Company Registration No. 00857021 (England and Wales)
GRAFHAM WATER SAILING CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
Brightfield Business Hub
Bakewell Road
Orton Southgate
Peterborough
Cambridgeshire
PE2 6XU
GRAFHAM WATER SAILING CLUB LIMITED
CONTENTS
Page
Company information
Balance sheet
1
Notes to the financial statements
2 - 9
GRAFHAM WATER SAILING CLUB LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
93,207
108,355
Current assets
Stocks
4
10,586
10,985
Debtors
5
47,361
18,242
Cash at bank and in hand
331,370
345,333
389,317
374,560
Creditors: amounts falling due within one year
6
(179,375)
(163,487)
Net current assets
209,942
211,073
Total assets less current liabilities
303,149
319,428
Creditors: amounts falling due after more than one year
7
(4,425)
(15,182)
Net assets
298,724
304,246
Reserves
Other reserves
10
120,000
120,000
Income and expenditure account
11
178,724
184,246
Members' funds
298,724
304,246

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 20 June 2025 and are signed on its behalf by:
M G Rushton
Director
Company registration number 00857021 (England and Wales)
GRAFHAM WATER SAILING CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

Grafham Water Sailing Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Chichester Way, Perry, Huntingdon, Cambridgeshire, PE28 0BU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis.true

1.3
Income and expenditure

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.

 

-Annual membership subscriptions and boat dues

The subscription year runs from 1 April to 31 March and the income is recognised for the period in which it relates, with any subscriptions received in advance is carried forward into the next period at statement of financial position date as a creditor.

 

-Open meetings

Open meeting income is recognised on the date that the event occurs.

 

-Training school

Training school income is recognised on the date that the training within the school is provided.

 

-Bar

Bar income is recognised as received for the period in which it relates to.

GRAFHAM WATER SAILING CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Permanent structures
5-10% straight line per annum
Boats
10-25% straight line per annum
Fixtures and fittings
10% straight line per annum
Office equipment
33% straight line per annum
Motor vehicles
10% straight line per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

GRAFHAM WATER SAILING CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

GRAFHAM WATER SAILING CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Taxation

The company operates as a club and as such accounts for taxation for no-member income only and this is charged to the income statement for the year in which it relates.

 

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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

GRAFHAM WATER SAILING CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
14
15

The average numbers of staff take into account sailing and powerboat instructors which are employed on a casual basis.

3
Tangible fixed assets
Permanent structures
Boats
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
171,046
66,799
30,242
7,323
19,700
295,110
Additions
7,932
500
310
640
-
0
9,382
Disposals
-
0
(1,064)
(1,460)
-
0
-
0
(2,524)
At 31 March 2025
178,978
66,235
29,092
7,963
19,700
301,968
Depreciation and impairment
At 1 April 2024
105,824
43,834
28,681
3,694
4,722
186,755
Depreciation charged in the year
12,930
7,544
181
1,902
1,970
24,527
Eliminated in respect of disposals
-
0
(1,062)
(1,459)
-
0
-
0
(2,521)
At 31 March 2025
118,754
50,316
27,403
5,596
6,692
208,761
Carrying amount
At 31 March 2025
60,224
15,919
1,689
2,367
13,008
93,207
At 31 March 2024
65,222
22,965
1,561
3,629
14,978
108,355
GRAFHAM WATER SAILING CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
4
Stocks
2025
2024
£
£
Other inventories
10,586
10,985
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
30,708
1,892
Other debtors
20
3
Prepayments and accrued income
16,633
16,347
47,361
18,242
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
9,994
9,989
Trade creditors
20,200
26,135
Taxation and social security
3,193
3,164
Other creditors
145,988
124,199
179,375
163,487

Included in other creditors are the following:

 

Deferred members income: £129,476 (2024 - £109,523)

7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
2,740
12,936
Other creditors
1,685
2,246
4,425
15,182
GRAFHAM WATER SAILING CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Creditors: amounts falling due after more than one year
(Continued)
- 8 -

Included in other creditors are the following:

 

Deferred members income: £1,685 (2024 - £2,246)

8
Loans and overdrafts
2025
2024
£
£
Bank loans
12,734
22,925
Payable within one year
9,994
9,989
Payable after one year
2,740
12,936
9
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

10
Other reserves
£
At the beginning of the prior year
90,000
Additions
30,000
At the end of the prior year
120,000
At the end of the current year
120,000

A sum of £90,000 had been provided for in other reserves at 31 March 2018, to reflect the provision of running the Club for four months in the event of any unforeseen events outside control of the Club.

 

On the 16 October 2023 it was decided at the council meeting to increase the reserve to £120,000.

GRAFHAM WATER SAILING CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
11
Income and expenditure account
2025
2024
£
£
At the beginning of the year
184,246
202,960
(Deficit)/surplus for the year
(5,522)
11,286
Transfer to other reserves
-
(30,000)
At the end of the year
178,724
184,246
12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
John Grant
Statutory Auditor:
TC Group
Date of audit report:
21 June 2025
13
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Within one year
59,011
59,011
Between two and five years
236,044
236,044
In over five years
413,077
472,088
708,132
767,143
14
Directors' transactions

During the year 3 (2024 - 2) directors were remunerated by the club for sailing work. The total cost was £8,528 (2024 - £5,172). No director is paid for his or her services as a director.

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