| REGISTERED NUMBER: |
| EMSWORTH SAILING CLUB LIMITED |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| REGISTERED NUMBER: |
| EMSWORTH SAILING CLUB LIMITED |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| EMSWORTH SAILING CLUB LIMITED (REGISTERED NUMBER: 14957451) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| EMSWORTH SAILING CLUB LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Station House |
| North Street |
| Havant |
| Hampshire |
| PO9 1QU |
| EMSWORTH SAILING CLUB LIMITED (REGISTERED NUMBER: 14957451) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| (Unaudited) |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET ASSETS/(LIABILITIES) | ( |
) |
| RESERVES |
| Income and expenditure account | 10 | ( |
) |
| ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| EMSWORTH SAILING CLUB LIMITED (REGISTERED NUMBER: 14957451) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Emsworth Sailing Club Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The directors are of the opinion that the Company can continue to meet its obligations for at least twelve months after the signing of the accounts and that the Company will continue in operational existence for the foreseeable future. Therefore the directors continue to adopt the going concern basis in preparing the Annual Report and financial statements. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Emsworth Sailing Club Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Depreciation is provided on all tangible fixed assets with finite useful life, such that the cost of an asset is written off over the period of its expected useful life. |
| The methods used and the annual rates applied to specific classes of assets are as follows: |
| Buildings | 2% per annum |
| Pontoons | 4% per annum |
| Improvements to Buildings | 4% - 10% per annum |
| Club Boats | 16.67% per annum |
| Kitchen Equipment | 20% per annum |
| Office Equipment | 20% per annum |
| Furniture and Fittings | 20% per annum |
| Assets are depreciated using the straight-line method, with the different classes of asset depreciated at the rates outlined above. Depreciation is calculate on a full month basis and is charged in the month of acquisition. |
| Only items costing £500 or more (net of VAT) are considered for capitalisation by the company and each item eligible of capitalisation is considered and assessed on its own merits, as to whether it qualifies to be expensed or capitalised. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| EMSWORTH SAILING CLUB LIMITED (REGISTERED NUMBER: 14957451) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 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. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs |
| The company pays fixed contributions into a separate legal entity. Once the contributions have been paid the company has no further payment obligations. |
| Irrecoverable vat |
| Irrecoverable VAT is charged to the profit and loss account. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| EMSWORTH SAILING CLUB LIMITED (REGISTERED NUMBER: 14957451) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| Additions |
| Disposals | ( |
) | ( |
) |
| Reclassification/transfer |
| At 31 December 2024 |
| DEPRECIATION |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| Reclassification/transfer |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| The accumulated cost and depreciation of Emsworth Sailing Club has been transferred over to the company on the 1st January 2024. |
| 5. | FIXED ASSET INVESTMENTS |
| Investments (neither listed nor unlisted) were as follows: |
| 2024 | 2023 |
| (Unaudited) |
| £ | £ |
| Fowley Marine (Emsworth) Limited | 3,000 | - |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: Emsworth Sailing Club, 55 Bath Road, Emsworth, Hampshire, England, PO10 7ES |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 |
| £ |
| Aggregate capital and reserves |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| (Unaudited) |
| £ | £ |
| Trade debtors |
| Other debtors |
| EMSWORTH SAILING CLUB LIMITED (REGISTERED NUMBER: 14957451) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| (Unaudited) |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| (Unaudited) |
| £ | £ |
| Other creditors |
| The amount represents a loan obtained by Clifts Catering Ltd ("CCL"), which is due for repayment by 31 December 2028. While the entity intends to repay the loan, no repayments are expected to be made within the next 12 months. The loan is interest-free. |
| If a member leaves the club, and the balance held by CCL on their membership card is less than £50, then the balance is donated to the Blake Fund from the loan outstanding to CCL. Membership balances held on all membership cards are assessed periodically, and any qualifying balances are then transferred to the Fund. |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| (Unaudited) |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 10. | RESERVES |
| Income and |
| expenditure |
| account |
| £ |
| At 1 January 2024 | (60 | ) |
| Surplus/(Deficit) for the year | 49,814 |
| Transfer from Emsworth Sailing Club | 1,190,225 |
| At 31 December 2024 | 1,239,979 |
| The retained earnings of Emsworth Sailing Club as of 1st January 2024 have been transferred to the company. |
| EMSWORTH SAILING CLUB LIMITED (REGISTERED NUMBER: 14957451) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Report of the Auditors was unqualified. |
| for and on behalf of |
| 12. | RELATED PARTY DISCLOSURES |
| During the period, the company entered into a related party transaction with Emma Gardiner of Emsworth Yacht Harbour, amounting to £32.19. The transaction, which occurred on 20 May 2024, was for berth hire due to damage caused by storms. This transaction was conducted in the ordinary course of business and on normal commercial terms. |
| 13. | ULTIMATE CONTROLLING PARTY |
| The company is not under control by any specific party. |
| 14. | LIMITED BY GUARANTEE |
| The Company is a private company limited by guarantee without share capital. |