Association of Scottish Visitor Attracti - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC153812 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

ASSOCIATION OF SCOTTISH VISITOR

ATTRACTIONS

COMPANY LIMITED BY GUARANTEE

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms S Morrison (Chair)

Mr P Nixon (Vice-Chair)

Miss K Brogan

Mrs A Kinnes

Mrs K Waugh

Mrs S P Rae

Mrs J A Rae

Mr M Bishop

Mrs D Robertson

Mr P Rubie

Ms G MacDonald

REGISTERED OFFICE:

Wallace House

Maxwell Place

Stirling

FK8 1JU

REGISTERED NUMBER:

SC153812 (Scotland)

FIXED ASSETS

Intangible assets

4

6,290

7,863

Tangible assets

5

1,292

1,756

7,582

9,619

CURRENT ASSETS

Debtors

6

73,719

43,913

Cash at bank and in hand

216,349

125,629

290,068

169,542

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

7

194,861

98,872

NET CURRENT ASSETS

95,207

70,670

TOTAL ASSETS LESS CURRENT LIABILITIES

102,789

80,289

PROVISIONS FOR LIABILITIES

8

245

334

NET ASSETS

102,544

79,955

RESERVES

Income and expenditure account

102,544

79,955

MEMBERS' FUNDS

102,544

79,955

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 September 2021 and were signed on its behalf by:

Ms S Morrison (Chair) - Director

1.	STATUTORY INFORMATION

Association of Scottish Visitor Attractions is a private company, limited by guarantee , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information in making their assessment. In particular, in response to the COVID-19 pandemic, the Directors have examined their clientèle to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

INCOME

Income relates to amounts invoiced for development services and membership fees. Credit is taken for fees relating to the current year, those paid in advance are treated as such and adjusted as a current liability in the balance sheet. An adjustment has been made to income to account for VAT on the flat rate scheme.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

25% per annum reducing balance

GOVERNMENT GRANTS

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

OPERATING LEASE COMMITMENTS

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.

PENSION COSTS

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the income and expenditure account.

3.

EMPLOYEES

The average number of employees during the year was 3 (2020 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 April 2020

and 31 March 2021

7,863

AMORTISATION

Amortisation for year

1,573

At 31 March 2021

1,573

NET BOOK VALUE

At 31 March 2021

6,290

At 31 March 2020

7,863

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2020

20,729

Additions

144

Disposals

(16,676

)

At 31 March 2021

4,197

DEPRECIATION

At 1 April 2020

18,973

Charge for year

431

Eliminated on disposal

(16,499

)

At 31 March 2021

2,905

NET BOOK VALUE

At 31 March 2021

1,292

At 31 March 2020

1,756

The fixed assets disposed in the year related to assets purchased in 2009-2010 which were scrapped due to obsolescence.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

61,255

35,175

Other debtors

12,464

8,738

73,719

43,913

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

1,065

12,021

Corporation tax

8,348

2,396

PAYE

3,083

2,091

Other creditors

210

210

VAT

9,499

7,644

Deferred income

172,058

72,986

Pension Fund

598

524

Accrued expenses

-

1,000

194,861

98,872

8.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

245

334

Deferred

tax

£

Balance at 1 April 2020

334

Credit to Statement of Income and Retained Earnings during year

(89

)

Balance at 31 March 2021

245

9.	LIMITED BY GUARANTEE

The Association of Scottish Visitor Attractions is a company limited by guarantee of its members and does not have share capital. Each member has undertaken to contribute an amount not exceeding one pound towards any deficit arising in the event of the company being wound up.