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Registered number: 01659368
Tamworth Sailing Club Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Thomas and Company Accountants LLP
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 01659368
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 67,621 68,055
67,621 68,055
CURRENT ASSETS
Stocks 5 823 198
Cash at bank and in hand 69,233 67,710
70,056 67,908
Creditors: Amounts Falling Due Within One Year 6 (1,333 ) (973 )
NET CURRENT ASSETS (LIABILITIES) 68,723 66,935
TOTAL ASSETS LESS CURRENT LIABILITIES 136,344 134,990
NET ASSETS 136,344 134,990
RESERVES
Revaluation reserve 7 62,679 62,679
Income and Expenditure Account 73,665 72,311
MEMBERS' FUNDS 136,344 134,990
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income and Expenditure Account.
On behalf of the board
Mr Christopher Parsons
Director
26/07/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Tamworth Sailing Club Limited is a private company, limited by guarantee, incorporated in England & Wales, registered number 01659368 . The registered office is Kingsbury Water Park, Bodymoor Heath, Nr Kingsbury, Warwickshire, B76 0DY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 0
Plant & Machinery 15%
Fixtures & Fittings 15%
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
4. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 January 2023 102,245 127,104 229,349
Additions - 2,230 2,230
Disposals - (900 ) (900 )
As at 31 December 2023 102,245 128,434 230,679
...CONTINUED
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Page 4
Depreciation
As at 1 January 2023 47,245 114,049 161,294
Provided during the period - 1,889 1,889
Disposals - (125 ) (125 )
As at 31 December 2023 47,245 115,813 163,058
Net Book Value
As at 31 December 2023 55,000 12,621 67,621
As at 1 January 2023 55,000 13,055 68,055
5. Stocks
2023 2022
£ £
Stock 823 198
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 938 525
Accruals and deferred income 375 448
Payments on account 20 -
1,333 973
7. Reserves
Revaluation Reserve
£
As at 1 January 2023 62,679
As at 31 December 2023 62,679
8. Company limited by guarantee
The company is limited by guarantee and has no share capital.
Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.
Page 4