Company Registration No. 04312167 (England and Wales)
SKI CLUB OF GREAT BRITAIN LIMITED
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
SKI CLUB OF GREAT BRITAIN LIMITED
COMPANY INFORMATION
Directors
G D Aitken
(Appointed 14 November 2019)
T F Campbell Davis
(Appointed 29 January 2020)
B A Cassey
D W J Davenport
M P Jordan
(Appointed 14 November 2019)
E G S Killwick
(Appointed 14 November 2019)
J M Milner-Percy
A R Poodle
Secretary
T Moiseyenko
Company number
04312167
Registered office
Connect House
133-137 Alexandra Road
Wimbledon
London
SW19 7JY
Auditor
Alliotts LLP
Friary Court
13-21 High Street
Guildford
Surrey
GU1 3DL
SKI CLUB OF GREAT BRITAIN LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Profit and loss account
6
Group balance sheet
7
Company balance sheet
8
Notes to the financial statements
9 - 21
SKI CLUB OF GREAT BRITAIN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2020
- 1 -
The directors present their annual report and financial statements for the year ended 30 April 2020.
The Ski Club of Great Britain Limited is a company limited by guarantee. The liability of the members is limited in the event of the company being wound up to an amount not exceeding £1 each.
Principal activities
The principal activity of the company and group continues to be the facilitation and encouragement of skiing, snowboarding and other snow sports in all their forms.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
B A Cassey
(Appointed 19 November 2015)
A R Poodle
(Appointed 17 November 2016)
J M Milner-Percy
(Appointed 16 November 2017)
D W J Davenport
(Appointed 16 November 2017)
G D Aitken
(Appointed 14 November 2019)
M P Jordan
(Appointed 14 November 2019)
E G S Killwick
(Appointed 14 November 2019)
T F Campbell Davis
(Appointed 29 January 2020)
T B Jarman
(Resigned 26 April 2020)
A Maciver
(Resigned 31 March 2020)
M K S Bentley
(Resigned 3 February 2020)
A Bunney
(Resigned 14 November 2019)
C J Radford
(Resigned 14 November 2019)
B West
(Resigned 14 November 2019)
I L Holt
(Resigned 15 May 2019)
Financial performance
The Club is both a membership organisation, with about 23,000 members, and a travel company providing snow and mountain holidays. It is also the provider of various other services, notably in the field of ski and travel insurance. The Club is managed by a staff of employees (32 in 2019/20), under the control of an elected Council of up to ten members. It includes two active limited companies, one of which (Ski Club Winter Arrangements Limited) runs the travel business. Council members are directors of the other (parent) limited company, Ski Club of Great Britain Limited.
The financial performance of the Club was unsatisfactory in the two years to 30 April 2020. The Club failed to achieve budgeted growth or expected margins in its holiday business, at a time when operating expenses increased significantly. The impact on the Club’s reserves, which fell from £3.5m at 30 April 2019 to £2.3m at 30 April 2020, is set out in these accounts.
The Board has taken urgent remedial action to address the causes of this financial deterioration, including a significant reduction in the staffing and cost base of the Club. Details of these changes and the reasons for them were set out in a report sent to members by the Chairman of the Club on 27 August 2020.
Approximately £196,844 of the losses incurred in the year to 30 April 2020 arose as a result of holiday cancellations and refunds to members arising from COVID-19 and the premature end of the 2020 ski season. Since then, the restrictions caused by the global pandemic have further disrupted the travel industry worldwide and caused major financial and social stress.
SKI CLUB OF GREAT BRITAIN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 2 -
Post reporting date events
Ski Club staff were working remotely during the COVID-19 lockdown period and, following this, measures were put in place to safeguard staff before re-opening the office on a flexible basis from June 2020. We do not consider this to cause a risk to the continuing operations of the company and its ability to continue to operate in the foreseeable future. Our total assets including the investment portfolio remain healthy and although financial performance will continue to be affected in the year ending 30 April 2021, we are confident that the Club remains secure for the future.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual 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 group and company, and of the profit or loss of the group for that period. 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;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor
of the
company is
unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor
of the
company
is
aware of that information.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
T F Campbell Davis
Director
1 October 2020
SKI CLUB OF GREAT BRITAIN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF SKI CLUB OF GREAT BRITAIN LIMITED
- 3 -
Opinion
We have audited the
financial statements of Ski Club Of Great Britain Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2020 which comprise the group profit and loss account, the group balance sheet, the company balance sheet and notes to the financial statements, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the group's and the parent company's affairs as at 30 April 2020 and of the group's loss for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's responsibilities for the audit of the financial statements
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the
group's or the parent
company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the
financial statements
does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the directors' r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
SKI CLUB OF GREAT BRITAIN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SKI CLUB OF GREAT BRITAIN LIMITED
- 4 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the
group and parent
company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the directors' report.
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
-
the parent company 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 exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine
is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the
group's and the parent
company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the
group or the parent
company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of the audit in accordance with ISAs (UK), the auditor exercises professional judgement and maintains professional scepticism throughout the audit.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
SKI CLUB OF GREAT BRITAIN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF SKI CLUB OF GREAT BRITAIN LIMITED
- 5 -
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 2006. 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.
Stephen Meredith BA FCA DChA (Senior Statutory Auditor)
for and on behalf of Alliotts LLP
8 October 2020
Chartered Accountants
Statutory Auditor
Friary Court
13-21 High Street
Guildford
Surrey
GU1 3DL
SKI CLUB OF GREAT BRITAIN LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2020
- 6 -
2020
2019
Notes
£
£
Turnover
4,704,390
5,863,075
Cost of sales
(4,270,101)
(5,425,118)
Gross profit
434,289
437,957
Administrative expenses
(1,483,805)
(1,244,921)
Other operating income
16,171
-
Website development cost write off
4
-
(342,756)
Dilapidations provision
4
(90,000)
-
Goodwill impairment
4
(146,654)
-
Operating loss
(1,269,999)
(1,149,720)
Interest receivable and similar income
7
83,302
93,153
Interest payable and similar expenses
(2,892)
-
Fair value gain on investments
(7,966)
214,984
Loss before taxation
(1,197,555)
(841,583)
Tax on loss
458
2
Loss for the financial year
(1,197,097)
(841,581)
Loss for the financial year is all attributable to the owners of the parent company.
SKI CLUB OF GREAT BRITAIN LIMITED
GROUP BALANCE SHEET
AS AT 30 APRIL 2020
30 April 2020
- 7 -
2020
2019
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
9
30,000
203,319
Tangible assets
10
74,959
133,034
Investments
11
1,809,794
3,701,095
1,914,753
4,037,448
Current assets
Stocks
53,458
67,558
Debtors
14
304,944
283,165
Investments
15
1,344,047
345,790
Cash at bank and in hand
515,953
468,517
2,218,402
1,165,030
Creditors: amounts falling due within one year
16
(1,742,282)
(1,704,508)
Net current assets/(liabilities)
476,120
(539,478)
Total assets less current liabilities
2,390,873
3,497,970
Provisions for liabilities
18
(90,000)
-
Net assets
2,300,873
3,497,970
Capital and reserves
Other reserves
8,728
8,728
Profit and loss reserves
2,292,145
3,489,242
Total equity
2,300,873
3,497,970
These financial statements have been prepared in accordance with the provisions applicable to
groups and
companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 1 October 2020 and are signed on its behalf by:
01 October 2020
T F Campbell Davis
Director
SKI CLUB OF GREAT BRITAIN LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2020
30 April 2020
- 8 -
2020
2019
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
10
48,057
Investments
11
1,809,797
3,701,098
1,809,797
3,749,155
Current assets
Stocks
53,458
67,558
Debtors
14
114,267
159,003
Investments
15
1,344,047
345,790
Cash at bank and in hand
342,668
303,370
1,854,440
875,721
Creditors: amounts falling due within one year
16
(1,105,679)
(1,316,195)
Net current assets/(liabilities)
748,761
(440,474)
Total assets less current liabilities
2,558,558
3,308,681
Capital and reserves
Other reserves
8,728
8,728
Profit and loss reserves
2,549,830
3,299,953
Total equity
2,558,558
3,308,681
As permitted by s408 Companies Act 2006, the
c
ompany has not presented its own profit and loss account and related notes. The
company’s loss for the year was £
750,123
(2019 - £400,062 loss).
These financial statements have been prepared 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 1 October 2020 and are signed on its behalf by:
01 October 2020
T F Campbell Davis
Director
Company Registration No. 04312167
SKI CLUB OF GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
- 9 -
1
Accounting policies
Company information
Ski Club Of Great Britain Limited
("the company")
is a
private
company
limited by guarantee
incorporated
and domiciled
in England and Wales.
The registered office is
Connect House, 133-137 Alexandra Road, Wimbledon, London, SW19 7JY.
The group consists of Ski Club Of Great Britain Limited and all of its subsidiaries: Ski Club Services Limited, Ski Club Winter Arrangements Limited and Mountain Tracks Limited. All of which have the registered office: Connect House, 133-137 Alexandra Road, Wimbledon, London, SW19 7JY.
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
group and
company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Change in accounting estimate
An impairment review was undertaken at the year
-
end
to assess the current market value of goodwill
. As a result
,
an impairment to the carrying value of the asset has been realised and the estimated useful life of the intangible asset has been revised down from ten to five years from the date of acquisition
.
1.3
Basis of consolidation
The consolidated financial statements incorporate those of Ski Club Of Great Britain Limited and all of its subsidiaries (ie entities that the
g
roup controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.
All financial statements are made up to 30 April 2020
.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the
g
roup.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
1.4
Turnover
Income
is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue
s
from the sale of
holidays are recognised when the holiday departs.
Subscription incomes are recognised across the term of the subscription.
Insurance commissions are recognised at the end of the month in which the trip occurred.
SKI CLUB OF GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 10 -
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of
a
business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
For the purposes of impairment testing, goodwill is allocated to the
business
units expected to benefit from the acquisition.
Business
units which goodwill has been allocated
to
are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the
business
unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
Intangible fixed assets other than goodwill
Amortisation 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:
Website development
To be amortised over the beneficial life of the development costs
1.7
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:
Leasehold improvements
Over the period of the lease
Plant and equipment
15% - 100% on cost
Fixtures and fittings
15% - 100% on cost
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 recognised in the profit and loss account.
1.8
Fixed asset investments
Equity in
vest
ments are measured at fair value through profit or loss
,
except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably
,
which are recognised at cost less impairment until a reliable measure of fair value becomes available.
I
n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the
group. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
SKI CLUB OF GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 11 -
1.9
Impairment of fixed assets
At each reporting
period
end date, the
group
reviews the carrying amounts of its tangible and intangible 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.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less
impairment,
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 profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.10
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.
Stock is impaired where the net realisable value has fallen below the current value it is held at.
1.11
Cash at bank and in hand
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.
1.12
Financial instruments
The group 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.
Basic financial assets
The company only enters into b
asic financial
instrument transactions that result in the recognition of financial assets and l
iabilities
, such as trade debtors and creditors.
Trade debtors are measured at transaction price less any impairment.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts 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.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SKI CLUB OF GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 12 -
Current tax
The company is not subject to corporation tax on its activities arising as mutually trading with club members.
1.14
Provisions
Provisions are recognised when the
group
has a legal or constructive present obligation as a result of a past event, it is probable that the
group
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 i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in profit or loss in the period
in which
it arises.
1.15
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.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
d
asset are consumed.
1.18
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.19
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
SKI CLUB OF GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 13 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Insurance commissions for membership
Revenue from insurance commission is recognised in total upon confirmation from the insurer of these policies being agreed. This is due to there being no right of recourse available with the Ski Club of Great Britain in respect of cancellations.
Current Asset Investments
The aggregate of the capital loaned to the Ski Club to be repaid within 12 months and the items identified as liquid within the investment portfolio by the managing agents are classified as current asset investments. Investments are classified as liquid where they are cash, government bonds or high-quality investment grade assets.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Forward Contracts
Forward contracts are measured at their fair value at year end based on the last trade which the seller of the forward contract made before the year end date for that specific forward.
Goodwill
Goodwill is amortised based on an assessment of the brand value from experience of their existing brand.
3
Turnover and other revenue
2020
2019
£
£
Other significant revenue
Interest income
219
1,153
Dividends received
83,083
92,000
Grants received
6,642
-
SKI CLUB OF GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 14 -
4
Exceptional item
2020
2019
£
£
Expenditure
Website development costs written off
-
342,756
Dilapidations provision
90,000
-
Goodwill impairment
146,654
-
236,654
342,756
More information on the
exceptional items
in the year is given in note
8 and in note 18
.
5
Auditor's remuneration
2020
2019
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
20,100
6,395
Audit of the financial statements of the company's subsidiaries
4,548
4,535
24,648
10,930
For other services
All other non-audit services
12,029
11,955
£6,800 of group and company audit fees, which related to 2019 and were not accrued for in 2019, have been expensed in 2020.
£3,600 of group and company audit fees, which were over accrued for in 2018, have been released against the 2019 expense.
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2020
2019
2020
2019
Number
Number
Number
Number
Total
32
32
18
20
SKI CLUB OF GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
6
Employees
(Continued)
- 15 -
Their aggregate remuneration comprised:
Group
Company
2020
2019
2020
2019
£
£
£
£
Wages and salaries
1,126,243
1,101,848
627,877
639,150
Social security costs
115,103
81,750
67,310
32,383
Pension costs
38,189
22,250
22,630
4,352
1,279,535
1,205,848
717,817
675,885
7
Interest receivable and similar income
2020
2019
£
£
Other interest receivable and similar income
83,302
93,153
8
Impairments
2020
2019
Goodwill
9
146,654
-
Website development cost write off
-
342,756
Impairment losses
of £146,654 have been
realised in 2020
for
the write
-
off of goodwill
following
the reanalysis of its value
with reference to the value in use and market value.
Impairment losses
of £342,756 were
realised in 2019
for website development following a review of project feasibility. It was concluded that its completion could not reasonably be expected.
SKI CLUB OF GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 16 -
9
Intangible fixed assets
Group
Goodwill
Website development
Total
£
£
£
Cost
At 1 May 2019
266,649
417,686
684,335
Disposals
-
(36,377)
(36,377)
At 30 April 2020
266,649
381,309
647,958
Amortisation and impairment
At 1 May 2019
63,330
417,686
481,016
Amortisation charged for the year
26,665
-
26,665
Impairment losses
146,654
-
146,654
Disposals
-
(36,377)
(36,377)
At 30 April 2020
236,649
381,309
617,958
Carrying amount
At 30 April 2019
203,319
-
203,319
At 30 April 2020
30,000
-
30,000
More information on the impairment arising in the year is given in note 8.
Company
Website development
£
Cost
At 1 May 2019 and 30 April 2020
378,559
Amortisation and impairment
At 1 May 2019 and 30 April 2020
378,559
Carrying amount
At 30 April 2019
At 30 April 2020
SKI CLUB OF GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 17 -
10
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 May 2019 and 30 April 2020
107,145
49,193
483,498
639,836
Depreciation and impairment
At 1 May 2019
26,100
43,580
437,122
506,802
Depreciation charged in the year
7,991
5,613
44,471
58,075
At 30 April 2020
34,091
49,193
481,593
564,877
Carrying amount
At 30 April 2019
81,045
5,613
46,376
133,034
At 30 April 2020
73,054
-
1,905
74,959
Company
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 May 2019 and 30 April 2020
49,193
385,237
434,430
Depreciation and impairment
At 1 May 2019
43,580
342,793
386,373
Depreciation charged in the year
5,613
42,444
48,057
At 30 April 2020
49,193
385,237
434,430
Carrying amount
At 30 April 2019
5,613
42,444
48,057
At 30 April 2020
11
Fixed asset investments
Group
Company
2020
2019
2020
2019
As restated
As restated
£
£
£
£
Shares in group undertakings and participating interests
-
-
3
3
Investments
1,809,794
3,701,095
1,809,794
3,701,095
1,809,794
3,701,095
1,809,797
3,701,098
SKI CLUB OF GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
11
Fixed asset investments
(Continued)
- 18 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 May 2019
3,701,095
Valuation changes
42,947
Current asset investment movements
(1,010,175)
Disposals
(924,073)
At 30 April 2020
1,809,794
Carrying amount
At 30 April 2019
3,701,095
At 30 April 2020
1,809,794
Movements in fixed asset investments
Company
Shares in group undertakings
Investments
Total
£
£
£
Cost or valuation
At 1 May 2019
3
3,701,095
3,701,098
Valuation changes
-
42,947
42,947
Current asset investment movements
-
(1,010,175)
(1,010,175)
Disposals
-
(924,073)
(924,073)
At 30 April 2020
3
1,809,794
1,809,797
Carrying amount
At 30 April 2019
3
3,701,095
3,701,098
At 30 April 2020
3
1,809,794
1,809,797
12
Subsidiaries
Details of the company's subsidiaries at 30 April 2020 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Mountain Tracks Limited
(*)
Ordinary
100.00
Ski Club Services Limited
(*)
Ordinary
100.00
Ski Club Winter Arrangements Limited
(*)
Ordinary
100.00
*
Connect House, 133-137 Alexandra Road, Wimbledon, London, UK, SW19 7JY
SKI CLUB OF GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 19 -
13
Financial instruments
Group
Company
2020
2019
2020
2019
£
£
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
3,153,841
4,046,885
3,153,841
4,046,885
14
Debtors
Group
Company
2020
2019
2020
2019
Amounts falling due within one year:
£
£
£
£
Trade debtors
123,319
71,298
75,046
71,287
Corporation tax recoverable
348
131
348
131
Other debtors
109,947
89,824
6,642
6,546
Prepayments and accrued income
71,330
121,912
32,231
81,039
304,944
283,165
114,267
159,003
15
Current asset investments
Group
Company
2020
2019
2020
2019
As restated
As restated
£
£
£
£
Investments
1,344,047
345,790
1,344,047
345,790
16
Creditors: amounts falling due within one year
Group
Company
2020
2019
2020
2019
£
£
£
£
Bank loans and overdrafts
17
41
43,677
41
Trade creditors
273,983
661,189
123,386
168,485
Amounts owed to group undertakings
-
-
213,437
Corporation tax payable
-
460
Other taxation and social security
20,301
-
20,301
-
Deferred income
19
788,923
810,867
788,923
779,872
Other creditors
100,498
72,807
100,498
72,807
Refunds owed (COVID-19 cancellations)
441,672
-
-
-
Accruals and deferred income
116,864
115,508
72,530
81,594
1,742,282
1,704,508
1,105,679
1,316,195
SKI CLUB OF GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
16
Creditors: amounts falling due within one year
(Continued)
- 20 -
A liability for Refunds owed of £441,672 (2019: £nil) is included in the above creditors listing for the reimbursement of cancelled holiday costs to members as a result of the travel restrictions imposed due to the COVID-19 pandemic.
17
Loans and overdrafts
Group
Company
2020
2019
2020
2019
£
£
£
£
Bank overdrafts
41
43,677
41
Payable within one year
41
43,677
41
-
18
Provisions for liabilities
Group
Company
2020
2019
2020
2019
£
£
£
£
Dilapidations provision
90,000
-
-
-
A dilapidations provision for the future costs of returning the Club’s leased premises to their original state, as required by the lease, has been included in these accounts.
19
Deferred income
Group
Company
2020
2019
2020
2019
£
£
£
£
Other deferred income
788,923
810,867
788,923
779,872
20
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
Group
Company
2020
2019
2020
2019
£
£
£
£
610,905
121,645
-
-
SKI CLUB OF GREAT BRITAIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 21 -
21
Prior period adjustment
Cash at bank and in hand, fixed asset investments and current asset investments have been restated in the financial statements and accompanying notes for the Ski Club of Great Britain Limited for the year ended 30 April 2020. Where the investment manager has classified investments within the portfolio as 'cash' these have been reallocated to the cash at bank and in hand balance from fixed asset investments. Where the investment manager has classified investments within the portfolio as 'liquid', but not where these are cash, these have been reallocated to current asset investments from fixed asset investments.
The value of 'liquid' but not ‘cash' investments as at 30 April 2019 was £345,790. The value of ‘cash' investments as at 30 April 2019 was £190,991. These amounts have been reallocated in the comparative financial information accordingly.
This change in the prior period had nil effect on the profit and loss.
2020-04-30
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