The Royal Caledonian Curling Club - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC232571 (Scotland)

The Royal Caledonian Curling Club

Financial Statements

for the Year Ended 30 April 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms E C King

Ms M V Milne

Mr F S Montgomery

Ms S S Nimmo

Mr K Prentice

Ms J H Wilson

Mr L Gray

Mr A W Hannah

Mr J M Raeburn

Ms M E Parker

Mr J J Slater

REGISTERED OFFICE:

Cairnie House

Ingliston Showground

Newbridge

EH28 8NB

REGISTERED NUMBER:

SC232571 (Scotland)

AUDITORS:

FourM Limited

Stannergate House

41 Dundee Road West

Broughty Ferry

Dundee

DD5 1NB

FIXED ASSETS

Tangible assets

4

95,168

51,486

Investments

5

39,660

39,628

134,828

91,114

CURRENT ASSETS

Stocks

4,777

5,631

Debtors

6

206,883

274,863

Cash at bank

84,379

242,533

296,039

523,027

CREDITORS

Amounts falling due within one year

7

168,379

188,015

NET CURRENT ASSETS

127,660

335,012

TOTAL ASSETS LESS CURRENT LIABILITIES

262,488

426,126

CREDITORS

Amounts falling due after more than one year

8

(142,393

)

(234,461

)

PROVISIONS FOR LIABILITIES

(18,000

)

-

NET ASSETS

102,095

191,665

RESERVES

Income and expenditure account

102,095

191,665

102,095

191,665

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 15 August 2023 and were signed on its behalf by:

Mr F S Montgomery - Director

1.	STATUTORY INFORMATION

The Royal Caledonian Curling Club 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.

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 as modified by the revaluation of certain assets.

Turnover

Subscription income is recognised in the period in which the income is received and in the period in which the associated expenditure occurs. All other income is accounted for when received or in relation to the period earned.

Tangible fixed assets

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

Land and buildings

-

Nil

Plant and machinery etc

-

33% on cost, 15% on cost and 15% or 25% on cost

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.

During the year, the directors concluded that depreciation of land and buildings was not appropriate and revised this accounting estimate, restating this asset class to cost.

Government grants

Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

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.

Listed investments

Investments in listed shares are included at fair value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Legal status

The company is limited by guarantee. The liability of each member of the company, in the event of its winding up, is limited to £1.

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.

Going concern

The primary source of funding for the company has been confirmed for the next four-year period up to March 2027. This represents annual investment from Sportscotland and has been increased from previous years. This funding is awarded subject to the company achieving performance targets considered achievable relative to the level of investment.

The second largest source of income for RCCC is membership subscriptions normally received in October/November. Membership subscription income for 2023/24 have been projected to remain relatively stable and an increase in subscription rates will be applied for 2024/25. The Board's budget for 2023/24 financial year projects an overall break-even position.

The board has noted that the reserves held by the company amounting to £102,095 which gives an element of stability and provide a means to overcome any short term cashflow issues.

Due to the above the Board has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing these financial statements

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 May 2022

85,646

74,003

159,649

Additions

-

10,178

10,178

Disposals

-

(14,225

)

(14,225

)

At 30 April 2023

85,646

69,956

155,602

DEPRECIATION

At 1 May 2022

39,240

68,923

108,163

Charge for year

-

3,983

3,983

Eliminated on disposal

-

(12,472

)

(12,472

)

Reclassification/transfer

(39,240

)

-

(39,240

)

At 30 April 2023

-

60,434

60,434

NET BOOK VALUE

At 30 April 2023

85,646

9,522

95,168

At 30 April 2022

46,406

5,080

51,486

During the year, the directors concluded that depreciation of land and buildings was not appropriate and revised this accounting estimate, restating this asset class to cost.

This has resulted in a depreciation adjustment of £39,240, increasing the carrying value of the asset class and creating a credit in the profit or loss statement, reversing accumulated depreciation charge expenses to date.

The directors do not believe there will be any further impact on future accounting periods as a result of this adjustment.

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 May 2022

39,628

Revaluations

32

At 30 April 2023

39,660

NET BOOK VALUE

At 30 April 2023

39,660

At 30 April 2022

39,628

Cost or valuation at 30 April 2023 is represented by:

Other

investments

£

Valuation in 2020

7,952

Valuation in 2021

(575

)

Valuation in 2022

2,043

Valuation in 2023

32

Cost

30,208

39,660

Investments are held in government gilts

6.

DEBTORS

2023

2022

£

£

Amounts falling due within one year:

Trade debtors

3,537

16,267

Other debtors

73,035

39,254

76,572

55,521

2023

2022

£

£

Amounts falling due after more than one year:

Other debtors

130,311

219,342

Aggregate amounts

206,883

274,863

Included within other debtors is an amount of £185,011 (2022: £245,375) which relates to loans from ice rinks due to RCCC.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other loans

56,356

27,688

Trade creditors

52,124

47,287

Tax

11

11

Social security and other taxes

6,625

11,156

VAT

-

149

Other creditors

1,440

4,912

Accruals and deferred income

51,109

96,431

Deferred government grants

714

381

168,379

188,015

Included within other loans is an amount of £54,700 (2022: £26,033) which relates to loans for ice rinks

due to WCF from RCCC.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Other loans - 1-2 years

50,120

50,124

Other loans - 2-5 years

73,799

75,460

Other loans more 5yrs instal

14,948

103,970

Deferred government grants

3,526

4,907

142,393

234,461

2023

2022

£

£

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

14,948

103,970

Included within other loans is a loan for ice rinks due to WCF from RCCC. The balance due in 1-2 years is £48,464 (2022: £48,468), in 2-5 years is £70,487 (2022: £70,492) and in over five years is £11,359 (2022: £100,382).

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Karen Henderson MCIBS, BA(Hons), CA (Senior Statutory Auditor)

For and on behalf of FourM Limited