REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
Little Ship Club Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 October 2023 |
for |
Little Ship Club Limited |
Little Ship Club Limited (Registered number: 00246323) |
Contents of the Financial Statements |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Income Statement | 3 |
Balance Sheet | 4 |
Notes to the Financial Statements | 6 |
Little Ship Club Limited |
Company Information |
for the Year Ended 31 October 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
83 Victoria Street |
London |
SW1H 0HW |
Little Ship Club Limited (Registered number: 00246323) |
Report of the Directors |
for the Year Ended 31 October 2023 |
The directors present their report with the financial statements of the company for the year ended 31 October 2023. |
PRINCIPAL ACTIVITIES |
The company is limited by guarantee and not trading for profit. Its principal objects are to constitute, regulate and conduct a club for yachtsmen for the purposes of: |
- encouraging and popularising yachting in every way; |
- advancing the education and training of its members and others in matters appertaining to navigation, seafaring, safety, and good manners at sea and on inland waters; and |
- providing, equipping, and maintaining a clubhouse and social facilities and amenities for its members and their friends so far as can conveniently be provided. |
REVIEW OF BUSINESS |
The company's investment activities returned a surplus for the year of £19,528 (2022: deficit of £54,981). |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 November 2022 to the date of this report. |
Other changes in directors holding office are as follows: |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Little Ship Club Limited (Registered number: 00246323) |
Income Statement |
for the Year Ended 31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ |
OPERATING INCOME |
Cost of sales | ( |
) | ( |
) |
GROSS SURPLUS |
Administrative expenses | ( |
) | ( |
) |
OPERATING SURPLUS/(DEFICIT) | 5 | ( |
) |
Income from fixed asset investments | ( |
) |
39,118 | (89,028 | ) |
Interest payable and similar expenses | ( |
) | ( |
) |
SURPLUS/(DEFICIT) BEFORE TAXATION | ( |
) |
Tax on surplus/(deficit) |
SURPLUS/(DEFICIT) FOR THE FINANCIAL YEAR |
( |
) |
Little Ship Club Limited (Registered number: 00246323) |
Balance Sheet |
31 October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
Investments | 8 |
CURRENT ASSETS |
Stocks |
Debtors | 9 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 10 | ( |
) | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 11 | ( |
) | ( |
) |
NET ASSETS |
RESERVES |
Special Fund |
Income and expenditure account |
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. |
Little Ship Club Limited (Registered number: 00246323) |
Balance Sheet - continued |
31 October 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Little Ship Club Limited (Registered number: 00246323) |
Notes to the Financial Statements |
for the Year Ended 31 October 2023 |
1. | CHANGES TO PRESENTATION OF FINANCIAL STATEMENTS |
In prior years, advantage was taken of S.396 of the Companies Act 2006 which allows the format of financial statements to be adapted to reflect the special nature of the company's business. |
For the year ended 31 October 2023, the accounts have been prepared in-line with the Financial Reporting Standard 102 Section 1A. |
2. | STATUTORY INFORMATION |
Little Ship Club Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Operating Income is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Depreciation of tangible fixed assets is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Long Leasehold premises: Nil |
Other Fixed Assets: 10% - 33% on cost |
The original cost of long leasehold premises of £525,000, having an original life of 125 years, is not depreciated. |
The policy of the directors is to maintain the premises to a high standard and, in the opinion of the directors, the depreciation at this stage in the duration of the lease is not material. |
The directors believe that the common practice of providing depreciation only over the last fifty years of the life of long leasehold premises is appropriate in these circumstances. |
This policy is reviewed on an annual basis. |
Fixed Asset Investments |
Fixed Asset Investments, representing listed investments, are stated at market value with unrealised and realised gains and losses recognised in the income statement. |
Leased Assets and Obligations |
The annual rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the lease term. |
Little Ship Club Limited (Registered number: 00246323) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
3. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | OPERATING SURPLUS/(DEFICIT) |
The operating surplus (2022 - operating deficit) is stated after charging: |
31.10.23 | 31.10.22 |
£ | £ |
Depreciation - owned assets |
6. | INVESTMENT INCOME |
31.10.23 | 31.10.22 |
£ | £ |
Investment Income |
7. | TANGIBLE FIXED ASSETS |
Included in cost of land and buildings is long leasehold land of £525,000 (2022 - £525,000) which is not depreciated. |
Little Ship Club Limited (Registered number: 00246323) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
8. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 November 2022 |
Additions |
Disposals | ( |
) |
Revaluations |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
Cost or valuation at 31 October 2023 is represented by: |
Other |
investments |
£ |
Valuation in 2023 | 350,545 |
9. | DEBTORS |
31.10.23 | 31.10.22 |
£ | £ |
Amounts falling due within one year: |
Other debtors |
Amounts falling due after more than one year: |
Trade debtors |
Aggregate amounts |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
Little Ship Club Limited (Registered number: 00246323) |
Notes to the Financial Statements - continued |
for the Year Ended 31 October 2023 |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Other creditors |
Included within Other Creditors is a bounce back loan, which is repayable in monthly instalments of £462.96 between June 2021 and May 2031. The loan was interest free until May 2021 and thereafter attracts interest at 2.5% per annum. |
12. | CONTINGENT LIABILITIES |
Under the provisions of the Club's 2019 catering and facilities contract, the contractor has improved the club’s infrastructure and décor. If the club terminates the contract within the initial six years, they are obligated to pay the unamortized value of the improvements at 1/72 per month. As at 31 Oct 2023 the unamortized value was approximately £15,000 (31 October 2022 £25,000). The directors do not intend to terminate the contract in the foreseeable future. |
13. | DEFERRED TAXATION |
There are tax losses carried forward of £143,460 (2022: £143,460) for which no deferred tax asset has been recognised. |
14. | LIABILITY OF MEMBERS |
The company is limited by guarantee and each of the members is liable to contribute up to a maximum of |
£1 to the assets of the company in the event of liquidation during the time he is a member, or within one year afterwards |
15. | SPECIAL FUNDS AND GRAHAM BEQUEST |
The Special Fund represents the balance of the Graham bequest. There was no movement in the special fund during the year to 31 October 2023 or in the prior year. |