| REGISTERED NUMBER: |
| Island Sailing Club Ltd |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2024 |
| REGISTERED NUMBER: |
| Island Sailing Club Ltd |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2024 |
| Island Sailing Club Ltd (Registered number: 12604646) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Island Sailing Club Ltd |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| Island Sailing Club Ltd (Registered number: 12604646) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Current assets |
| Stocks |
| Debtors | 5 |
| Prepayments and accrued income |
| Cash at bank and in hand |
| Creditors |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| Net current liabilities | ( |
) | ( |
) |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
| Accruals and deferred income | ( |
) | ( |
) |
| Net liabilities | ( |
) | ( |
) |
| Reserves |
| Retained earnings | ( |
) | ( |
) |
| ( |
) | ( |
) |
| Island Sailing Club Ltd (Registered number: 12604646) |
| Balance Sheet - continued |
| 31 December 2024 |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Island Sailing Club Ltd (Registered number: 12604646) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Island Sailing Club Ltd is a |
| 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 financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for at least twelve months from the date of approval of these financial statements. |
| The directors have reviewed the company's financial position, including its cash reserves, revenue, and expenses.The company has experienced a decline in sales and, as a result, has implemented measures to reduce costs by adopting a more conservative approach going forward. Based on this review, the directors are satisfied that the company has sufficient resources to continue its operations for the foreseeable future without the need to cease operations or sell its assets. No material uncertainties have been identified that would affect the company's ability to continue as a going concern. Therefore, the financial statements do not include adjustments that would be required if the company were unable to continue as a going concern. |
| TURNOVER |
| Income comprises gross income receivable from members' subscriptions, racing fees for the season's race programme,race sponsorship, bar takings, catering, accommodation and other related activities. |
| - Subscriptions and accommodation income are recognised in income over the period to which they relate. |
| - Race income is recognised on the date the event takes place. |
| - Takings from the bar and catering are recognised as they arise. |
| All income is recognised net of VAT, where appropriate. |
| TANGIBLE FIXED ASSETS |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be used in the Club’s activities. Only assets costing £500 or more are considered to be tangible fixed assets. |
| Depreciation is charged using the straight line method so as to allocate the cost of assets less their residual value over their estimated useful lives, which are as follows: |
| Freehold property 100 years |
| Boats and pontoons 5 - 10 years |
| Furniture, fittings and equipment 3 - 30 years |
| No depreciation is charged on the cost of land or rights of way included in freehold property, which is not considered to have a finite useful economic life. Cups and trophies are also not depreciated, these are maintained in good condition, and any depreciation would be immaterial. |
| Island Sailing Club Ltd (Registered number: 12604646) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| STOCKS |
| Stocks comprise principally bar and restaurant stocks and are stated at the lower of cost and net realisable value. Net realisable value is calculated as the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. |
| At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its net realisable value. |
| 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. |
| HIRE PURCHASE AND LEASING COMMITMENTS |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| Island Sailing Club Ltd (Registered number: 12604646) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Debentures |
| Bank loans and overdrafts |
| Trade creditors |
| Social security and other tax |
| Pension Liability | 2,316 | 4,672 |
| VAT | 26,319 | 27,489 |
| Other creditors |
| Accrued expenses | ( |
) |
| Island Sailing Club Ltd (Registered number: 12604646) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans - 1-2 years |
| Bank loans - 2-5 years |