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REGISTERED NUMBER: 14957451 (England and Wales)









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: S Browne
NJ Chandler
EL Gardiner
JE Hepworth
CB Hodkinson
TJ Keeping
LP Korzilius
DJ Owen-Ellis Clark
EJ Parsons
S Townsend
PA Williams
HA Wyles
PM Bennett
C Summers





REGISTERED OFFICE: 55 Bath Road
Emsworth
Hants
PO10 7ES





REGISTERED NUMBER: 14957451 (England and Wales)





AUDITORS: MC Audit Limited
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 4 813,894 -
Investments 5 3,000 -
816,894 -

CURRENT ASSETS
Stocks 1,831 -
Debtors 6 24,370 12
Cash at bank and in hand 449,748 4,928
475,949 4,940
CREDITORS
Amounts falling due within one year 7 40,182 5,000
NET CURRENT ASSETS/(LIABILITIES) 435,767 (60 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,252,661

(60

)

CREDITORS
Amounts falling due after more than one
year

8

15,633

-
NET ASSETS/(LIABILITIES) 1,237,028 (60 )

RESERVES
Income and expenditure account 10 1,237,028 (60 )
1,237,028 (60 )

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 30 May 2025 and were signed on its behalf by:





TJ Keeping - Director


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 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.

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
Pontoons4% per annum
Improvements to Buildings 4% - 10% per annum
Club Boats 16.67% per annum
Kitchen Equipment 20% per annum
Office Equipment20% 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 3 (2023 - NIL ) .

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 - 29,304 29,304
Disposals - (350 ) (350 )
Reclassification/transfer 648,523 937,597 1,586,120
At 31 December 2024 648,523 966,551 1,615,074
DEPRECIATION
Charge for year 10,736 45,814 56,550
Eliminated on disposal - (24 ) (24 )
Reclassification/transfer 227,548 517,106 744,654
At 31 December 2024 238,284 562,896 801,180
NET BOOK VALUE
At 31 December 2024 410,239 403,655 813,894

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:

Fowley Marine(Emsworth) Limited
Registered office: Emsworth Sailing Club, 55 Bath Road, Emsworth, Hampshire, England, PO10 7ES
Nature of business: Operation of sports facilities
%
Class of shares: holding
Ordinary 100.00
2024
£   
Aggregate capital and reserves 3,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Unaudited)
£    £   
Trade debtors 14,100 -
Other debtors 10,270 12
24,370 12

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 16,433 -
Amounts owed to group undertakings - 5,000
Taxation and social security 2,516 -
Other creditors 21,233 -
40,182 5,000

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
(Unaudited)
£    £   
Other creditors 15,633 -

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 7,652 -
Between one and five years 25,690 -
In more than five years 8,190 -
41,532 -

10. RESERVES

Income and
expenditure
account
£

At 1 January 2024(60)
Surplus/(Deficit) for the year49,814
Transfer from Emsworth Sailing Club1,190,225
At 31 December 20241,239,979

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.

Paul Underwood FCCA (Senior Statutory Auditor)
for and on behalf of MC Audit Limited

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.