Company registration number 08406149 (England and Wales)
ST MAWES SAILING CLUB LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
ST MAWES SAILING CLUB LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ST MAWES SAILING CLUB LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
428
Tangible assets
4
800,364
815,263
Investments
5
2,602
2,602
802,966
818,293
Current assets
Stocks
681
1,115
Debtors
6
15,275
11,657
Cash at bank and in hand
80,450
79,571
96,406
92,343
Creditors: amounts falling due within one year
7
(31,099)
(38,567)
Net current assets
65,307
53,776
Total assets less current liabilities
868,273
872,069
Creditors: amounts falling due after more than one year
8
(143,228)
(153,071)
Net assets
725,045
718,998
Reserves
Income and expenditure account
725,045
718,998
725,045
718,998

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 30 September 2024 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 members have 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.

ST MAWES SAILING CLUB LTD
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 January 2025 and are signed on its behalf by:
N Hare-Scott
Director
Company Registration No. 08406149
ST MAWES SAILING CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

St Mawes Sailing Club Ltd is a private company limited by guarantee incorporated in England and Wales. The registered office is 1 The Quay, St. Mawes, Truro, Cornwall, United Kingdom, TR2 5DG.

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 have been prepared under the historical cost convention.

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 pound.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the total invoice value, excluding value added tax, of services invoiced during the year. Turnover is recognised as the services are performed. Subscription and enrolment fees are recognised over the subscription term.

1.4
Intangible fixed assets

Intangible assets include costs in connection with the company's website, and are being amortised evenly over the estimated useful life of five years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses. Costs includes costs directly attributable to making the asset capable of operating as intended by management.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Clubhouse and quay
not provided
Long leasehold
2% straight line
Boats
25% straight line
Fixtures, fittings & equipment
15% straight line

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.

Depreciation is not provided for the Clubhouse and quay, since it is considered by management to be held at residual value. The company has a policy and practice of regular maintenance and repair (charges for which are recognised in the statement of comprehensive income) such that the asset is maintained to its previously assessed standard of performance and the asset is unlikely to suffer from economic or technological obsolescence and therefore any depreciation would therefore be rendered immaterial.

1.6
Fixed asset investments

Fixed assets investments are stated at cost less impairment.

ST MAWES SAILING CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

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.

1.8
Stocks

Stocks are valued at lower of cost and net realisable value, after making due allowance for obselete and slow moving items.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

ST MAWES SAILING CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
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. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of any employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Intangible fixed assets
Website
£
Cost
At 1 October 2023 and 30 September 2024
7,488
Amortisation and impairment
At 1 October 2023
7,060
Amortisation charged for the year
428
At 30 September 2024
7,488
Carrying amount
At 30 September 2024
-
0
At 30 September 2023
428
ST MAWES SAILING CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
4
Tangible fixed assets
Clubhouse and quay
Long leasehold
Boats
Fixtures, fittings & equipment
Total
£
£
£
£
£
Cost
At 1 October 2023
425,811
291,537
106,323
178,963
1,002,634
Additions
12,504
-
0
-
0
-
0
12,504
At 30 September 2024
438,315
291,537
106,323
178,963
1,015,138
Depreciation and impairment
At 1 October 2023
-
0
28,034
105,043
54,294
187,371
Depreciation charged in the year
-
0
5,831
888
20,684
27,403
At 30 September 2024
-
0
33,865
105,931
74,978
214,774
Carrying amount
At 30 September 2024
438,315
257,672
392
103,985
800,364
At 30 September 2023
425,811
263,503
1,280
124,669
815,263

Donation income includes £Nil (2023: £65,322) received during the year in respect of the pontoon appeal. £Nil (2023: £81,647) was spent during the year. All income received in respect of the pontoon appeal has been spent with the balance held at the year end being £Nil (2023: £Nil).

Unlisted investments
£
Cost
At 1 October 2023 & 30 September 2024
2,602
Carrying amount
At 30 September 2024
2,602
At 30 September 2023
2,602
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
15,275
11,657
ST MAWES SAILING CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9,934
10,024
Taxation and social security
1,293
708
Other creditors
19,872
27,835
31,099
38,567
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Unsecured Bonds 1-2 years
31,000
31,000
Bank loans and overdrafts
82,228
92,071
Member loan
30,000
30,000
143,228
153,071

The club has offered up to 400 bonds to members in order to raise finance for certain capital expenditure projects.  The bonds are offered at a purchase price of £500 each. The bonds are unsecured and do not earn interest.  The club undertakes, if necessary funds are available, to buy back 30 or more bonds in each financial year after 1 October 2021 at their original price on a first come, first served basis.

 

28 bonds were issued in the year ended 30 September 2019, and a further 46 bonds were issued during the year ended 30 September 2020. 

 

4 bonds were repaid to members during the year ended 30 September 2022, and 5 bonds were repaid during the year ended 30 September 2023.  During the year to 30 September 2024, 3 bonds at £500 each were repaid to members, leaving £31,000 at 30 September 2024.

 

At the balance sheet date the club owed a member £30,000 (2023: £30,000) in respect of an interest free loan provided by a member. This is not due to be repaid until 16 September 2027.

Amounts included above which fall due after five years are as follows:
Payable by instalments
54,493
59,974
9
Contingent liabilities and securities

The club has entered into a commitment to meet costs associated within the reformation of Percuil Sailing Club up to the maximum sum of £1,000.

Security - Lloyds Bank plc holds a fixed and floating charge over all property or undertaking of the company.

ST MAWES SAILING CLUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
10
Limited by guarantee

The company is limited by guarantee and accordingly does not have share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.

 

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