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

REGISTERED NUMBER: SC232571 (Scotland)

The Royal Caledonian Curling Club

Unaudited Financial Statements

for the Year Ended 30 April 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

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

Mrs M E Parker

Mr J J Slater

REGISTERED OFFICE:

Cairnie House

Ingliston Showground

Newbridge

EH28 8NB

REGISTERED NUMBER:

SC232571 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

FIXED ASSETS

Tangible assets

4

94,611

95,168

Investments

5

38,423

39,660

133,034

134,828

CURRENT ASSETS

Stocks

1,527

4,777

Debtors

6

188,505

206,883

Cash at bank

384,995

84,379

575,027

296,039

CREDITORS

Amounts falling due within one year

7

529,105

168,379

NET CURRENT ASSETS

45,922

127,660

TOTAL ASSETS LESS CURRENT LIABILITIES

178,956

262,488

CREDITORS

Amounts falling due after more than one year

8

(104,652

)

(142,393

)

PROVISIONS FOR LIABILITIES

-

(18,000

)

NET ASSETS

74,304

102,095

RESERVES

Income and expenditure account

74,304

102,095

74,304

102,095

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 June 2024 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.

Freehold property

-

Nil

Plant and machinery

-

15% or 25% on cost

Fixtures and fittings

-

15% on cost

Computer equipment

-

33% 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.

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 is confirmed up to March 2027 and represents annual investment from Sportscotland. The funding is awarded subject to the company achieving performance targets considered achievable related to the level of the investment.

The second largest source of income is from Membership subscriptions normally received in October/November. Membership fees will increase in 2024/25 and numbers are projected to be relatively stable. The Boards budget for 2024/25 his projected to be broadly a break-even position.

The Board has a 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 concerns basis in preparing these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 May 2023

85,646

11,211

9,784

48,961

155,602

Additions

-

-

-

2,307

2,307

At 30 April 2024

85,646

11,211

9,784

51,268

157,909

DEPRECIATION

At 1 May 2023

-

3,498

8,847

48,089

60,434

Charge for year

-

1,363

604

897

2,864

At 30 April 2024

-

4,861

9,451

48,986

63,298

NET BOOK VALUE

At 30 April 2024

85,646

6,350

333

2,282

94,611

At 30 April 2023

85,646

7,713

937

872

95,168

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 May 2023

39,660

Revaluations

(1,237

)

At 30 April 2024

38,423

NET BOOK VALUE

At 30 April 2024

38,423

At 30 April 2023

39,660

Cost or valuation at 30 April 2024 is represented by:

Other

investments

£

Valuation in 2020

7,952

Valuation in 2021

(575

)

Valuation in 2022

2,043

Valuation in 2023

32

Valuation in 2024

(1,237

)

Cost

30,208

38,423

Investments are held in government gilts

6.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

1,469

3,537

Other debtors

48,852

54,700

VAT

-

1,230

Prepayments and accrued income

43,245

17,105

93,566

76,572

Amounts falling due after more than one year:

Other debtors

94,939

130,311

Aggregate amounts

188,505

206,883

Included within other debtors is an amount of £143,723 (2023: £185,011) which relates to loans to ice rinks owed to the Company.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other loans

50,440

56,356

Trade creditors

15,027

52,124

Tax

11

11

Social security and other taxes

6,185

6,625

VAT

809

-

Other creditors

6,104

1,440

Accruals and deferred income

449,815

51,109

Deferred government grants

714

714

529,105

168,379

Included within other loans is an amount of £61,337 (2023: £54,700) which relates to loans for ice rinks

due to World Curling Federation from the Company.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other loans - 1-2 years

43,069

50,120

Other loans - 2-5 years

58,495

73,799

Other loans more 5yrs instal

276

14,948

Deferred government grants

2,812

3,526

104,652

142,393

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

276

14,948

Included within other loans is a loan for ice rinks due to World Curling Federation from the Company. The balance due in 1-2 years is £28,859 (2023: £48,464), in 2-5 years is £53,527 (2023: £70,487) and in over five years is £0 (2023: £11,359).