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REGISTRAR OF COMPANIES

Registration number: 03509783

The Glenridding Sailing Centre Limited

Unaudited Financial Statements

30 November 2024

image-name

 

The Glenridding Sailing Centre Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Glenridding Sailing Centre Limited
for the Year Ended 30 November 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Glenridding Sailing Centre Limited for the year ended 30 November 2024 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Glenridding Sailing Centre Limited, as a body, in accordance with the terms of our engagement letter dated 17 April 2023. Our work has been undertaken solely to prepare for your approval the accounts of The Glenridding Sailing Centre Limited and state those matters that we have agreed to state to the Board of Directors of The Glenridding Sailing Centre Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Glenridding Sailing Centre Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Glenridding Sailing Centre Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of The Glenridding Sailing Centre Limited. You consider that The Glenridding Sailing Centre Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Glenridding Sailing Centre Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

17 March 2025

 

The Glenridding Sailing Centre Limited

(Registration number: 03509783)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

374,925

394,513

Current assets

 

Stocks

500

500

Debtors

5

8,164

10,856

Cash at bank and in hand

 

227,807

221,124

 

236,471

232,480

Creditors: Amounts falling due within one year

6

(19,284)

(18,474)

Net current assets

 

217,187

214,006

Total assets less current liabilities

 

592,112

608,519

Creditors: Amounts falling due after more than one year

6

(11,667)

(21,667)

Provisions for liabilities

(22,847)

(28,779)

Net assets

 

557,598

558,073

Capital and reserves

 

Allotted, called up and fully paid share capital

169,800

169,800

Share premium reserve

77,250

77,250

Revaluation reserve

73,038

73,038

Other reserves

14,000

14,000

Profit and loss account

223,510

223,985

Total equity

 

557,598

558,073

 

The Glenridding Sailing Centre Limited

(Registration number: 03509783)
Balance Sheet as at 30 November 2024 (continued)

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 March 2025 and signed on its behalf by:
 

.........................................

P W Meads

Director

 

The Glenridding Sailing Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Clint Mill
Cornmarket
PENRITH
CA11 7HW

The principal place of business is:
The Spit
Glenridding
PENRITH
CA11 0PE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

 

The Glenridding Sailing Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land

Not depreciated

Buildings

Straight line over 30 years

Plant and machinery

16% to 50% straight line basis

Motor vehicles

25% reducing balance basis

Fixtures and fittings

10% to 33% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

The Glenridding Sailing Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

The Glenridding Sailing Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 9).

 

The Glenridding Sailing Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

4

Tangible assets

Freehold land and buildings
£

Plant and machinery
 £

Motor vehicles
 £

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 December 2023

340,019

195,719

7,500

6,627

549,865

Additions

-

686

-

221

907

Disposals

-

(6,180)

-

-

(6,180)

At 30 November 2024

340,019

190,225

7,500

6,848

544,592

Depreciation

At 1 December 2023

81,767

63,374

4,627

5,584

155,352

Charge for the year

6,384

7,176

718

717

14,995

Eliminated on disposal

-

(680)

-

-

(680)

At 30 November 2024

88,151

69,870

5,345

6,301

169,667

Carrying amount

At 30 November 2024

251,868

120,355

2,155

547

374,925

At 30 November 2023

258,252

132,345

2,873

1,043

394,513

The freehold land and buildings cost brought forward is split between £148,500 land and £191,519 buildings.

Revaluation

The fair value of the company's freehold land was revalued on 30 November 2002 by an independent valuer. The name and qualification of the independent valuer are Peill & Co, Chartered Surveyors. Under the transitional provisions of FRS102 this valuation was treated as deemed cost and no further valuations have been made.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £75,000 (2023 - £75,000).

5

Debtors

2024
£

2023
£

Other debtors

8,164

10,856

8,164

10,856

 

The Glenridding Sailing Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

10,000

10,000

Trade creditors

 

478

680

Taxation and social security

 

2,904

1,105

Corporation tax liability

 

3,022

4,516

Other creditors

 

2,880

2,173

 

19,284

18,474

Due after one year

 

Loans and borrowings

7

11,667

21,667

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

11,667

21,667