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REGISTERED NUMBER: 03314545 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Segas Sailing Club

Segas Sailing Club (Registered number: 03314545)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Segas Sailing Club

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr A M Carr
Mr J Molloy
Mr M Kuhn





REGISTERED OFFICE: Trade Fair House
2 West Court
Enterprise Road
Maidstone
Kent
ME15 6JD





REGISTERED NUMBER: 03314545 (England and Wales)





ACCOUNTANTS: Accsys Accountants (Medway) Limited
F39 Innovation Centre Medway
Chatham
Kent
ME5 9FD

Segas Sailing Club (Registered number: 03314545)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 1,499 2,298

CURRENT ASSETS
Stocks 535 405
Debtors 5 22,524 15,666
Cash at bank and in hand 104,078 86,899
127,137 102,970
CREDITORS
Amounts falling due within one year 6 13,116 18,316
NET CURRENT ASSETS 114,021 84,654
TOTAL ASSETS LESS CURRENT
LIABILITIES

115,520

86,952

RESERVES
Income and expenditure account 115,520 86,952
115,520 86,952

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 23 February 2024 and were signed on its behalf by:




Mr M Kuhn - Director



Mr A M Carr - Director


Segas Sailing Club (Registered number: 03314545)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Segas Sailing Club is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The financial statements relate to the individual entity only

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.

Turnover
Revenue is measured at the fair value of the consideration received or receivable.
Turnover represents subscriptions and other amounts received from members and non members for the provision of sailing related activities.

Tangible fixed assets
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and impairment losses.

Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:


Plant and equipment 20% Straight Line Basis

At each Statement of Financial Position date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors.

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 statement of financial position date.

No liability to UK Corporation Tax arose on ordinary activities for the year ended 31st December 2023 nor for the year ended 31st December 2022.

Segas Sailing Club (Registered number: 03314545)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant &
equipment
£
COST
At 1 January 2023
and 31 December 2023 27,617
DEPRECIATION
At 1 January 2023 25,319
Charge for year 799
At 31 December 2023 26,118
NET BOOK VALUE
At 31 December 2023 1,499
At 31 December 2022 2,298

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Trade debtors 9,375 2,289
Prepayments and accrued income 13,149 13,377
22,524 15,666

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Accruals and deferred income 13,116 18,316

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£ £
Within one year 51,600 51,600

The company has entered into a lease on the property it occupies which runs until February 2026. The lease contains a break clause provision which could not be exercised until 25th December 2020. If the break clause is actioned at any point after this date then the company will be committed to twelve months rent.