REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
London Regatta Centre Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
London Regatta Centre Limited |
London Regatta Centre Limited (Registered number: 02506268) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
London Regatta Centre Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditors |
Kennel Club House |
Gatehouse Way |
Aylesbury |
Buckinghamshire |
HP19 8DB |
London Regatta Centre Limited (Registered number: 02506268) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
London Regatta Centre Limited (Registered number: 02506268) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
London Regatta Centre Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Despite the deficit of assets at the balance sheet date, at the time of approving the financial statements, management have a reasonable expectation that the parent will provide the resources to continue in operational existence for the foreseeable future. Management have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Management have tested their cash flow analysis to take into account the impact on their business of possible scenarios alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, management have concluded that they can continue to adopt the going concern basis in preparing the financial statements. |
The presentational currency is Sterling £ and rounded to the nearest pound. |
Significant judgements and estimates |
In preparing the financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. These assumptions are reassessed annually as part of the accounts preparation process. |
In the view of management in applying the accounting policies adopted, no judgements were required that have significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a risk of material adjustment in the next financial year. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The various streams of income included boat rack hire, day tickets, management, tank hire, intro to rowing, miscellaneous income, parking, event hire and facility hire. The major stream of income is mainly from parking charges. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of tangible fixed assets have different useful lives, they are accounted for a separate items of tangible fixed assets. |
Depreciation is provided at the following annual rates in order to write off each asset over its useful estimated life, or if held under a finance lease, over the lease term whichever is shorter: |
Plant & machinery - 25% reducing balance |
London Regatta Centre Limited (Registered number: 02506268) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial instruments are measured at amortised cost other than financial investments are measured at fair value. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors |
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short-term creditors are measured at the transactions price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transactions costs, and are measured subsequently at amortised cost using the effective interest method. |
Cash and cash equivalents |
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
London Regatta Centre Limited (Registered number: 02506268) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | RELATED PARTY DISCLOSURES |
The following related party transactions were found for the year ended 31 March 2024: |
- Income from hire of conference room, tank hire and racking income from London Youth Rowing (LYR) £7,344 (2023: £3,918) (John Kinsella was chair of LYR until Oct 2022, Matt Rostron is CEO of LYR but didn't become a trustee of Royal Albert Dock Trust (RADT), the parent company, until Sept 2023) |
- Income from hire of conference room from MSSC - £167 (2023: £nil) (Martin Coles is CEO and was a trustee of RADT until July 2023, Paul Wilkinson is employed by MSSC but didn't become a trustee of RADT until Sept 2023) |
- Income from British Rowing for consultancy and event hire - £11,000 (2023: £11,822) (Gary Harris was the representative from British Rowing and was a trustee of RADT until July 2023, Alastair Marks is a Director at British Rowing but didn't become a trustee of RADT until Sept 2023) |
10. | ULTIMATE CONTROLLING PARTY |
Royal Albert Dock Trust is the ultimate controlling party of London Regatta Centre Limited. |