLUB LTD
(A NON PROFIT COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 6 -
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
25
21
3
Creditors: amounts falling due within one year
2024
2023
£
£
Deposit from members
51,875
42,233
Creditors and accruals
24,973
52,117
76,848
94,350
4
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
5
Income and expenditure account
2024
2023
£
£
At the beginning of the year
186,318
142,073
(Deficit)/surplus for the year
(56,753)
44,245
Pool costs provision written back
(54,516)
At the end of the year
75,049
186,318