Association of Scottish Visitor Attracti - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC153812 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

ASSOCIATION OF SCOTTISH VISITOR

ATTRACTIONS

COMPANY LIMITED BY GUARANTEE

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P Nixon (Chair)

Mrs S P Rae

Mrs J A Rae

Mrs D Robertson

Mr P Rubie

Ms G MacDonald

Mrs P Young

Mrs J Schofield

Mrs B Smith

Ms V Hollows

Mr I K Hawkins

Mrs I Rhodes

Miss E Flett

REGISTERED OFFICE:

3E Wallace House

Maxwell Place

Stirling

FK8 1JU

REGISTERED NUMBER:

SC153812 (Scotland)

ACCOUNTANTS:

Haines Watts

Business Advisors and Accountants

Wallace House

Maxwell Place

Stirling

FK8 1JU

FIXED ASSETS

Intangible assets

4

5,541

7,912

Tangible assets

5

2,494

1,444

8,035

9,356

CURRENT ASSETS

Debtors

6

89,304

99,659

Cash at bank

238,139

218,811

327,443

318,470

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

7

202,705

198,435

NET CURRENT ASSETS

124,738

120,035

TOTAL ASSETS LESS CURRENT LIABILITIES

132,773

129,391

PROVISIONS FOR LIABILITIES

8

474

274

NET ASSETS

132,299

129,117

RESERVES

Income and expenditure account

132,299

129,117

MEMBERS' FUNDS

132,299

129,117

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 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 8 September 2023 and were signed on its behalf by:

Mr P Nixon (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.

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

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

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 and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument subsequently at amortised cost.

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 Statement of comprehensive income.

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. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

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.

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.

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 AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1 April 2022

and 31 March 2023

11,856

AMORTISATION

At 1 April 2022

3,944

Amortisation for year

2,371

At 31 March 2023

6,315

NET BOOK VALUE

At 31 March 2023

5,541

At 31 March 2022

7,912

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2022

4,829

Additions

1,737

At 31 March 2023

6,566

DEPRECIATION

At 1 April 2022

3,385

Charge for year

687

At 31 March 2023

4,072

NET BOOK VALUE

At 31 March 2023

2,494

At 31 March 2022

1,444

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

84,376

75,871

Other debtors

4,928

23,788

89,304

99,659

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

8,858

16,595

Corporation tax

556

6,223

PAYE

2,375

2,759

VAT

14,106

16,546

Deferred income

176,126

150,363

Pension Fund

684

803

Accrued expenses

-

5,146

202,705

198,435

8.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

474

274

Deferred

tax

£

Balance at 1 April 2022

274

Charge to Statement of Income and Retained Earnings during year

200

Balance at 31 March 2023

474

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.