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REGISTERED NUMBER: 00246323 (England and Wales)















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: P Kelly
B J Martin
S C Sydes
B P D Denyer-Green
A R T Ormsby
A J Smyth
H Bennett-Gough
D R Clements
T C Crabtree
S Kaye
I D Muspratt
P D Shatz
J Hague





SECRETARY: N Long





REGISTERED OFFICE: Bell Wharf Lane,
Upper Thames Street,
London
EC4R 3TB





REGISTERED NUMBER: 00246323 (England and Wales)





ACCOUNTANTS: Oculus Accountancy Limited
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.

P Kelly
B J Martin
S C Sydes
B P D Denyer-Green
A R T Ormsby
A J Smyth

Other changes in directors holding office are as follows:

P C Banks - resigned 7 March 2023
B Ryan - resigned 7 March 2023
H Bennett-Gough - appointed 7 March 2023
D R Clements - appointed 7 March 2023
T C Crabtree - appointed 7 March 2023
S Kaye - appointed 7 March 2023
I D Muspratt - appointed 7 March 2023
P D Shatz - appointed 7 March 2023
J Hague - appointed 7 March 2023

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:





A J Smyth - Director


29 July 2024

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 373,296 272,627

Cost of sales (108,892 ) (47,840 )
GROSS SURPLUS 264,404 224,787

Administrative expenses (244,814 ) (258,834 )
OPERATING SURPLUS/(DEFICIT) 5 19,590 (34,047 )

Income from fixed asset investments 19,528 (54,981 )
39,118 (89,028 )

Interest payable and similar expenses (527 ) (9,462 )
SURPLUS/(DEFICIT) BEFORE TAXATION 38,591 (98,490 )

Tax on surplus/(deficit) - -
SURPLUS/(DEFICIT) FOR THE
FINANCIAL YEAR

38,591

(98,490

)

Little Ship Club Limited (Registered number: 00246323)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £   
FIXED ASSETS
Tangible assets 7 645,089 659,877
Investments 8 350,545 335,328
995,634 995,205

CURRENT ASSETS
Stocks 3,970 2,983
Debtors 9 48,219 50,288
Cash in hand 93,261 60,908
145,450 114,179
CREDITORS
Amounts falling due within one year 10 (105,592 ) (124,251 )
NET CURRENT ASSETS/(LIABILITIES) 39,858 (10,072 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,035,492

985,133

CREDITORS
Amounts falling due after more than one year 11 (31,019 ) (19,252 )
NET ASSETS 1,004,473 965,881

RESERVES
Special Fund 41,986 41,986
Income and expenditure account 962,487 923,895
1,004,473 965,881

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

Little Ship Club Limited (Registered number: 00246323)

Balance Sheet - continued
31 October 2023


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





A J Smyth - Director


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 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 (£).


3. 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
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 2 (2022 - 2 ) .

5. OPERATING SURPLUS/(DEFICIT)

The operating surplus (2022 - operating deficit) is stated after charging:

31.10.23 31.10.22
£    £   
Depreciation - owned assets 21,700 21,497

6. INVESTMENT INCOME
31.10.23 31.10.22
£    £   
Investment Income 7,380 9,110

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 335,328
Additions 22,035
Disposals (23,934 )
Revaluations 17,116
At 31 October 2023 350,545
NET BOOK VALUE
At 31 October 2023 350,545
At 31 October 2022 335,328

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 17,156 39,515

Amounts falling due after more than one year:
Trade debtors 31,063 10,773

Aggregate amounts 48,219 50,288

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade creditors 24,230 57,884
Taxation and social security 1,423 970
Other creditors 79,939 65,397
105,592 124,251

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 31,019 19,252

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.