Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr R Z Baggott 30/11/2023 29/05/2018 Mrs C C Carlyle 09/08/2023 02/06/2021 Mr S J Curnow 09/08/2023 Mrs S Dann 09/08/2023 Mr C L Deacon 09/08/2023 14/04/2021 Mr T Evans 09/08/2023 Mr T W Geary 11/05/2015 Mrs M E Manning 16/03/2020 Mr B Patel 09/08/2023 05/05/2022 Mr R Stevens 01/12/2023 25 September 2024 The principal activity of the company is that of increasing participation in sporting activity through the development of a centre of excellence for the encouragement, enjoyment and competition in sailing, water sports and related activities. 03095291 2023-12-31 03095291 bus:Director1 2023-12-31 03095291 bus:Director2 2023-12-31 03095291 bus:Director3 2023-12-31 03095291 bus:Director4 2023-12-31 03095291 bus:Director5 2023-12-31 03095291 bus:Director6 2023-12-31 03095291 bus:Director7 2023-12-31 03095291 bus:Director8 2023-12-31 03095291 bus:Director9 2023-12-31 03095291 bus:Director10 2023-12-31 03095291 2022-12-31 03095291 core:CurrentFinancialInstruments 2023-12-31 03095291 core:CurrentFinancialInstruments 2022-12-31 03095291 core:Non-currentFinancialInstruments 2023-12-31 03095291 core:Non-currentFinancialInstruments 2022-12-31 03095291 core:FurtherSpecificReserve1ComponentTotalEquity 2023-12-31 03095291 core:FurtherSpecificReserve1ComponentTotalEquity 2022-12-31 03095291 core:RetainedEarningsAccumulatedLosses 2023-12-31 03095291 core:RetainedEarningsAccumulatedLosses 2022-12-31 03095291 core:LandBuildings 2022-12-31 03095291 core:OtherPropertyPlantEquipment 2022-12-31 03095291 core:LandBuildings 2023-12-31 03095291 core:OtherPropertyPlantEquipment 2023-12-31 03095291 core:CostValuation 2022-12-31 03095291 core:CostValuation 2023-12-31 03095291 2023-01-01 2023-12-31 03095291 bus:FilletedAccounts 2023-01-01 2023-12-31 03095291 bus:SmallEntities 2023-01-01 2023-12-31 03095291 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03095291 bus:CompanyLimitedByGuarantee 2023-01-01 2023-12-31 03095291 bus:Director1 2023-01-01 2023-12-31 03095291 bus:Director2 2023-01-01 2023-12-31 03095291 bus:Director3 2023-01-01 2023-12-31 03095291 bus:Director4 2023-01-01 2023-12-31 03095291 bus:Director5 2023-01-01 2023-12-31 03095291 bus:Director6 2023-01-01 2023-12-31 03095291 bus:Director7 2023-01-01 2023-12-31 03095291 bus:Director8 2023-01-01 2023-12-31 03095291 bus:Director9 2023-01-01 2023-12-31 03095291 bus:Director10 2023-01-01 2023-12-31 03095291 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 03095291 2022-01-01 2022-12-31 03095291 core:LandBuildings 2023-01-01 2023-12-31 03095291 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 03095291 (England and Wales)

MOUNT BATTEN SAILING AND WATER SPORTS CENTRE

(A company limited by guarantee)

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

MOUNT BATTEN SAILING AND WATER SPORTS CENTRE

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

MOUNT BATTEN SAILING AND WATER SPORTS CENTRE

BALANCE SHEET

As at 31 December 2023
MOUNT BATTEN SAILING AND WATER SPORTS CENTRE

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 6,511,598 6,583,440
Investments 4 32,000 32,000
6,543,598 6,615,440
Current assets
Debtors 5 11,670 11,357
Cash at bank and in hand 280 130
11,950 11,487
Creditors: amounts falling due within one year 6 ( 43,477) ( 40,273)
Net current liabilities (31,527) (28,786)
Total assets less current liabilities 6,512,071 6,586,654
Creditors: amounts falling due after more than one year 7 ( 2,384,177) ( 2,408,300)
Provision for liabilities ( 432,878) ( 432,878)
Net assets 3,695,016 3,745,476
Reserves
Fair value reserve 3,988,296 4,013,633
Profit and loss account ( 293,280 ) ( 268,157 )
Total reserves 3,695,016 3,745,476

For the financial 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.

Directors' responsibilities:

The financial statements of Mount Batten Sailing and Water Sports Centre (registered number: 03095291) were approved and authorised for issue by the Board of Directors on 25 September 2024. They were signed on its behalf by:

Mr R Stevens
Director
MOUNT BATTEN SAILING AND WATER SPORTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
MOUNT BATTEN SAILING AND WATER SPORTS CENTRE

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mount Batten Sailing and Water Sports Centre (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 70 Lawrence Road, Mount Batten Plymstock, Plymouth, PL9 9SJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £3,695,016. The directors will continue to review cashflow requirements for the company and, if needed, organise loans from external sources. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

In accordance with FRS102, leasehold land and buildings are included in the financial statements at a valuation being their depreciated replacement values. An external expert performs a valuation periodically with the directors performing an interim valuation on an annual basis. When the fair value of the property is revalued above the cost the aggregate surplus or deficit on revaluation is recognised in the profit and loss and transferred to the fair value reserve.

No depreciation is provided on the company's freehold land.

The expected useful economic life of the leasehold land and buildings is, in the opinion of the directors 125 years, being the length of the lease. The rate has determined that the land and buildings have an expected useful life that will be fully utilised in the accounting year end of 2124.

In accordance with FRS102, the depreciation associated with the revalued element of the leasehold land and buildings is transferred between the profit and loss account reserve and the fair value reserve.

Land and buildings depreciated over the life of the lease
Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Government grants

The capital based government grant is included within other creditors within the balance sheet and is released to the profit and loss account over the useful economic life of the asset to which it relates.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

The directors received no remuneration from the company during the year.

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 January 2023 6,800,500 429,510 7,230,010
At 31 December 2023 6,800,500 429,510 7,230,010
Accumulated depreciation
At 01 January 2023 232,045 414,525 646,570
Charge for the financial year 66,667 5,175 71,842
At 31 December 2023 298,712 419,700 718,412
Net book value
At 31 December 2023 6,501,788 9,810 6,511,598
At 31 December 2022 6,568,455 14,985 6,583,440

The company entered into a lease with Plymouth Development Corporation on 23 March 1998 for a term of 125 years on the basis of an annual peppercorn rent.

During the year the property has not been revalued by an external valuer. The directors consider that the current valuation is not materially different from the depreciated replacement cost of the asset as at 31 December 2023.

Included within the net book value of land and buildings above is £500 (2022 - £500) in respect of freehold land and buildings and £6,501,288 (2022 - £6,567,955) in respect of long leasehold land and buildings.

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 32,000
At 31 December 2023 32,000
Carrying value at 31 December 2023 32,000
Carrying value at 31 December 2022 32,000

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Mount Batten Park Limited, registered in England and Wales, 100% ordinary shareholding in 2022 and 2023. The principal activity of Mount Batten Park Limited is that of a function and events venue.

5. Debtors

2023 2022
£ £
Amounts owed by Group undertakings 11,670 11,170
Other debtors 0 187
11,670 11,357

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 600
Accruals and deferred income 25,608 25,623
Other creditors 17,869 14,050
43,477 40,273

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 2,384,177 2,408,300

8. Related party transactions

Transactions with entities in which the entity itself has a participating interest

Mount Batten Centre Charity Trust
The building used by the trust is owned by Mount Batten Sailing and Water Sports Centre, the holding company of Mount Batten Park Limited. During the year the trust paid expenses of £3,819 (2022: £nil) on behalf of Mount Batten Sailing and Water Sports Centre, at the year end £17,869 (2022: £14,050) was due to the trust.

Mount Batten Park Ltd
During the year Mount Batten Park Limited, a 100% subsidiary of Mount Batten Sailing and Water Sports Centre, received a loan which is secured over property owned by Mount Batten Sailing and Water Sports Centre. At the balance sheet date, the total secured balance on this loan was £350,000 (2022: £nil).

Summary of transactions with subsidiaries

The company has taken advantage of the exemption in FRS 102 'Related Party Disclosures' from disclosing transactions with other wholly owned members of the group.