Company registration number 02677064 (England and Wales)
NATIONAL ICE SKATING ASSOCIATION OF THE UNITED KINGDOM
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
NATIONAL ICE SKATING ASSOCIATION OF THE UNITED KINGDOM
COMPANY INFORMATION
Directors
TJ Fell
CD Buchanan
RJ Cousins
AC Hughes
LK Jarvis
HAJ Williams
AP Wilson
MP Chapman
(Appointed 2 December 2023)
A Dowling (Chair)
(Appointed 17 December 2024)
Company number
02677064
Registered office
Eis Sheffield
Coleridge Road
Sheffield
South Yorkshire
United Kingdom
S9 5DA
Auditor
Sedulo Audit Limited
5th Floor Walker House
Exchange Flags
Liverpool
Merseyside
United Kingdom
L2 3YL
NATIONAL ICE SKATING ASSOCIATION OF THE UNITED KINGDOM
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
NATIONAL ICE SKATING ASSOCIATION OF THE UNITED KINGDOM
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
24,725
37,038
Current assets
Stocks
29,841
10,147
Debtors
4
153,041
108,486
Cash at bank and in hand
681,809
750,256
864,691
868,889
Creditors: amounts falling due within one year
5
(451,558)
(441,886)
Net current assets
413,133
427,003
Total assets less current liabilities
437,858
464,041
Provisions for liabilities
6
-
0
(50,000)
Net assets
437,858
414,041
Reserves
Income and expenditure account
437,858
414,041
Members' funds
437,858
414,041

The notes on pages 2 to 7 form part of these financial statements.

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

These financial statements have been prepared and delivered 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 31 March 2025 and are signed on its behalf by:
A Dowling (Chair)
Director
Company registration number 02677064 (England and Wales)
NATIONAL ICE SKATING ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

National Ice Skating Association of the United Kingdom is a private company limited by guarantee incorporated in England and Wales. The registered office is Eis Sheffield, Coleridge Road, Sheffield, South Yorkshire, United Kingdom, S9 5DA.

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 

Grant income

 

Other income (including membership fees)

Other income is recognised during the period in which it arises. Income received in respect to services or goods provided in a different period is deferred or accrued as required. Income is only recognised when the following conditions are satisfied:

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% on cost
Computer equipment
20% on cost
Statue
5% on cost
Video equipment
20% on cost
Website development
20% on cost
NATIONAL ICE SKATING ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
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.

NATIONAL ICE SKATING ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and 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 measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

1.8
Taxation

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in surplus or deficit in the period in which it arises.

NATIONAL ICE SKATING ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.10
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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
20
15
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Statue
Video equipment
Website development
Total
£
£
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
73,519
42,968
34,580
16,243
2,500
169,810
Depreciation and impairment
At 1 July 2023
47,306
34,415
34,146
15,730
1,175
132,772
Depreciation charged in the year
7,815
2,011
1,729
258
500
12,313
At 30 June 2024
55,121
36,426
35,875
15,988
1,675
145,085
Carrying amount
At 30 June 2024
18,398
6,542
(1,295)
255
825
24,725
At 30 June 2023
26,213
8,553
434
513
1,325
37,038
NATIONAL ICE SKATING ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
32,514
29,148
Other debtors
120,527
79,338
153,041
108,486
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
37,411
141,368
Taxation and social security
12,437
10,333
Other creditors
401,710
290,185
451,558
441,886
6
Provisions for liabilities
2024
2023
£
£
Other provisions
-
50,000

British Ice Skating ("BIS") as the membership brand for the Association, has received a member complaint against another member. As the national governing body, BIS are obliged to investigate this issue. This requires BIS to involve independent consultants and legal advisors to assist with handling the complaint. The costs involved will be borne by BIS as the matter is not an insurable risk. As at the date of signing, the final invoice has been received totaling £60,000 and therefore, the provision is now included within accruals as at 30 June 2024.

7
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.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

NATIONAL ICE SKATING ASSOCIATION OF THE UNITED KINGDOM
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
8
Audit report information
(Continued)
- 7 -
Senior Statutory Auditor:
Katelyn Dutton
Statutory Auditor:
Sedulo Audit Limited
Date of audit report:
1 April 2025
9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
84,670
62,430
2024-06-302023-07-01falsefalsefalse01 April 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityTJ FellD JohnsonR ProctorCD BuchananRJ CousinsAC HughesLK JarvisK RotheryDHE ThomsonHAJ WilliamsAP WilsonMP ChapmanA Dowling (Chair)026770642023-07-012024-06-3002677064bus:Director12023-07-012024-06-3002677064bus:Director42023-07-012024-06-3002677064bus:Director52023-07-012024-06-3002677064bus:Director62023-07-012024-06-3002677064bus:Director72023-07-012024-06-3002677064bus:Director102023-07-012024-06-3002677064bus:Director112023-07-012024-06-3002677064bus:Director122023-07-012024-06-3002677064bus:Director132023-07-012024-06-3002677064bus:Director22023-07-012024-06-3002677064bus:Director32023-07-012024-06-3002677064bus:Director82023-07-012024-06-3002677064bus:Director92023-07-012024-06-3002677064bus:RegisteredOffice2023-07-012024-06-30026770642024-06-30026770642023-06-3002677064core:FurnitureFittings2024-06-3002677064core:ComputerEquipment2024-06-3002677064core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-06-3002677064core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2024-06-3002677064core:FurnitureFittings2023-06-3002677064core:ComputerEquipment2023-06-3002677064core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-06-3002677064core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-06-3002677064core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3002677064core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3002677064core:CurrentFinancialInstruments2024-06-3002677064core:CurrentFinancialInstruments2023-06-3002677064core:RetainedEarningsAccumulatedLosses2024-06-3002677064core:RetainedEarningsAccumulatedLosses2023-06-3002677064core:FurnitureFittings2023-07-012024-06-3002677064core:ComputerEquipment2023-07-012024-06-3002677064core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-07-012024-06-3002677064core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-07-012024-06-3002677064core:Non-standardPPEClass3ComponentTotalPropertyPlantEquipment2023-07-012024-06-30026770642022-07-012023-06-3002677064core:FurnitureFittings2023-06-3002677064core:ComputerEquipment2023-06-3002677064core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-06-3002677064core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment2023-06-30026770642023-06-3002677064core:WithinOneYear2024-06-3002677064core:WithinOneYear2023-06-3002677064bus:CompanyLimitedByGuarantee2023-07-012024-06-3002677064bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-3002677064bus:FRS1022023-07-012024-06-3002677064bus:Audited2023-07-012024-06-3002677064bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP