REGISTERED NUMBER: |
LANGSTONE SAILING CLUB LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2024 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
RESERVES |
Income and expenditure account |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 buildings | 40 years |
Site improvements | 20 years |
Sea defences | 5 years |
Fixtures & fittings | 7 years |
Plant & boats | 5 years |
Solar PV | 15 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 |
Additions |
Disposals | ( |
) |
At 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
Fixtures |
and | Sea |
fittings | Solar PV | defences | Totals |
£ | £ | £ | £ |
COST |
At 1 November 2023 |
Additions |
Disposals | ( |
) |
At 31 October 2024 |
DEPRECIATION |
At 1 November 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 October 2024 |
NET BOOK VALUE |
At 31 October 2024 |
At 31 October 2023 |
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 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
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. |