Cotswold Water Ski Club Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03549780 (England and Wales)

COTSWOLD WATER SKI CLUB LIMITED

COMPANY LIMITED BY GUARANTEE

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2021

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

Ms D L Atkins

Mrs M Curtis

Mrs S Collins

Mr I Forrest

Mr M T Cook

Ms A Neale

Mrs H S Havelin

Mrs E Hart

Mr P D White

Mrs S J Summerfield

Mrs M J Poulton-Stowe

REGISTERED OFFICE:

43-45 Devizes Road

SWINDON

Wiltshire

SN1 4BG

REGISTERED NUMBER:

03549780 (England and Wales)

ACCOUNTANTS:

Morris Owen

Chartered Accountants

43-45 Devizes Road

SWINDON

Wiltshire

SN1 4BG

BANKERS:

HSBC Bank Plc

27 Gloucester Road North

Filton

Bristol

Avon

BS7 0SQ

FIXED ASSETS

Tangible assets

4

45,200

43,630

CURRENT ASSETS

Stocks

163,189

151,778

Debtors

5

25,326

42,996

Cash at bank and in hand

167,576

114,133

356,091

308,907

CREDITORS

Amounts falling due within one year

6

11,443

12,576

NET CURRENT ASSETS

344,648

296,331

TOTAL ASSETS LESS CURRENT LIABILITIES

389,848

339,961

RESERVES

Income and expenditure account

389,848

339,961

389,848

339,961

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 15th May 2022 and were signed on its behalf by:

Mrs H S Havelin - Director

1.	STATUTORY INFORMATION

Cotswold Water Ski Club Limited is a private company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03549780

Registered office: 43-45 Devizes Road, Swindon, SN1 4BG

The presentation currency of the financial statements is the Pound Sterling (£) rounded to the nearest pound.

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.

Significant judgements and estimates

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company as a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

- Determine the period of useful economic life and any residual value of all tangible fixed assets order to write off the value of each asset over that period.

- Determine an appropriate provision for bad and doubtful debts by assessing the recoverability of all balances on a balance by balance basis.

- Determine an appropriate provision for work in progress by assessing the net realisable value of all work in progress costs previously expended.

- Determine an appropriate provision for dilapidations by assessing the probable future obligations expected to exist at the end of the property lease.

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year.

Tangible fixed assets

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

Road

-

not provided

Fixtures and fittings

-

25% on cost

Road is not depreciated as it is thought to have an infinite estimated economic useful life.

Government grants

During the year, the company became eligible for a Cornovirus Restart Grant (2020:Retail, Hospitality and Leisure Grant Fund) the amount receivable of £12,000 (2020: £25,000) has been accounted for under the accruals basis.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Financial instruments

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Short term trade creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

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

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2021

70,645

Additions

11,878

At 31st December 2021

82,523

DEPRECIATION

At 1st January 2021

27,015

Charge for year

10,308

At 31st December 2021

37,323

NET BOOK VALUE

At 31st December 2021

45,200

At 31st December 2020

43,630

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

2,858

8,272

Other debtors

22,468

34,724

25,326

42,996

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

3,132

49

Taxation and social security

2,090

991

Other creditors

6,221

11,536

11,443

12,576

7.	GUARANTEE OF MEMBERS

The company is limited by guarantee and therefore has no share capital. Each member is limited to a liability of £1 solely in the event of the company winding up.