British Taekwondo - Limited company accounts 18.2

REGISTERED NUMBER: 07501788 (England and Wales)

BRITISH TAEKWONDO LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2018

Page

Company Information

1

The Directors

2

Report of the Directors

3

to

4

Report of the Independent Auditors

5

to

6

Income Statement

7

Balance Sheet

8

Notes to the Financial Statements

9

to

11

DIRECTORS:

J Cowan

M P McKenzie

Dr S A Khelwatty

Mrs S D Jennings

Ms S R Stapleton

Mrs G F Biescas Rue

S Ramasamy

REGISTERED OFFICE:

Manchester Regional Arena

Rowsley Street

Manchester

M11 3FF

REGISTERED NUMBER:

07501788 (England and Wales)

INDEPENDENT AUDITORS:

Thomas Coombs

Statutory Auditor

Chartered Accountants

3365 The Pentagon

Century Way

Thorpe Park

Leeds

West Yorkshire

LS15 8ZB

BANKERS:

HSBC Bank Plc

88 Town Street

Horsforth

Leeds

LS18 4AR

Jon Smith

Jon Smith is a fellow of the Institute of Directors and the former CEO of a London stock market company. Jon worked alongside

world figures including Lord Sebastian Coe; he created the "Team England" vehicle still used by the FA to this day; he was also the

first Commercial Representative of the England Cricket Team and Welsh National Rugby Jon was the first promoter of all North

American Sports in the UK and headed the largest theatre marketing business in London and New York. He often appears as a guest

on BBC News, ITN News, Sky News, ABC and CBS and other media networks around the world. Jon is Trustee of the Lee Smith

Foundation and is Patron of the British Stammering Association (having himself struggled with and conquered a severe speech

impediment). Jon is a motivational speaker encouraging students to succeed in overcoming difficult disabilities and handicaps.

Sarah Jennings, MBE

Sarah Jennings, MBE is a British taekwondo athlete, a world champion in 2001, Jennings won her country's first ever Olympic medal

in taekwondo, a bronze, at the 2008 Games in Beijing, her third Olympic competition for Great Britain.

Jennings again became world champion in 2011, despite the loss of both her parents to cancer in the preceding year. Jennings was

selected for her home games in London in 2012, where she took the Olympic oath at the opening ceremony on behalf of all the

athletes. Her injury-truncated build up to the Games led to an early elimination; she had taken silver at the Olympic qualifiers despite

suffering a broken hand.

Dr Said Khelwatty

Said Khelwatty is a fellow of institute of biomedical science (FIBMS), holds a PhD in Cancer Biology and Therapeutics, a MSc in

Biomedical Science (Haematology) and a BSc (Hons) degree in Biomedical Science. A member of American Association for Cancer

Research (AACR) and British Association for Cancer Research (BACR), Said is currently employed at the Kingston University

London leading several multi-site cancer research projects. As a result, Said has built an extensive network in the HE sector both in

academia and Taekwondo. With over 20 years of World Taekwondo experience, Said currently holds a Kukkiwon 5th Dan and is still

actively competing and is a member of the Great Britain National Poomsae Team.

Michael Mckenzie PG Dip

Taekwondo Black belt 7th Dan, Lead Coach of Quest Taekwondo founded in 1988 - (Sport England Clubmark and GB Taekwondo

Talent Club certified). Kukkiwon International Instructor, WT International Referee Class 2 (inactive).

GB Team Manager 1994-97 WT Games Committee member, WTE Chairman of Scientific Committee, London 2012 Technical

Operations Manager & Sport Manager. British Taekwondo National Development Officer 2013-15, South Yorkshire Sport Coach of

the Year 2013. WT/WTE Broadcast - English Commentator. MC 1st World Beach Taekwondo Championships.

Jonny Cowan

Sports Marketing specialist and founder of Inspire Gold Sport sports marketing company. Experience working with a variety of

sports rights holders including the International Table Tennis Federation, UEFA, Sale Sharks. Previously Head of Marketing at

Everton Football Club and Deputy Chief Executive at GreaterSport, (the County Sport Partnership for Greater Manchester). Board

level roles previously held at Manchester County FA and Swim North West.

Paul McKenzie

Paul McKenzie is a Chartered Management Accountant (ACMA), BA (hons) and Dipl. Betr. graduate of both English and German

Business Schools with experience in a broad spectrum of industries including technology, logistics, warehousing and supply chain,

financial services and technology. A keen sportsman, with international experience having worked in and with businesses

throughout EMEA, AMERICAS and APAC.

The directors present their report with the financial statements of the company for the year ended 31st March 2018.

CHANGE OF NAME

The company passed a special resolution on 24th November 2018 changing its name from British Taekwondo Control Board (WTF) Limited to British Taekwondo Limited.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of promoting the advancement of Taekwondo as practiced by

the World Taekwondo Federation (WTF) including the Olympic discipline, for which it is the recognised national governing body of

the WTF Taekwondo.

The constitution of the Board is governed by the Articles of Association updated on 26th November 2016.

REVIEW OF BUSINESS

The financial performance and position of the company are detailed in the attached financial statements.

The directors are pleased to report a healthy financial position with reserves of £274,380 (2017: £416,049) as at 31st March 2018.

During the year a deficit of £141,669 (2017: profit of £34,617) was reported.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st April 2017 to the date of this report.

J Cowan

M P McKenzie

Mrs S D Jennings

Other changes in directors holding office are as follows:

Dr S A Khelwatty - appointed 16th June 2017

M Abberley - resigned 6th December 2017

P J McKenzie - resigned 31st March 2018

Other changes in directors after 31st March 2018 but prior to the date of this report are as follows:

Ms S R Stapleton - appointed 17th July 2018

J A Smith - resigned 24th November 2018

S Ramasamy - appointed 24th November 2018

Mrs G F Biescas Rue - appointed 24th November 2018

The Articles of Association (2016) of the company state that the board of directors should be comprised of no less than 7 members.

The company did not meet these requirements between the periods of 1st April 2017 to 15th June 2017 (total number of directors

was 6) and between 6th December 2017 to 23rd November 2018 (total number of directors was 5 and 6). This was rectified by the

company on 24th November 2018 with the appointment of additional directors such that at that date the total number of directors was

7.

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 company and of the surplus or deficit of the company 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;

-	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 company's

transactions and disclose with reasonable accuracy at any time the financial position of the 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 company

and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of

which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in

order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that

information.

AUDITORS

The auditors, Thomas Coombs, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

J Cowan - Director

17th December 2018

Opinion

We have audited the financial statements of British Taekwondo Limited (the 'company') for the year ended 31st March 2018 which

comprise the Income Statement, 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 Financial Reporting Standard 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 company's affairs as at 31st March 2018 and of its deficit 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.

Basis for opinion

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 Auditors' 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 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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Annual Report, but

does not include the financial statements and our Report of the Auditors 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.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not

identified material misstatements in the Report of the Directors.

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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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 from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's

website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

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 a Report of the Auditors 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.

Christopher Darwin FCA (Senior Statutory Auditor)

for and on behalf of Thomas Coombs

Statutory Auditor

Chartered Accountants

3365 The Pentagon

Century Way

Thorpe Park

Leeds

West Yorkshire

LS15 8ZB

17th December 2018

TURNOVER

791,777

817,771

Cost of sales

365,720

386,594

GROSS SURPLUS

426,057

431,177

Administrative expenses

566,264

394,897

OPERATING (DEFICIT)/SURPLUS

(140,207

)

36,280

Interest payable and similar expenses

5

1,462

1,663

(DEFICIT)/SURPLUS BEFORE TAXATION

(141,669

)

34,617

Tax on (deficit)/surplus

-

-

(DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR

(141,669

)

34,617

FIXED ASSETS

Tangible assets

6

67,363

4,400

CURRENT ASSETS

Debtors

7

78,273

18,670

Cash at bank

202,083

493,994

280,356

512,664

CREDITORS

Amounts falling due within one year

8

73,339

101,015

NET CURRENT ASSETS

207,017

411,649

TOTAL ASSETS LESS CURRENT LIABILITIES

274,380

416,049

RESERVES

Income and expenditure account

274,380

416,049

274,380

416,049

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 17th December 2018 and were signed on its behalf by:

J Cowan - Director

Ms S R Stapleton - Director

1.	STATUTORY INFORMATION

British Taekwondo Limited is a private company, limited by guarantee , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial

Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the

Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis, which the directors believe to be appropriate given

the company's net current asset position.

Turnover and other operating income

Turnover represents the total invoiced value of services provided during the year together with other income.

Income and the associated costs of non-refundable licences are recognised in full at the commencement of relevant licence

agreement.

Funding from grant programmes is recognised as income as the counterpart expenditure is incurred.

Other income is included within turnover. This income is recognised when:

- the Directors are reasonably certain of the amount to be received

- the Directors are reasonably certain they will receive the money and

- any conditions for receipt are met

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated

impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of

each asset on a systematic basis over its expected useful life as follows:

Computer equipment

33% reducing balance

Fixtures and fittings

25% straight line

Competition equipment

33% straight line

Taxation

The company is exempt from tax given its "not for profit" status.

Pension costs and other post-retirement benefits

The pension costs are paid into the individuals own pension schemes. The costs is charged to the profit and loss account.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.

Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2017 - 14 ) .

4.	DIRECTORS' EMOLUMENTS

2018

2017

£

£

Directors' remuneration

135,185

86,500

Compensation to directors for loss of office

15,000

-

The following number of directors' exceeded £60,000 emoluments (excluding employer pension contributions).

2018

2017

£70,001 - £80,000

1

-

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2018

2017

£

£

Interest payable

1,462

1,663

6.	TANGIBLE FIXED ASSETS

Fixtures

and

Competition

Computer

fittings

equipment

equipment

Totals

£

£

£

£

COST

At 1st April 2017

1,400

-

10,808

12,208

Additions

5,821

53,350

6,309

65,480

Disposals

(1,400

)

-

(343

)

(1,743

)

At 31st March 2018

5,821

53,350

16,774

75,945

DEPRECIATION

At 1st April 2017

1,109

-

6,699

7,808

Charge for year

897

-

1,519

2,416

Eliminated on disposal

(1,400

)

-

(242

)

(1,642

)

At 31st March 2018

606

-

7,976

8,582

NET BOOK VALUE

At 31st March 2018

5,215

53,350

8,798

67,363

At 31st March 2017

291

-

4,109

4,400

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

6,009

17,144

Other debtors

72,264

1,526

78,273

18,670

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

53,243

37,410

Taxation and social security

1,903

3,753

Other creditors

18,193

59,852

73,339

101,015

9.	LIMITED BY GUARANTEE

The company is limited by guarantee and does not have a share capital. The liability of the members in the event of the

company being liquidated is limited to £1 per member.