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2018-12-31
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No description of principal activities is disclosed
2018-01-01
Sage Accounts Production 18.30 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
01621800
2018-01-01
2018-12-31
01621800
2018-12-31
01621800
2017-12-31
01621800
2017-12-31
01621800
core:PlantMachinery
2018-01-01
2018-12-31
01621800
core:MotorVehicles
2018-01-01
2018-12-31
01621800
core:OnerousContractsExcludingVacantProperties
2018-01-01
2018-12-31
01621800
bus:Director4
2018-01-01
2018-12-31
01621800
core:WithinOneYear
2018-12-31
01621800
core:WithinOneYear
2017-12-31
01621800
core:PlantMachinery
2017-12-31
01621800
core:MotorVehicles
2017-12-31
01621800
core:PlantMachinery
2018-12-31
01621800
core:MotorVehicles
2018-12-31
01621800
core:RetainedEarningsAccumulatedLosses
2018-12-31
01621800
core:RetainedEarningsAccumulatedLosses
2017-12-31
01621800
core:PlantMachinery
2017-12-31
01621800
core:MotorVehicles
2017-12-31
01621800
bus:SmallEntities
2018-01-01
2018-12-31
01621800
bus:AuditExemptWithAccountantsReport
2018-01-01
2018-12-31
01621800
bus:FullAccounts
2018-01-01
2018-12-31
01621800
bus:SmallCompaniesRegimeForAccounts
2018-01-01
2018-12-31
01621800
bus:CompanyLimitedByGuarantee
2018-01-01
2018-12-31
01621800
core:OfficeEquipment
2018-01-01
2018-12-31
01621800
core:OfficeEquipment
2018-12-31
01621800
core:OfficeEquipment
2017-12-31
01621800
core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl
core:AdministrativeServices
2018-01-01
2018-12-31
Company registration number:
01621800
The UK Windsurfing Association
Company limited by guarantee
Unaudited filleted financial statements
31 December 2018
THE UK WINDSURFING ASSOCIATION
COMPANY LIMITED BY GUARANTEE
Contents
Statement of financial position
Notes to the financial statements
THE UK WINDSURFING ASSOCIATION
COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2018
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2018
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2017
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Note
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£
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£
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£
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£
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|
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|
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|
|
|
|
|
|
Fixed assets
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|
|
|
|
|
|
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Tangible assets
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6
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7,151
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|
|
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12,291
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|
|
|
|
|
_______
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|
|
|
_______
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|
|
|
|
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7,151
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|
|
|
12,291
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|
|
|
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|
|
|
|
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Current assets
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|
|
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|
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Stocks
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1,214
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|
|
|
-
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Debtors
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|
7
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2,400
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|
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|
1,451
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|
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Cash at bank and in hand
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36,226
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37,415
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|
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_______
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_______
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39,840
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|
|
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38,866
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Creditors: amounts falling due
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|
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|
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within one year
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|
8
|
(
22,383)
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|
|
|
(
18,373)
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|
_______
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_______
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Net current assets
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17,457
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20,493
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|
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_______
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_______
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Total assets less current liabilities
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24,608
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32,784
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|
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|
|
|
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|
_______
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_______
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Net assets
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|
|
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24,608
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|
|
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32,784
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|
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_______
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_______
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Capital and reserves
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Profit and loss account
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|
9
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|
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24,608
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|
|
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32,784
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|
|
|
|
|
_______
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|
|
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_______
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Members funds
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24,608
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32,784
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_______
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_______
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For the year ending 31 December 2018 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
25 May 2019
, and are signed on behalf of the board by:
Mr Bob Ingram
Mr Andy Watkinson
Director
Director
Company registration number:
01621800
THE UK WINDSURFING ASSOCIATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2018
1.
General information
The company is a private company limited by guarantee, registered in England & Wales. The address of the registered office is Stanhope House, 9-10 Fore Street, Holsworthy, Devon, EX22 6DT.
Principal activity
The principal activity of the association is the promotion of competitive windsurfing.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.Members annual subscriptions commence on the date received and last for twelve months. The amount of members subscriptions included in turnover is calculated as the amount applicable for the period of receipt up to 31 December. The remainder, being the amount for the period from 1 January to expiry, is carried forward as members fees in advance.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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|
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Marine equipment
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-
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20 %
|
straight line
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Motor vehicles
|
-
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25 %
|
straight line
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|
Office equipment
|
-
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33 %
|
straight line
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|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Limited by guarantee
The association is a private company limited by guarantee 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 association in the event of liquidation.
5.
Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to Nil (2017: Nil).
The average number of persons employed by the company during the year, including the directors was nil (2017: nil). No directors received remuneration (2017: none) for their services as directors during the year. Travel and other expenses incurred by Directors undertaking
The UK Windsurfing Association
's activities are re-imbursed. During the year fees and re-imbursed expenses for Directors amounted to:
2018
2017
£
£
Pete Davis
-
150
Bob Ingram
2,201
1,453
James Palin
1,180
1,044
Brian Tilbury
1,224
1,093
6.
Tangible assets
|
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Plant and machinery
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Motor vehicles
|
Office equipment
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Total
|
|
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|
|
|
£
|
£
|
£
|
£
|
|
|
|
|
Cost
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|
|
|
|
|
|
|
|
At 1 January 2018 and 31 December 2018
|
86,439
|
8,667
|
1,841
|
96,947
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|
|
|
|
|
_______
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_______
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_______
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_______
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Depreciation
|
|
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At 1 January 2018
|
76,600
|
6,251
|
1,805
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84,656
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Charge for the year
|
2,937
|
2,167
|
36
|
5,140
|
|
|
|
|
|
_______
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_______
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_______
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_______
|
|
|
|
|
At 31 December 2018
|
79,537
|
8,418
|
1,841
|
89,796
|
|
|
|
|
|
_______
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_______
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_______
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_______
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Carrying amount
|
|
|
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|
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|
|
At 31 December 2018
|
6,902
|
249
|
-
|
7,151
|
|
|
|
|
|
_______
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_______
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_______
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_______
|
|
|
|
|
At 31 December 2017
|
9,839
|
2,416
|
36
|
12,291
|
|
|
|
|
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_______
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_______
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_______
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_______
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7.
Debtors
|
|
|
2018
|
2017
|
|
|
|
£
|
£
|
|
Other debtors
|
|
2,400
|
1,451
|
|
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|
_______
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_______
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|
|
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8.
Creditors: amounts falling due within one year
|
|
|
2018
|
2017
|
|
|
|
£
|
£
|
|
Trade creditors
|
|
2,761
|
2,648
|
|
Accruals and deferred income
|
|
1,956
|
1,630
|
|
Social security and other taxes
|
|
27
|
22
|
|
Other creditors
|
|
17,639
|
14,073
|
|
|
|
_______
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_______
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|
|
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22,383
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18,373
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_______
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_______
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|
9.
Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10.
Related party transactions
During the year the company outsourced administration work and paid fees amounting to £10,527 (2017: £10,220) in respect of this.There are no amounts outstanding to or from related parties at the year end, 31 December 2018 (2017: £nil).