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Registered number: 12519149
ST. MORITZ TOBOGGANING CLUB LIMITED
(A Company Limited by Guarantee)
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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ST. MORITZ TOBOGGANING CLUB LIMITED
(A Company Limited by Guarantee)
REGISTERED NUMBER: 12519149
STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2025
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Capital contribution reserve
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ST. MORITZ TOBOGGANING CLUB LIMITED
(A Company Limited by Guarantee)
REGISTERED NUMBER: 12519149
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 2025
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:
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C W A Bott
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The notes on pages 3 to 8 form part of these financial statements.
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ST. MORITZ TOBOGGANING CLUB LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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
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Basis of preparation of financial statements
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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:
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.
Interest income is recognised in profit or loss using the effective interest method.
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ST. MORITZ TOBOGGANING CLUB LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
2.Accounting policies (continued)
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Foreign currency translation
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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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
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Revaluation of tangible fixed assets
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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.
Investments in subsidiaries are measured at cost less accumulated impairment.
The average monthly number of employees, including directors, during the year was 6 (2024 - 6).
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ST. MORITZ TOBOGGANING CLUB LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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The 2024 valuations were made by the board of directors, on an open market value for existing use basis. The board of directors are of the opinion that the initial cost approximates the fair value of the freehold properties based on the market conditions at the balance sheet date.
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Investment in subsidiary company
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The company owns 100% of the share capital in St. Moritz Tobogganing Club AG, a company incorporated in Switzerland.
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ST. MORITZ TOBOGGANING CLUB LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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Due after more than one year
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Amounts owed by group undertakings
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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 bears an interest rate of 0.5% and is repayable by 31 May 2027.
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Creditors: amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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ST. MORITZ TOBOGGANING CLUB LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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Creditors: amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due 2-5 years
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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.
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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.
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.
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ST. MORITZ TOBOGGANING CLUB LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
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Related party transactions
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During the year ended 31 May 2025, the company received net payments from the subsidiary company, St. Moritz Tobogganing Club AG, totalling CHF 64,973 (2024: CHF 168,494 issued net advances). At 31 May 2025, the balance owed from the company was CHF 9,048 (2024: CHF 55,925 owed to 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 109,048 owed from the company, which is repayable on demand.
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