Company registration number 12380540 (England and Wales)
RNSA MOORINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
RNSA MOORINGS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 8
RNSA MOORINGS LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF RNSA MOORINGS LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of RNSA Moorings Limited for the year ended 31 December 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of RNSA Moorings Limited, as a body, in accordance with the terms of our engagement letter dated 14 October 2020. Our work has been undertaken solely to prepare for your approval the financial statements of RNSA Moorings Limited and state those matters that we have agreed to state to the board of directors of RNSA Moorings Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than RNSA Moorings Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that RNSA Moorings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of RNSA Moorings Limited. You consider that RNSA Moorings 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 financial statements of RNSA Moorings 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 financial statements.
Warner Wilde Limited
16 July 2025
Chartered Certified Accountants
4 Marigold Drive
Bisley
Woking
Surrey
GU24 9SF
RNSA MOORINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
492,567
539,469
Current assets
Debtors
5
20,350
17,027
Cash at bank and in hand
600,006
499,380
620,356
516,407
Creditors: amounts falling due within one year
(20,406)
(14,423)
Net current assets
599,950
501,984
Net assets
1,092,517
1,041,453
Reserves
Other reserves
7
5,035
Income and expenditure account
9
1,092,517
1,036,418
Members' funds
1,092,517
1,041,453
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These 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, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 5 July 2025 and are signed on its behalf by:
N L Williams
Director
Company registration number 12380540 (England and Wales)
RNSA MOORINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
RNSA Moorings Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Haslar Marina, 10 Haslar Road, Gosport, PO12 1NU.
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. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
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:
Marina Hut
10 years straight line
Plant, Machinery and IT
5 years straight line (4 years for introduced assets)
Dolphin Pool
15 years straight line (5 years for introduced assets)
Alliance Pontoon
25 years straight line (23 years for introduced assets)
Fleetlands Pontoon
15 years straight line (11 years for inroduced assets)
Moorings
15/10 years straight line (12 years for introduced assets)
Grace II
10 years straight line (3 years for introduced assets)
Haslar Pontoon
25 years straight line (24 years for introduced assets)
Cold Harbour Pontoon
25 years straight line (24 years for introduced assets)
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.
1.4
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.
RNSA MOORINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.
1.6
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.
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.
1.7
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit, apart from on their investment income.
RNSA MOORINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
RNSA MOORINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
4
Tangible fixed assets
Marina Hut
Plant, Machinery and IT
Dolphin Pool
Alliance Pontoon
Fleetlands Pontoon
Moorings
Grace II
Haslar Pontoon
Cold Harbour Pontoon
Total
£
£
£
£
£
£
£
£
£
£
Cost
At 1 January 2024
17,166
2,668
169,332
146,906
41,544
11,913
16,467
189,904
166,506
762,406
Additions
1,651
-
1,651
At 31 December 2024
17,166
2,668
169,332
146,906
41,544
13,564
16,467
189,904
166,506
764,057
Depreciation and impairment
At 1 January 2024
5,151
2,335
101,188
25,548
15,108
662
16,467
28,726
27,752
222,937
Depreciation charged in the year
1,717
138
28,154
1,111
1,373
1,294
7,828
6,938
48,553
At 31 December 2024
6,868
2,473
129,342
26,659
16,481
1,956
16,467
36,554
34,690
271,490
Carrying amount
At 31 December 2024
10,298
195
39,990
120,247
25,063
11,608
153,350
131,816
492,567
At 31 December 2023
12,015
333
68,144
121,358
26,436
11,251
161,178
138,754
539,469
RNSA MOORINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,148
852
Other debtors
312
342
Prepayments and accrued income
17,890
15,833
20,350
17,027
6
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.
7
Other reserves
£
At the beginning of the prior year
5,709
Other movements
(674)
At the end of the prior year
5,035
Transfer to income and expenditure account
(5,035)
At the end of the current year
-
The reserve is held for future costs relating to visitor moorings.
8
Capital commitments
At the balance sheet date, the company had capital commitments for fixed assets of £nil (2023: £nil).
9
Income and expenditure account
2024
2023
£
£
At the beginning of the year
1,036,418
1,038,169
Surplus/(deficit) for the year
51,064
(2,425)
Transfer to reserves
5,035
674
At the end of the year
1,092,517
1,036,418
RNSA MOORINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
10
Related party transactions
RNSA is a corporate member of RNSA Moorings Limited.
2024
RNSA paid the following costs to RNSA Moorings Limited in 2024:
Moorings fees £19
RNSA Moorings Limited paid the following costs to RNSA in 2024:
Shared costs recharged £16,462
Moorings licence fee £11,840
CEO time costs recharged £13,756
The above balance includes £9800 owed to RNSA at the balance sheet date.
2023
RNSA paid the following costs to RNSA Moorings Limited in 2023:
Moorings fees £1,271
RNSA Moorings Limited paid the following costs to RNSA in 2023:
Shared costs recharged £15,625
Moorings licence fee £11,340
CEO time costs recharged £13,141
The above balance includes £6,796 owed to RNSA at the balance sheet date.