Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-312023-06-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12519149 2023-06-01 2024-05-31 12519149 2022-06-01 2023-05-31 12519149 2024-05-31 12519149 2023-05-31 12519149 c:Director2 2023-06-01 2024-05-31 12519149 d:OtherPropertyPlantEquipment 2024-05-31 12519149 d:OtherPropertyPlantEquipment 2023-05-31 12519149 d:CurrentFinancialInstruments 2024-05-31 12519149 d:CurrentFinancialInstruments 2023-05-31 12519149 d:Non-currentFinancialInstruments 2024-05-31 12519149 d:Non-currentFinancialInstruments 2023-05-31 12519149 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 12519149 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 12519149 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 12519149 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 12519149 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-05-31 12519149 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 12519149 d:RevaluationReserve 2024-05-31 12519149 d:RevaluationReserve 2023-05-31 12519149 d:OtherMiscellaneousReserve 2023-06-01 2024-05-31 12519149 d:OtherMiscellaneousReserve 2024-05-31 12519149 d:OtherMiscellaneousReserve 2023-05-31 12519149 d:RetainedEarningsAccumulatedLosses 2024-05-31 12519149 d:RetainedEarningsAccumulatedLosses 2023-05-31 12519149 c:FRS102 2023-06-01 2024-05-31 12519149 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 12519149 c:FullAccounts 2023-06-01 2024-05-31 12519149 c:CompanyLimitedByGuarantee 2023-06-01 2024-05-31 12519149 5 2023-06-01 2024-05-31 12519149 6 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 12519149










ST. MORITZ TOBOGGANING CLUB LIMITED
(A Company Limited by Guarantee)








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
ST. MORITZ TOBOGGANING CLUB LIMITED
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 12519149

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

As restated
2024
2023
Note
CHF
CHF

Fixed assets
  

Tangible assets
 4 
4,291,496
4,291,496

Investments
 5 
100,000
100,000

  
4,391,496
4,391,496

Current assets
  

Debtors: amounts falling due after more than one year
 6 
100,000
100,000

Debtors: amounts falling due within one year
 6 
75,834
62,310

Cash at bank and in hand
 7 
2,110,069
2,198,987

  
2,285,903
2,361,297

Creditors: amounts falling due within one year
 8 
(115,124)
(293,131)

Net current assets
  
 
 
2,170,779
 
 
2,068,166

Total assets less current liabilities
  
6,562,275
6,459,662

Creditors: amounts falling due after more than one year
 9 
(1,616,747)
(1,600,528)

  

Net assets
  
4,945,528
4,859,134


Capital and reserves
  

Revaluation reserve
 11 
127,196
127,196

Capital contribution reserve
 11 
5,002,871
5,002,871

Profit and loss account
 11 
(184,539)
(270,933)

  
4,945,528
4,859,134


Page 1

 
ST. MORITZ TOBOGGANING CLUB LIMITED
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 12519149
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
C W A Bott
Director

Date: 8 January 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
ST. MORITZ TOBOGGANING CLUB LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

St. Moritz Tobogganing Club Limited is a private company limited by guarantee without share capital and  registered in England and Wales. Its registration number is 12519149. Its registered office is 10 Queen Street Place, London, England, EC4R 1AG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from the sale of goods is recognised at the point of sale of goods to customers from the company shop.
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Swiss Francs (CHF).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
ST. MORITZ TOBOGGANING CLUB LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 4

 
ST. MORITZ TOBOGGANING CLUB LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Tangible fixed assets





Other fixed assets

CHF



Valuation


At 1 June 2023
4,291,496



At 31 May 2024

4,291,496






Net book value



At 31 May 2024
4,291,496



At 31 May 2023
4,291,496


5.


Fixed asset investments





Investment in subsidiary company

CHF



Cost


At 1 June 2023
100,000



At 31 May 2024
100,000




The company owns 100% of the share capital in St. Moritz Tobogganing Club AG, a company incorporated in Switzerland.

Page 5

 
ST. MORITZ TOBOGGANING CLUB LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Debtors

2024
2023
CHF
CHF

Due after more than one year

Amounts owed by group undertakings
100,000
100,000


In the year ended 31 May 2023, the company granted a long-term loan to its subsidiary company, St. Moritz Tobogganing Club AG, of CHF 100,000. The loan is interest free and repayable by 31 May 2027.

2024
2023
CHF
CHF

Due within one year

Trade debtors
68,889
55,334

Prepayments
6,945
6,976

75,834
62,310



7.


Cash

2024
2023
CHF
CHF

Cash at bank and in hand
2,110,069
2,198,987



8.


Creditors: amounts falling due within one year

2024
2023
CHF
CHF

Trade creditors
14,121
10,957

Amounts owed to group undertakings
44,075
212,569

Other creditors
745
12,151

Accruals and deferred income
56,183
57,454

115,124
293,131


Page 6

 
ST. MORITZ TOBOGGANING CLUB LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Creditors: amounts falling due after more than one year

As restated
2024
2023
CHF
CHF

Bank loans
400,000
400,000

Other creditors
640,924
659,040

Deferred income
575,823
541,488

1,616,747
1,600,528



10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
CHF
CHF



Amounts falling due 2-5 years

Bank loans
400,000
400,000


The company owes an interest only loan totalling CHF 400,000 to UBS Switzerland AG Bank. The loan is secured by a bearer mortgage note over the property, Via Ruinatsch 5, 7500, St. Moritz, Switzerland and bears a fixed rate interest only, repayable by 16 February 2028 with interest charges at a rate of 1.98% per annum.


11.


Reserves

Capital contribution reserve

On 30 November 2021, the company acquired the business, liabilities and assets from St. Moritz Tobogganing Club in return for granting rights to all members of St. Moritz Tobogganing Club to become members of the company. At this date, a capital contribution reserve account recorded the transfer of the business, liabilities and assets from St. Moritz Tobogganing Club in return for members rights.



12.


Company status

The company is a private company limited by guarantee and consequently does not have share capital.
Each of the members guarantee that if the company is wound up whilst each individual is an active member or within one year after ceasing to be member, they will contribute to the assets of the company by such amount as may be required for:
a) payment of debts and liabilities of the company contracted before ceasing to be a member;
b) adjustment of the rights of the contributors among members, not exceeding £1 each.

Page 7

 
ST. MORITZ TOBOGGANING CLUB LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Prior year adjustment

Revenue was materially overstated in the year ended 31 May 2023 due to recognising a receivable as income rather than funding within other creditors. This error has been corrected by a prior year adjustment, which has increased other creditors due after more than one year by CHF 87,178. Retained profit and loss has correspondingly reduced by CHF 87,178 to (CHF 270,933) at 1 June 2023.


14.


Related party transactions

During the year ended 31 May 2024, the company made net advances to the subsidiary company, St. Moritz Tobogganing Club AG, totalling CHF 168,494 (2023: CHF 212,207 received net advances). At 31 May 2024, the balance owed to the company was CHF 55,925 (2023: CHF 112,569 owed from the company). 
This loan was split between a total of CHF 100,000 owed to the company, which is repayable by 31 May 2027 and a total of CHF 44,075 owed from the company, which is repayable on demand.

 
Page 8