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Registration number: 4902237

Exeter & District Ski Club Ltd

(A company limited by guarantee)

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Exeter & District Ski Club Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 14

Detailed Profit and Loss Account

15 to 16

iXBRL Detailed Profit and Loss Account

17

 

Exeter & District Ski Club Ltd

Company Information

Directors

C Bishop

D Blanchard

R Edwards

R S Grimwood

G Leeper

J C Redwood

N Williams

J M Cashmore

C Hockin

Company secretary

D Blanchard

Registered office

Redwoods
2 Clyst Works
Clyst Road, Topsham
Exeter
Devon
EX3 0DB

Accountants

Redwoods
Chartered Certified Accountants2 Clyst Works
Clyst Road
Topsham
Exeter
Devon
EX3 0DB

 

Exeter & District Ski Club Ltd

Directors' Report for the Year Ended 30 June 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors of the company

The directors who held office during the year were as follows:

C Bishop

D Blanchard - Company secretary and director

R Edwards

R S Grimwood

G Leeper

J C Redwood

N Williams

J M Cashmore

D Leeper (resigned 22 April 2024)

C Hockin (appointed 22 April 2024)

Principal activity

The principal activity of the company is the promotion of skiing, snowboarding and associated sports and activities

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 3 March 2025 and signed on its behalf by:
 

.........................................
C Bishop
Director

.........................................
D Blanchard
Company secretary and director

.........................................
J C Redwood
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Exeter & District Ski Club Ltd
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Exeter & District Ski Club Ltd for the year ended 30 June 2024 as set out on pages 4 to 14 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 Exeter & District Ski Club Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Exeter & District Ski Club Ltd and state those matters that we have agreed to state to the Board of Directors of Exeter & District Ski Club Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Exeter & District Ski Club Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Exeter & District Ski Club Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Exeter & District Ski Club Ltd. You consider that Exeter & District Ski 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 accounts of Exeter & District Ski 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 accounts.

......................................

Redwoods
Chartered Certified Accountants
2 Clyst Works
Clyst Road
Topsham
Exeter
Devon
EX3 0DB

3 March 2025

 

Exeter & District Ski Club Ltd

Profit and Loss Account for the Year Ended 30 June 2024

Note

2024
£

2023
£

Turnover

 

62,158

59,497

Cost of sales

 

(43,348)

(59,649)

Gross surplus/(deficit)

 

18,810

(152)

Administrative expenses

 

(5,259)

(6,043)

Other operating income

 

3,326

2,617

Operating surplus/(deficit)

 

16,877

(3,578)

Other interest receivable and similar income

 

1,985

416

Surplus/(deficit) before tax

4

18,862

(3,162)

Tax on profit/(loss)

 

(377)

-

Surplus/(deficit) for the financial year

 

18,485

(3,162)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Exeter & District Ski Club Ltd

Statement of Comprehensive Income for the Year Ended 30 June 2024

2024
£

2023
£

Surplus/(deficit) for the year

18,485

(3,162)

Total comprehensive income for the year

18,485

(3,162)

 

Exeter & District Ski Club Ltd

(Registration number: 4902237)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

11,398

6,268

Current assets

 

Stocks

6

200

120

Debtors

7

1,370

7,365

Cash at bank and in hand

 

125,733

107,582

 

127,303

115,067

Creditors: Amounts falling due within one year

8

(2,867)

(3,986)

Net current assets

 

124,436

111,081

Net assets

 

135,834

117,349

Reserves

 

Retained earnings

135,834

117,349

Surplus

 

135,834

117,349

 

Exeter & District Ski Club Ltd

(Registration number: 4902237)
Balance Sheet as at 30 June 2024

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 3 March 2025 and signed on its behalf by:
 

.........................................
C Bishop
Director

.........................................
D Blanchard
Company secretary and director

.........................................
J C Redwood
Director

 

Exeter & District Ski Club Ltd

Statement of Changes in Equity for the Year Ended 30 June 2024

Retained earnings
£

Total
£

At 1 July 2023

117,349

117,349

Surplus for the year

18,485

18,485

At 30 June 2024

135,834

135,834

Retained earnings
£

Total
£

At 1 July 2022

120,511

120,511

Deficit for the year

(3,162)

(3,162)

At 30 June 2023

117,349

117,349

 

Exeter & District Ski Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, 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.

The address of its registered office is:
Redwoods
2 Clyst Works
Clyst Road, Topsham
Exeter
Devon
EX3 0DB

The principal place of business is:
Clifton Hill
Exeter
EX1 2DJ

These financial statements were authorised for issue by the Board on 3 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are presented in £ sterling and are rounded to £1.

 

Exeter & District Ski Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Going concern

Judgements

In the application of the company’s accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Ski lodge

10% straight line

Ski slope

20% straight line

Equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Exeter & District Ski Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Exeter & District Ski Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Financial instruments

Classification
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, such as trade and other accounts receivable and payable and loans from banks/other third parties.

 Recognition and measurement
Debt instruments like loans are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payable or receivables, are measured initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. In the case of a non current liability not at a market rate of interest, the financial liability is measured initially and subsequently at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
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 profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows, discounted at the assets original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset’s carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 7).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

7,470

3,820

 

Exeter & District Ski Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Tangible assets

Equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

107,043

223,823

330,866

Additions

12,600

-

12,600

At 30 June 2024

119,643

223,823

343,466

Depreciation

At 1 July 2023

106,401

218,197

324,598

Charge for the year

4,521

2,949

7,470

At 30 June 2024

110,922

221,146

332,068

Carrying amount

At 30 June 2024

8,721

2,677

11,398

At 30 June 2023

642

5,626

6,268

6

Stocks

2024
£

2023
£

Other inventories

200

120

7

Debtors

Current

2024
£

2023
£

Trade debtors

1,370

7,365

 

1,370

7,365

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

2,490

3,986

Taxation and social security

377

-

2,867

3,986

 

Exeter & District Ski Club Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £17,112 (2023 - £21,612).

10

Related party transactions

Summary of transactions with other related parties

Directors Some of the directors are also volunteer instructors of the club and as such are paid expneses at the same rate as all other instructors. No payment is made in respect of services as a director excepting honoraria paid to the secretary.

 

Exeter & District Ski Club Ltd

Detailed Profit and Loss Account for the Year Ended 30 June 2024

2024
£

2023
£

Turnover (analysed below)

62,158

59,497

Cost of sales (analysed below)

(43,348)

(59,649)

Gross surplus/(deficit)

18,810

(152)

Gross surplus (%)

30.26%

(0.26)%

Administrative expenses

Employment costs (analysed below)

(850)

(850)

General administrative expenses (analysed below)

(2,869)

(3,840)

Finance charges (analysed below)

(1,540)

(1,353)

(5,259)

(6,043)

Other operating income (analysed below)

3,326

2,617

Operating surplus/(deficit)

16,877

(3,578)

Other interest receivable and similar income (analysed below)

1,985

416

Surplus/(deficit) before tax

18,862

(3,162)

 

Exeter & District Ski Club Ltd

Detailed Profit and Loss Account for the Year Ended 30 June 2024

2024
£

2023
£

   

Turnover

Slope receipts

62,158

59,497

   

Cost of sales

Opening raw materials

120

150

Instructors expenses

16,504

16,586

Closing raw materials

(200)

(120)

Instructor training

576

375

Rent

4,500

3,836

Rates

136

307

Electricity

4,722

9,566

Insurance

7,147

6,495

Maintenance and repair

2,373

18,634

Depreciation of plant and machinery

7,470

3,820

43,348

59,649

   

Employment costs

Honorarium - Treasurer

300

300

Honorarium - Secretary

250

250

Honorarium - Bookings secretary

300

300

850

850

   

General administrative expenses

Telephone

667

629

Printing, postage and stationery

11

198

Race team entry

1,068

1,222

Subscriptions

356

381

Sundry expenses

173

102

Advertising

94

808

Professional fees

500

500

2,869

3,840

   

Finance charges

Bank charges

88

95

PayPal fees & booking bug costs

1,452

1,258

1,540

1,353

   

Other operating income

Subscriptions

3,400

2,495

Miscellaneous sales

(74)

122

3,326

2,617

   

Other interest receivable and similar income

Bank interest receivable

1,985

416

 

Exeter & District Ski Club Ltd

iXBRL Detailed Profit and Loss Account for the Year Ended 30 June 2024

2024
£

2023
£

Turnover/revenue

62,158

59,497

Cost of sales

Opening raw materials

(120)

(150)

Purchase of raw materials and consumables

(16,504)

(16,586)

Closing raw materials

200

120

Rent, rates and services costs

(4,636)

(4,143)

Utilities costs

(4,722)

(9,566)

Other repairs and maintenance

(2,373)

(18,634)

Depreciation of fixed assets

(7,470)

(3,820)

Training

(576)

(375)

Insurance costs

(7,147)

(6,495)

Gross profit/(loss)

18,810

(152)

Distribution costs

Administrative expenses

Advertising, promotions and marketing costs

(94)

(808)

Bonuses excluding directors

(250)

(250)

Other staff costs excluding directors

(300)

(300)

Staff costs excluding directors

(550)

(550)

Subcontractor costs

(300)

(300)

Legal and professional costs

(500)

(500)

Bank charges

(88)

(95)

Telecommunications

(667)

(629)

Printing, postage and stationery

(11)

(198)

Subscriptions

(1,424)

(1,603)

Other costs

(1,625)

(1,360)

Other operating income

Other operating income

3,326

2,617

Other items

Profit/(loss) on ordinary activities before finance charges and interest

16,877

(3,578)

Bank interest and similar income receivable

1,985

416

Profit/(loss) on ordinary activities before taxation

18,862

(3,162)

Tax on profit or loss on ordinary activities

(377)

-

Profit/(loss) for the financial year

18,485

(3,162)