Financial Statements

Transcription

1 COMPANY REGISTRATION NUMBER English Lacrosse Association Limited Financial Statements For the Year Ended 31 March 2015 BEEVER AND STRUTHERS Chartered Accountants & Statutory Auditor St. George's House Chester Road Manchester M15 4JE

2 Financial Statements Contents Pages Officers and Professional Advisers 1 Directors' Report 2 to 3 Independent Auditor's Report to the Members 4 to 6 Income and Expenditure Account 7 Balance Sheet 8 Notes to the Financial Statements 9 to 13

3 Officers and Professional Advisers The Board of Directors Mr H A McInnes (Appointed 22 June 2014) Mr R Balls Ms S A Barker Mr A P Holdsworth (Retired 29 April 2014) Ms M Steel (Appointed 11 September 2014) Mr A Dyer Mrs C E Stoot (Appointed 22 June 2014) Mr A J Begg (Served from 11 September 2014 to 26 May 2015) Ms S M Redfern (Appointed 22 June 2014) Mr J D Marsden (Appointed 22 June 2014) Ms P C McGivern (Appointed 22 June 2014) Mr E Owen (Appointed 22 June 2014) Ms J J Haynes (Appointed 22 June 2014) Mr M J Coups Company Secretary Mr R Balls Auditor Beever and Struthers Chartered Accountants & Statutory Auditor St. George's House Chester Road Manchester M15 4JE - 1 -

4 Directors' Report The directors present their report and the financial statements of the company for the year ended 31 March Principal Activities The principal activity of the company during the year was to promote and encourage the game of lacrosse, to further its growth and development, and to act as the controller and governing body of the game of lacrosse in England. English Lacrosse has bid for and won the rights to host the 2017 Women's World Cup and the 2018 Men's World Championship. Over the coming months and years, an increasing amount of activity will go towards the successful running of these events. We intend to set up a second subsidiary company to sit alongside Enterprise Lacrosse Limited, and the events will be run through these subsidiaries. Directors The directors who served the company during the year were as follows: Mr R Balls Ms S A Barker Mr A Dyer Mr M J Coups Mr H A McInnes (Appointed 22 June 2014) Ms M Steel (Appointed 11 September 2014) Mrs C E Stoot (Appointed 22 June 2014) Mr A J Begg (Appointed 11 September 2014) Ms S M Redfern (Appointed 22 June 2014) Mr J D Marsden (Appointed 22 June 2014) Ms P C McGivern (Appointed 22 June 2014) Mr E Owen (Appointed 22 June 2014) Ms J J Haynes (Appointed 22 June 2014) Mr A P Holdsworth (Retired 29 April 2014) Directors' Responsibilities The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that year. In preparing these financial statements, the directors are required to: select suitable accounting policies and then apply them consistently; make judgements and accounting estimates that are reasonable and prudent; - 2 -

5 Directors' Report (continued) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor Beever and Struthers are deemed to be re-appointed under section 487(2) of the Companies Act Each of the persons who is a director at the date of approval of this report confirm that: so far as each director is aware, there is no relevant audit information of which the company's auditor is unaware; and each director has taken all steps that they ought to have taken as a director to make themself aware of any relevant audit information and to establish that the company's auditor is aware of that information. Small Company Provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. Signed on behalf of the directors Approved by the directors on 28 June 2015 R Balls Director - 3 -

6 Independent Auditor's Report to the Members of English Lacrosse Association Limited We have audited the financial statements of English Lacrosse Association Limited for the year ended 31 March The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities). This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. Respective Responsibilities of Directors and Auditor As explained more fully in the Directors' Responsibilities Statement set out on pages 2 to 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. Scope of the Audit of the Financial Statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the annual report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report

7 Independent Auditor's Report to the Members of English Lacrosse Association Limited (continued) Opinion on Financial Statements In our opinion the financial statements: give a true and fair view of the state of the company's affairs as at 31 March 2015 and of its surplus for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and have been prepared in accordance with the requirements of the Companies Act Opinion on Other Matter Prescribed by the Companies Act 2006 In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements. Matters on Which We are Required to Report by Exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of directors' remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemptions from the requirement to prepare a strategic report

8 Independent Auditor's Report to the Members of English Lacrosse Association Limited (continued) MARIA HALLOWS (Senior Statutory Auditor) For and on behalf of BEEVER AND STRUTHERS St. George's House Chartered Accountants Chester Road & Statutory Auditor Manchester M15 4JE 28 June

9 Income and Expenditure Account Note Turnover 2,679,088 2,297,533 Cost of sales 1,436,652 1,266,128 Gross surplus 1,242,436 1,031,405 Administrative expenses 1,109,606 1,016,739 Other operating income 3 (30,000) (21,000) Surplus on ordinary activities before taxation 162,830 35,666 Tax on surplus on ordinary activities Surplus for the financial year 162,830 35,666 The notes on pages 9 to 13 form part of these financial statements

10 Balance Sheet 31 March 2015 Note Fixed assets Tangible assets 5 41,281 61,243 Investments ,381 61,343 Current assets Stocks 11,542 12,272 Debtors 7 329, ,553 Cash at bank and in hand 254, , , ,613 Creditors: Amounts Falling due Within One Year 8 298, ,683 Net current assets 296, ,930 Total assets less current liabilities 338, ,273 Reserves 10 Income and expenditure account , ,273 Members' funds 338, ,273 These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and with the Financial Reporting Standard for Smaller Entities (effective April 2008). These accounts were approved by the directors and authorised for issue on 28 June 2015, and are signed on their behalf by: R Balls Director Company Registration Number: The notes on pages 9 to 13 form part of these financial statements

11 Notes to the Financial Statements 1. Accounting Policies Basis of Accounting The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). Turnover Income comprises revenues from a number of sources, including subscriptions, grants, event receipts, coaching and promotional evens. Income is credited to the income and expenditure account for the period to which it relates. Income received in connection with events taking place in subsequent periods is deferred. Subscription income is apportioned on a time basis over the subscription period from September to August. Revenue grants are credited to income in the period to which they relate. All income is shown net of Value Added Tax. Fixed Assets All fixed assets are initially recorded at cost. Depreciation Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Playing Equipment - 25% straight line Office Furniture - 20% straight line Events Equipment - 20% straight line Computer Equipment - 25% straight line Website - 25% straight line Office equipment - 20% straight line Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Operating Lease Agreements Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against income on a straight line basis over the period of the lease

12 Notes to the Financial Statements 1. Accounting Policies (continued) Foreign Currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating surplus. Financial Instruments 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 entity after deducting all of its financial liabilities. Investments Investment in subsidiary is valued at cost less provision for impairment. 2. Prior Year Restatement The 2014 figures have been adjusted to re-analyse the direct cost of sales of 663,699 from administrative expenses. This adjustment has a nil effect on the reserves brought forward. 3. Other Operating Income Management charges receivable 30,000 21, Operating Surplus Operating surplus is stated after charging: Depreciation of owned fixed assets 25,057 31,290 Auditor's fees 4,900 9,600 Net loss on foreign currency translation

13 Notes to the Financial Statements 5. Tangible Fixed Assets Playing Equipment Office Furniture Events Equipment Website Computer Equipment Total Cost At 1 Apr ,432 4,568 50,000 15, ,993 Additions 5,095 5,095 At 31 Mar ,432 4,568 5,095 50,000 15, ,088 Depreciation At 1 Apr ,010 2,290 18,333 11,117 47,750 Charge for the year 8, ,500 2,128 25,057 At 31 Mar ,979 3, ,833 13,245 72,807 Net book value At 31 Mar ,453 1,392 4,521 19,167 2,748 41,281 At 31 Mar ,422 2,278 31,667 4,876 61,243 Capital commitments Contracted but not provided for in the financial statements 30,

14 Notes to the Financial Statements 6. Investments Total Cost At 1 April 2014 and 31 March Net book value At 31 March 2015 and 31 March The company owns 100% of the issued share capital of the companies listed below which are incorporated in the UK. Aggregate capital and reserves Enterprise Lacrosse Limited (78,617) Profit and (loss) for the year Enterprise Lacrosse Limited (78,717) 7. Debtors Trade debtors 123, ,830 Amounts owed by group undertakings 118,373 78,617 Other debtors 87, , , ,553 The amounts owed by group undertakings is due from Enterprise Lacrosse Limited, and represents costs incurred in advance of the 2017 and 2018 events referred to on page 2. It is fully expected that these costs will be covered by future revenues. 8. Creditors: Amounts Falling due Within One Year Trade creditors 97,161 99,192 Taxation and social security 101,419 26,450 Other creditors 100, , , ,

15 Notes to the Financial Statements 9. Related Party Transactions During the year there were no transactions with directors requiring disclosure. No transactions with related parties were undertaken such as are required to be disclosed under FRSSE. 10. English Lacrosse Association is a company limited by guarantee and therefore does not have any share capital. Each voting member undertakes to contribute a sum not exceeding 10 in the event of the company being wound up. 11. Income and Expenditure Account Balance brought forward 175, ,607 Surplus for the financial year 162,830 35,666 Balance carried forward 338, ,