ENGLAND ATHLETICS LIMITED-Accounts March 2007

ENGLAND ATHLETICS LIMITED

REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2007

Directors’ report                                                                                                                                                       1 - 2

Auditors’ report                                                                                                                                                          3

Income and expenditure account                                                                                                                             4

Balance sheet                                                                                                                                                              5

Cash flow statement                                                                                                                                                   6

Notes to the cash flow statement                                                                                                                             7

Notes to the financial statements                                                                                                                          8 - 13

ENGLAND ATHLETICS LIMITED

REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2007

COMPANY INFORMATION

ENGLAND ATHLETICS LIMITED

 DIRECTORS’ REPORT

FOR THE PERIOD ENDED 31 MARCH 2007

The Board submits their report together with the audited financial statements for the period ended 31 March 2007.

RESULTS

The Income and Expenditure account is set out on page 4 and shows the result for the period.

INCORPORATION

The company was incorporated on 5 October 2005 and began trading on 1 November 2005.

PRINCIPAL ACTIVITIES

The principal activities of the company during the period were to carry out the functions of the governing body for athletics in England and to facilitate the development of athletics from schools to the highest level, and the provision of competition from local to national events.

BOARD OF DIRECTORS

The directors of the Board during the period were:

STATEMENT OF RESPONSIBILITIES OF THE BOARD OF DIRECTORS

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those financial statements, the directors are required to;

·         select suitable accounting policies and then apply them consistently;

·         make judgements and 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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 1985.  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.

So far as each of the directors is aware at the time the report is approved:

·         there is no relevant audit information of which the company's auditors are unaware; and

·         the directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

ENGLAND ATHLETICS LIMITED

 DIRECTORS’ REPORT (continued)

FOR THE PERIOD ENDED 31 MARCH 2007

AUDITORS

haysmacintyre were appointed as the first auditors of the company and have expressed their willingness to continue in office.  A resolution to re-appoint them will be proposed at the annual general meeting.

By order of the Board

A Harrison

Director

Registered Office

Athletics House

Central Boulevard

Blythe Valley Park

Solihull

West Midlands

B90 8AJ

9 July 2007

INDEPENDENT AUDITORS’ REPORT TO THE SHAREHOLDERS OF

ENGLAND ATHLETICS LIMITED

We have audited the financial statements of England Athletics Limited for the period ended 31 March 2007 which comprise the Income and Expenditure account, the Balance Sheet, the Cash Flow Statement and the related notes. These financial statements have been prepared under the accounting policies set out therein.

This report is made solely to the company’s members, as a body, in accordance with Section 235 of the Companies Act 1985.  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 an auditor’s report 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.

Respective responsibilities of directors and auditors

As described in the Statement of Directors’ Responsibilities the company’s directors are responsible for the preparation of the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland).

We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985 and whether the information given in the Directors’ Report is consistent with the financial statements.  We also report to you if, in our opinion, the company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding directors’ remuneration and other transactions is not disclosed.

We read the Directors’ Report and consider the implications for our report if we become aware of any apparent misstatements within it.

Basis of audit opinion

We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board.  An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements.  It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company’s circumstances, consistently applied and adequately disclosed.   

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

Opinion

In our opinion:

·       the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the company’s affairs as at 31 March 2007 and of its surplus for the period then ended;

·       the financial statements have been properly prepared in accordance with the Companies Act 1985; and

·       the information given in the directors’ report is consistent with the financial statements.

haysmacintyre                                                                                        Fairfax House

Chartered Accountants                                                                                                      15 Fulwood Place

Registered Auditors                                                                                                           London

                                                                                                                                                WC1V 6AY

9 July 2007

ENGLAND ATHLETICS LIMITED

INCOME AND EXPENDITURE ACCOUNT

FOR THE PERIOD ENDED 31 MARCH 2007

All recognised gains and losses are included in the income and expenditure account.

All amounts relate to continuing activities.

The notes on pages 7 to 14 form part of these financial statements.

ENGLAND ATHLETICS LIMITED

BALANCE SHEET

AT 31 MARCH 2007

The financial statements were approved by Board of Directors on 9 July 2007

A Harrison

Director                 

J Graves

Director

The notes on pages 7 to 14 form part of these financial statements.

ENGLAND ATHLETICS LIMITED

CASH FLOW STATEMENT

FOR THE PERIOD ENDED 31 MARCH 2007