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REGISTERED NUMBER: 01088675 (England and Wales)









LANGSTONE SAILING CLUB LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024






LANGSTONE SAILING CLUB LIMITED (REGISTERED NUMBER: 01088675)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LANGSTONE SAILING CLUB LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTORS: Ms E Noble
S Johnson
R J Taylor
J Bassford
R Waterson
C D Pines
R Mckimm
T Holloway
J Haines





REGISTERED OFFICE: Langstone Road
Havant
Hampshire
PO9 1RD





REGISTERED NUMBER: 01088675 (England and Wales)





ACCOUNTANTS: Morris Crocker
Chartered Accountants
Station House
North Street
Havant
Hampshire
PO9 1QU

LANGSTONE SAILING CLUB LIMITED (REGISTERED NUMBER: 01088675)

BALANCE SHEET
31 OCTOBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 246,780 241,893

CURRENT ASSETS
Stocks 2,941 2,900
Debtors 5 8,719 5,983
Cash at bank 91,356 102,184
103,016 111,067
CREDITORS
Amounts falling due within one year 6 28,484 24,712
NET CURRENT ASSETS 74,532 86,355
TOTAL ASSETS LESS CURRENT
LIABILITIES

321,312

328,248

RESERVES
Income and expenditure account 321,312 328,248
321,312 328,248

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 3 April 2025 and were signed on its behalf by:





J Bassford - Director


LANGSTONE SAILING CLUB LIMITED (REGISTERED NUMBER: 01088675)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1. STATUTORY INFORMATION

Langstone Sailing Club Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover consists of subscriptions, mooring and berthing fees charged to members, bar & galley sales and income from social and other events.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over it useful estimated useful life.

Freehold buildings40 years
Site improvements20 years
Sea defences5 years
Fixtures & fittings7 years
Plant & boats5 years
Solar PV15 years

No depreciation is provided in respect of freehold land

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

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other 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

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method

Taxation
Corporation tax payable is provided on interest received at the current rate and any surpluses arising from non member activities at the current prevailing rate of tax.

LANGSTONE SAILING CLUB LIMITED (REGISTERED NUMBER: 01088675)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Land & Site Plant &
buildings improvements boats
£    £    £   
COST
At 1 November 2023 319,138 39,988 176,793
Additions - - 29,597
Disposals - - (8,934 )
At 31 October 2024 319,138 39,988 197,456
DEPRECIATION
At 1 November 2023 130,761 32,374 156,263
Charge for year 5,788 2,645 14,824
Eliminated on disposal - - (8,934 )
At 31 October 2024 136,549 35,019 162,153
NET BOOK VALUE
At 31 October 2024 182,589 4,969 35,303
At 31 October 2023 188,377 7,614 20,530

Fixtures
and Sea
fittings Solar PV defences Totals
£    £    £    £   
COST
At 1 November 2023 203,541 4,899 16,908 761,267
Additions 6,477 - - 36,074
Disposals - - - (8,934 )
At 31 October 2024 210,018 4,899 16,908 788,407
DEPRECIATION
At 1 November 2023 181,762 1,306 16,908 519,374
Charge for year 7,603 327 - 31,187
Eliminated on disposal - - - (8,934 )
At 31 October 2024 189,365 1,633 16,908 541,627
NET BOOK VALUE
At 31 October 2024 20,653 3,266 - 246,780
At 31 October 2023 21,779 3,593 - 241,893

Included in cost of land and buildings is freehold land of £ 25,000 (2023 - £ 25,000 ) which is not depreciated.

LANGSTONE SAILING CLUB LIMITED (REGISTERED NUMBER: 01088675)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 944 200
Other debtors 7,775 5,783
8,719 5,983

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 7,781 3,254
Taxation and social security 412 234
Other creditors 20,291 21,224
28,484 24,712

7. LIMITED BY GUARANTEE

The company is limited by guarantee. Members are liable for an amount not exceeding two years subscriptions. In the event of the Club winding up, any surplus assets shall be distributed among the members, in accordance with the Memorandum of Association.