European Surfing Federation 05290754 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is the organisation of European Surfing Competitions Digita Accounts Production Advanced 6.30.9574.0 true 05290754 2024-01-01 2024-12-31 05290754 2024-12-31 05290754 2 2024-12-31 05290754 core:CurrentFinancialInstruments 2024-12-31 05290754 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 05290754 core:FurnitureFittingsToolsEquipment 2024-12-31 05290754 bus:SmallEntities 2024-01-01 2024-12-31 05290754 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 05290754 bus:FilletedAccounts 2024-01-01 2024-12-31 05290754 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 05290754 bus:RegisteredOffice 2024-01-01 2024-12-31 05290754 bus:CompanySecretary1 2024-01-01 2024-12-31 05290754 bus:Director14 2024-01-01 2024-12-31 05290754 bus:Director15 2024-01-01 2024-12-31 05290754 bus:Director16 2024-01-01 2024-12-31 05290754 bus:Director6 2024-01-01 2024-12-31 05290754 bus:Director9 2024-01-01 2024-12-31 05290754 bus:CompanyLimitedByGuarantee 2024-01-01 2024-12-31 05290754 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 05290754 core:OfficeEquipment 2024-01-01 2024-12-31 05290754 countries:EnglandWales 2024-01-01 2024-12-31 05290754 2023-01-01 2023-12-31 05290754 2023-12-31 05290754 2 2023-12-31 05290754 core:CurrentFinancialInstruments 2023-12-31 05290754 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 iso4217:GBP xbrli:pure

Registration number: 05290754

European Surfing Federation

(A company limited by guarantee)

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

European Surfing Federation

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

European Surfing Federation

Company Information

Directors

Tiago Sequeiros Maltez De Matos

Jean Luc Arassus

Joao Manuel De Carvalho Jardim Aranha

Laurent Rondi

Michael Lindberg

Company secretary

Karen Walton

Registered office

16 Beacon Estate
Sancreed
Penzance
Cornwall
TR20 8QR

 

European Surfing Federation

(Registration number: 05290754)
Balance Sheet as at 31 December 2024

Note

2024

2023

Fixed assets

 

Tangible assets

4

2,911

-

Current assets

 

Debtors

5

57,959

95,025

Cash at bank and in hand

 

68,501

37,683

 

126,460

132,708

Creditors: Amounts falling due within one year

6

(46,676)

(31,246)

Net current assets

 

79,784

101,462

Net assets

 

82,695

101,462

Reserves

 

Retained earnings

82,695

101,462

Surplus

 

82,695

101,462

For the financial year ending 31 December 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 April 2025 and signed on its behalf by:
 

.........................................
Jean Luc Arassus
Director

 

European Surfing Federation

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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 € 10 towards the assets of the company in the event of liquidation.

The address of its registered office is:
16 Beacon Estate
Sancreed
Penzance
Cornwall
TR20 8QR

These financial statements were authorised for issue by the Board on 25 April 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).

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 presentational currency is Euros (€).

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 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.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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.

 

European Surfing Federation

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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

Office equipment

50% p.a Reducing Balance

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.

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.

 

European Surfing Federation

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Financial instruments

Classification
Financial assets are classified into either basic or other financial assets. Financial liabilities are classified into either basic or other financial liabilities. These classifications depend on certain criteria determined at the time of recognition.

The company holds only basic financial instruments.

 Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is initially measured at the present value of the future receipts discounted at a market rate of interest and subsequently held at amortised cost.

Basic financial liabilities, including trade and other payables are initially measured at transaction price, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition.

 Impairment
Basic financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

European Surfing Federation

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4

tangible assets

Furniture, fittings and equipment
 €

Total

Cost or valuation

Additions

3,678

3,678

At 31 December 2024

3,678

3,678

Depreciation

Charge for the year

767

767

At 31 December 2024

767

767

Carrying amount

At 31 December 2024

2,911

2,911

5

Debtors

Note

2024

2023

Trade debtors

 

52,874

95,025

Income tax asset

5,085

-

 

57,959

95,025

6

Creditors

Creditors: amounts falling due within one year

2024

2023

Due within one year

Taxation and social security

-

8,256

Accruals and deferred income

1,782

1,660

Other creditors

44,894

21,330

46,676

31,246