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Financial Statements for the Year Ended 31 March 2022 |
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MODERN PENTATHLON ASSOCIATION OF GREAT |
BRITAIN LIMITED |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 March 2022 |
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for |
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MODERN PENTATHLON ASSOCIATION OF GREAT |
BRITAIN LIMITED |
MODERN PENTATHLON ASSOCIATION OF GREAT |
BRITAIN LIMITED (REGISTERED NUMBER: 04931041) |
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Contents of the Financial Statements |
for the year ended 31 March 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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MODERN PENTATHLON ASSOCIATION OF GREAT |
BRITAIN LIMITED |
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Company Information |
for the year ended 31 March 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditor |
11 Laura Place |
Bath |
BA2 4BL |
MODERN PENTATHLON ASSOCIATION OF GREAT |
BRITAIN LIMITED (REGISTERED NUMBER: 04931041) |
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Balance Sheet |
31 March 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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RESERVES |
Retained earnings |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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MODERN PENTATHLON ASSOCIATION OF GREAT |
BRITAIN LIMITED (REGISTERED NUMBER: 04931041) |
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Notes to the Financial Statements |
for the year ended 31 March 2022 |
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1. | STATUTORY INFORMATION |
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Modern Pentathlon Association of Great Britain Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The return to grass roots activity post Covid 19 restrictions has been successful. The inflationary pressures are being monitored and plans will be amended in response to a changing cost base. The underlying financial position of the company remains stable. Management and the Board continue to liaise closely with our critical funding partners to monitor our funding position and outgoings; and to ensure that our financial commitments are planned according to the resources available |
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On this basis the directors are confident that the company remains a going concern and the accounts have been prepared on a going concern basis. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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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. The following criteria must also be met before revenue is recognised: |
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Sale of goods |
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Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
• the Company has transferred the significant risks and rewards of ownership to the buyer; |
• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
• the amount of revenue can be measured reliably; |
• it is probable that the Company will receive the consideration due under the transaction; and |
• the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
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Rendering of services |
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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. |
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Tangible fixed assets |
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Office Equipment | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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MODERN PENTATHLON ASSOCIATION OF GREAT |
BRITAIN LIMITED (REGISTERED NUMBER: 04931041) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the assets if it were to be sold at the reporting date. |
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Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Interest income |
Interest income is recognised in the Statement of Comprehensive Income using the effective interest method. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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MODERN PENTATHLON ASSOCIATION OF GREAT |
BRITAIN LIMITED (REGISTERED NUMBER: 04931041) |
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Notes to the Financial Statements - continued |
for the year ended 31 March 2022 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Office | and | Motor |
Equipment | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2021 |
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Additions |
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At 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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8. | COMPANY STATUS |
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The company 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 company in the event of liquidation. |
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9. | OPERATING LEASE COMMITMENTS |
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At the year end the company had commitments under operating leases totalling £2,969 (2021: £1,946). |