Endurance GB - Limited company accounts 18.2

REGISTERED NUMBER: 04179719 (England and Wales)

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

ENDURANCE GB

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Profit and Loss Account

5

Balance Sheet

6

Notes to the Financial Statements

7

DIRECTORS:

A Dark

C Newbould

S Box

J Robertson

E Young

R Kinnarney

A Tennant

R Henderson

K Dawson

SECRETARY:

A Dark

REGISTERED OFFICE:

Abbey Park

Stareton

Kenilworth

Warwickshire

CV8 2RP

REGISTERED NUMBER:

04179719 (England and Wales)

AUDITORS:

Magma Audit LLP

Chartered Accountants

Statutory Auditor

Magma House, 16 Davy Court

Castle Mound Way

Rugby

CV23 0UZ

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

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of promoting and regulating the sport of horse

endurance riding in Great Britain.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2018 to the date of this report.

A Dark

C Newbould

S Box

J Robertson

E Young

R Kinnarney

Other changes in directors holding office are as follows:

H Ingram - resigned 10 November 2018

K Dawson - resigned 10 July 2018

N Thorne - resigned 25 November 2018

A Williams - resigned 25 November 2018

A Tennant - appointed 24 November 2018

R Henderson - appointed 24 November 2018

K Dawson - appointed 24 November 2018

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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;

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

Magma Audit LLP has expressed its willingness to remain in office as auditor.

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:

S Box - Director

26 September 2019

Opinion

We have audited the financial statements of Endurance GB (the 'company') for the year ended 31 December 2018

which comprise the Profit and Loss Account, 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 31 December 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 Report of

the Directors, 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.

Opinions 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 page two, 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.

Victoria Craig (Senior Statutory Auditor)

for and on behalf of Magma Audit LLP

Chartered Accountants

Statutory Auditor

Magma House, 16 Davy Court

Castle Mound Way

Rugby

CV23 0UZ

30 September 2019

TURNOVER

558,451

682,971

Cost of sales

(465,375

)

(524,760

)

GROSS SURPLUS

93,076

158,211

Administrative expenses

(260,937

)

(167,918

)

(167,861

)

(9,707

)

Other operating income

206,801

50,322

OPERATING SURPLUS

4

38,940

40,615

Interest receivable and similar income

72

69

SURPLUS BEFORE TAXATION

39,012

40,684

Tax on surplus

5

(39,306

)

(9,699

)

(DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR

(294

)

30,985

FIXED ASSETS

Intangible assets

6

4,140

6,527

Tangible assets

7

2,040

362

6,180

6,889

CURRENT ASSETS

Debtors

8

201,909

293,739

Cash at bank

403,639

247,477

605,548

541,216

CREDITORS

Amounts falling due within one year

9

(418,452

)

(345,410

)

NET CURRENT ASSETS

187,096

195,806

TOTAL ASSETS LESS CURRENT LIABILITIES

193,276

202,695

RESERVES

Profit and loss account

193,276

202,695

193,276

202,695

The 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 on 25 September 2019 and were signed on its behalf by:

S Box - Director

1.	GENERAL INFORMATION

Endurance GB is a private company limited by guarantee, incorporated in England and Wales, registration

number 04179719. The address of the registered office is Abbey Park, Stareton, Kenilworth, Warwickshire, CV8

2RP.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention and in accordance with

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 presentational currency of the financial statements is Sterling.

Turnover

Turnover is measured as the fair value of consideration received or receivable, exclusive of value added tax.

Revenue is recognised when significant risks and rewards of ownership have been transferred to the customer,

recovery of the consideration is probable, the associated costs can be estimated reliably and the amount of

revenue can be measured reliably.

Life membership subscriptions are taken to turnover on a straight line basis over a period of 10 years.

Other income

Sponsorship income is accounted for in the same period in which the related expenses have been incurred.

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 three years.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated

impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the

location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful

lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Office Equipment

- 33% Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if

appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are

recognised 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.

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 profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise

the asset and settle the liability simultaneously.

Pension costs and other post-retirement benefits

The company contributes to a defined contribution plan for the benefit of its employees. Contributions are

recognised in profit or loss as they become payable.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised

as other comprehensive income or to an item recognised directly in equity is also recognised in other

comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by

the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered

against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have

been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost

using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and

other short-term highly liquid investments that mature in no more than three months from the date of acquisition

and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless

the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value

of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at

amortised cost using the effective interest method, less any impairment.

Operating lease agreements

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments

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

3.	EMPLOYEES AND DIRECTORS

The average monthly number of employees during the year was 3 (2017: 2).

4.	OPERATING SURPLUS

The operating surplus is stated after charging:

2018

2017

£

£

Depreciation - owned assets

815

286

Computer software amortisation

4,547

9,938

Operating lease charges: Land and Buildings

4,994

4,831

5.

TAXATION

Analysis of the tax charge

The tax charge on the surplus for the year was as follows:

2018

2017

£

£

Current tax:

UK corporation tax

39,306

9,699

Tax on surplus

39,306

9,699

Under the mutual trading provisions of the Income and Corporation Taxes Act 1988, the company is exempt from

tax in respect of its dealings with members.

6.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2018

76,891

Additions

2,160

At 31 December 2018

79,051

AMORTISATION

At 1 January 2018

70,364

Charge for year

4,547

At 31 December 2018

74,911

NET BOOK VALUE

At 31 December 2018

4,140

At 31 December 2017

6,527

7.	TANGIBLE FIXED ASSETS

Office

equipment

£

COST

At 1 January 2018

19,353

Additions

2,493

At 31 December 2018

21,846

DEPRECIATION

At 1 January 2018

18,991

Charge for year

815

At 31 December 2018

19,806

NET BOOK VALUE

At 31 December 2018

2,040

At 31 December 2017

362

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

175,336

262,835

Other debtors

26,573

30,904

201,909

293,739

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

29,328

53,925

Taxation and social security

93,277

58,587

Other creditors

295,847

232,898

418,452

345,410

10.	LEASING AGREEMENTS

Operating lease commitments not included in the balance sheet amount to £18,972 (2017: £22,766).

11.

RESERVES

Included within the Retained earnings are the following funds which have been allocated for various purposes:

2018

2017

£

£

Training and Travel fund reserves

3,989

7,339

Young Riders fund

1,338

1,338

Saddlers reserves

3,909

6,610

Senior Squad reserves

-

237

Development squad reserves

-

551

Total

9,236

16,075

Although these funds have been identified by the directors to use for the above purposes, if circumstances

change the funds could be re-assigned for other causes.

12.	COMPANY LIMITED BY GUARANTEE

Endurance GB is a company limited by guarantee. This guarantee extends to all members of the company. Each

member's liability is limited to a maximum of £1.