Company Registration No. 05414491 (England and Wales)
METROPOLITAN POLICE SAILING CLUB LTD
COMPANY LIMITED BY GUARANTEE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
METROPOLITAN POLICE SAILING CLUB LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
METROPOLITAN POLICE SAILING CLUB LTD
COMPANY INFORMATION
Directors
G. R. Granville
R. P. Earle
M. Potter
P. J. Doherty
Secretary
C. Stephens
Company number
05414491
Registered office
3rd Floor
114a Cromwell Road
London
UK
SW7 4AG
Accountants
Bright Grahame Murray
Emperor's Gate
114a Cromwell Road
Kensington
London
UK
SW7 4AG
METROPOLITAN POLICE SAILING CLUB LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
179,792
191,792
Current assets
Debtors
5
7,931
7,426
Cash at bank and in hand
153,900
175,011
161,831
182,437
Creditors: amounts falling due within one year
6
(33,015)
(36,396)
Net current assets
128,816
146,041
Total assets less current liabilities
308,608
337,833
Creditors: amounts falling due after more than one year
7
(171,500)
(189,500)
Net assets
137,108
148,333
Reserves
Income and expenditure account
137,108
148,333
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered 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 4 March 2024 and are signed on its behalf by:
G. R. Granville
Director
Company Registration No. 05414491
METROPOLITAN POLICE SAILING CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Metropolitan Police Sailing Club Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is 3rd Floor, 114a Cromwell Road, London, UK, SW7 4AG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Portacabins
Over 10 years on a straight line basis
Yachts
Over 3 to 10 years on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
METROPOLITAN POLICE SAILING CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial instruments classified as receivable or payable within one year are not amortised.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Grants receivable are recorded gross. Government grants are recorded within other income whereas operational grants are matched against specific expenses incurred by the company, to which they relate. Undistributed grants which have not been received at the year end, though which the company is entitled, are shown on the balance sheet as debtors.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are in respect of the depreciation policies in relation to the yachts and RIBs. The policies are reviewed each year and are considered appropriate, having due regard to potential impairment of such assets.
METROPOLITAN POLICE SAILING CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Portacabins
Yachts
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
20,000
285,000
305,000
Depreciation and impairment
At 1 January 2023
20,000
93,208
113,208
Depreciation charged in the year
12,000
12,000
At 31 December 2023
20,000
105,208
125,208
Carrying amount
At 31 December 2023
179,792
179,792
At 31 December 2022
191,792
191,792
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
7,931
7,426
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,000
4,000
Corporation tax
200
Other taxation and social security
1,844
1,815
Other creditors
26,971
30,581
33,015
36,396
METROPOLITAN POLICE SAILING CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
8
9,000
13,000
Other borrowings
8
162,500
176,500
171,500
189,500
8
Loans and overdrafts
2023
2022
£
£
Bank loans
13,000
17,000
Other loans
176,500
190,500
189,500
207,500
Payable within one year
18,000
18,000
Payable after one year
171,500
189,500
Other loans represent interest free loans totalling £176,500, of which £106,500 (2022: £120,500) is repayable after more than five years.
The loans are secured over the assets of the company.
9
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.