Registration number:
Exeter & District Ski Club Ltd
(A company limited by guarantee)
for the Year Ended 30 June 2024
Exeter & District Ski Club Ltd
Contents
Company Information |
|
Directors' Report |
|
Accountants' Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Unaudited Financial Statements |
|
Detailed Profit and Loss Account |
|
iXBRL Detailed Profit and Loss Account |
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 |
|
Accountants |
|
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:
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
......................................... |
......................................... |
......................................... |
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.
......................................
Chartered Certified Accountants
Clyst Road
Topsham
Exeter
Devon
EX3 0DB
Exeter & District Ski Club Ltd
Profit and Loss Account for the Year Ended 30 June 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross surplus/(deficit) |
|
( |
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating surplus/(deficit) |
16,877 |
(3,578) |
|
Other interest receivable and similar income |
|
|
|
Surplus/(deficit) before tax |
|
( |
|
Tax on profit/(loss) |
( |
- |
|
Surplus/(deficit) for the financial year |
|
( |
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 |
|
( |
Total comprehensive income for the year |
|
( |
Exeter & District Ski Club Ltd
(Registration number: 4902237)
Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Net assets |
|
|
|
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 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
......................................... |
......................................... |
......................................... |
Exeter & District Ski Club Ltd
Statement of Changes in Equity for the Year Ended 30 June 2024
Retained earnings |
Total |
|
At 1 July 2023 |
|
|
Surplus for the year |
|
|
At 30 June 2024 |
|
|
Retained earnings |
Total |
|
At 1 July 2022 |
|
|
Deficit for the year |
( |
( |
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
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:
The principal place of business is:
Clifton Hill
Exeter
EX1 2DJ
These financial statements were authorised for issue by the
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
Recognition and measurement
Impairment
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit/loss before tax |
Arrived at after charging/(crediting)
2024 |
2023 |
|
Depreciation expense |
|
|
Exeter & District Ski Club Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Tangible assets |
Equipment |
Other tangible assets |
Total |
|
Cost or valuation |
|||
At 1 July 2023 |
|
|
|
Additions |
|
- |
|
At 30 June 2024 |
|
|
|
Depreciation |
|||
At 1 July 2023 |
|
|
|
Charge for the year |
|
|
|
At 30 June 2024 |
|
|
|
Carrying amount |
|||
At 30 June 2024 |
|
|
|
At 30 June 2023 |
|
|
|
Stocks |
2024 |
2023 |
|
Other inventories |
|
|
Debtors |
Current |
2024 |
2023 |
Trade debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
- |
|
|
Exeter & District Ski Club Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
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 £
Related party transactions |
Summary of transactions with other related parties
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 |
|
|
Cost of sales |
||
Opening raw materials |
( |
( |
Purchase of raw materials and consumables |
( |
( |
Closing raw materials |
|
|
Rent, rates and services costs |
( |
( |
Utilities costs |
( |
( |
Other repairs and maintenance |
( |
( |
Depreciation of fixed assets |
( |
( |
Training |
( |
( |
Insurance costs |
( |
( |
Gross profit/(loss) |
18,810 |
(152) |
Distribution costs |
||
Administrative expenses |
||
Advertising, promotions and marketing costs |
( |
( |
Bonuses excluding directors |
( |
( |
Other staff costs excluding directors |
( |
( |
Staff costs excluding directors |
( |
( |
Subcontractor costs |
( |
( |
Legal and professional costs |
( |
( |
Bank charges |
( |
( |
Telecommunications |
( |
( |
Printing, postage and stationery |
( |
( |
Subscriptions |
( |
( |
Other costs |
( |
( |
Other operating income |
||
Other operating income |
|
|
Other items |
||
Profit/(loss) on ordinary activities before finance charges and interest |
16,877 |
(3,578) |
Bank interest and similar income receivable |
|
|
Profit/(loss) on ordinary activities before taxation |
|
( |
Tax on profit or loss on ordinary activities |
( |
- |
Profit/(loss) for the financial year |
|
( |