The Scottish Water Ski Association Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC123873 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

The Scottish Water Ski Association

Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

99,654

119,860

CURRENT ASSETS

Stocks

350

350

Debtors

5

2,981

2,813

Cash at bank and in hand

105,466

125,664

108,797

128,827

CREDITORS

Amounts falling due within one year

6

(10,731

)

(27,673

)

NET CURRENT ASSETS

98,066

101,154

TOTAL ASSETS LESS CURRENT LIABILITIES

197,720

221,014

CREDITORS

Amounts falling due after more than one year

7

(536

)

(699

)

NET ASSETS

197,184

220,315

RESERVES

Special reserve

19,798

19,798

Other reserves

60,000

60,000

Retained earnings

117,386

140,517

197,184

220,315

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 profit or loss 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 May 2023 and were signed on its behalf by:

Mr K Lochhead - Director

Mr S Baillie - Director

1.	STATUTORY INFORMATION

The Scottish Water and Ski Association Limited is a company limited by guarantee, domiciled in Scotland, registration number SC123873. The registered office is Townloch, Town Hill, Dunfermline, KY12 0HT.

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.

Income

Income represents membership income, grants received, income generated from water ski and wakeboard related activities including towing and coach education.

Tangible fixed assets and depreciation

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

Improvements to property

-

5% on cost

Plant and machinery

-

25% on reducing balance

Fixtures, fittings & equipment

-

20% on cost and 20% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all

tangible fixed assets are depreciated to nil value.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Government grants

Government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the assets to which they relate.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is

determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures,

to

Plant and

fittings

property

machinery

& equipment

Totals

£

£

£

£

COST

At 1 April 2022

and 31 March 2023

78,159

104,968

105,636

288,763

DEPRECIATION

At 1 April 2022

25,793

48,987

94,123

168,903

Charge for year

3,908

13,995

2,303

20,206

At 31 March 2023

29,701

62,982

96,426

189,109

NET BOOK VALUE

At 31 March 2023

48,458

41,986

9,210

99,654

At 31 March 2022

52,366

55,981

11,513

119,860

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

122

(82

)

Other debtors

2,859

2,895

2,981

2,813

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Taxation and social security

2,247

1,321

Other creditors

8,484

26,352

10,731

27,673

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Other creditors

536

699

8.	COMPANY LIMITED BY GUARANTEE

The company is limited by guarantee of the members to the extent that each member is required to contribute £1 in the event of the company being wound up.