2023-09-012024-08-312024-08-31false00701131LYMINGTON TOWN SAILING CLUB 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LYMINGTON TOWN SAILING CLUB LIMITED

Registered Number
00701131
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

LYMINGTON TOWN SAILING CLUB LIMITED
Company Information
for the year from 1 September 2023 to 31 August 2024

Directors

ALLIN, Piers Roper
BUNCE, Christopher William
CHIPPERFIELD, Heather
ETHERIDGE, Paul Anthony
HOMEWOOD, Stephen John
MARKHAM, Susan
PODGER, Kevin Gordon Ray
THORNTON, John Richard James
WARD, Duncan Timothy
WARD, Robert Duncan

Registered Address

Bath House
Bath Road
Lymington
SO41 3SE

Registered Number

00701131 (England and Wales)
LYMINGTON TOWN SAILING CLUB LIMITED
Statement of Financial Position
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets3433,508464,668
433,508464,668
Current assets
Stocks413,11118,599
Debtors14,00722,643
Cash at bank and on hand237,853195,990
264,971237,232
Creditors amounts falling due within one year5(113,027)(120,949)
Net current assets (liabilities)151,944116,283
Total assets less current liabilities585,452580,951
Creditors amounts falling due after one year6(90,105)(100,600)
Net assets495,347480,351
Capital and reserves
Profit and loss account495,347480,351
Reserves495,347480,351
The financial statements were approved and authorised for issue by the Board of Directors on 13 February 2025, and are signed on its behalf by:
HOMEWOOD, Stephen John
Director
THORNTON, John Richard James
Director

Registered Company No. 00701131
LYMINGTON TOWN SAILING CLUB LIMITED
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by guarantee and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20242023
Average number of employees during the year2920
3.Tangible fixed assets

Land & buildings

Plant & machinery

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 September 23635,802248,257100,28716,2751,000,621
Additions-1,975224-2,199
Disposals-(7,500)--(7,500)
At 31 August 24635,802242,732100,51116,275995,320
Depreciation and impairment
At 01 September 23243,828194,79684,68012,649535,953
Charge for year15,38912,2953,07872531,487
On disposals-(5,628)--(5,628)
At 31 August 24259,217201,46387,75813,374561,812
Net book value
At 31 August 24376,58541,26912,7532,901433,508
At 31 August 23391,97453,46115,6073,626464,668
4.Stocks

2024

2023

££
Other stocks13,11118,599
Total13,11118,599
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables24,31238,296
Taxation and social security12,29614,697
Other creditors36,02839,521
Accrued liabilities and deferred income40,39128,435
Total113,027120,949
6.Creditors: amounts due after one year

2024

2023

££
Other creditors90,105100,600
Total90,105100,600
7.Operating lease commitments
At 31 August 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods: 2024 2023 Not later than one year 12,586 12,586 Later than one year and not later than five years 50,344 50,344 Later than five years 589,444 602,030 652,374 664,960
8.Share capital
Company limited by guarantee The company is limited by guarantee and has no share capital. Every member of the company undertakes to contribute to the assets of the company, in the event of a winding up, such an amount as may be required not exceeding £1.