Company registration number 10082659 (England and Wales)
FELIXSTOWE FERRY SAILING CLUB LIMITED
(LIMITED BY GUARANTEE)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
FELIXSTOWE FERRY SAILING CLUB LIMITED
(LIMITED BY GUARANTEE)
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
FELIXSTOWE FERRY SAILING CLUB LIMITED
(LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
712,856
720,989
Current assets
Stocks
5,599
5,370
Debtors
4
15,491
14,955
Cash at bank and in hand
164,636
134,501
185,726
154,826
Creditors: amounts falling due within one year
5
(52,154)
(42,601)
Net current assets
133,572
112,225
Total assets less current liabilities
846,428
833,214
Creditors: amounts falling due after more than one year
6
(33,953)
(44,046)
Provisions for liabilities
(69,039)
(69,039)
Net assets
743,436
720,129
Reserves
743,436
720,129
Members' funds
743,436
720,129

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

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

FELIXSTOWE FERRY SAILING CLUB LIMITED
(LIMITED BY GUARANTEE)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 October 2025 and are signed on its behalf by:
Mr R C Wright
Director
Company Registration No. 10082659
FELIXSTOWE FERRY SAILING CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Felixstowe Ferry Sailing Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 7 Three Rivers Business Park, Felixstowe Road, Foxhall, Ipswich, IP10 0BF and the business address is The Ferry, Felixstowe, IP11 9RZ. The company registration number is 10082659.

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 a mounts 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
Going concern

The directors have assessed the current financial position of the company, its action plans, and its access to cash resources in the next 12 months. Based on this, the directors consider there is a reasonable expectation that the club will have adequate resources to continue in operational existence for the foreseeable future and consider it appropriate to prepare the financial statements on a going concern basis.

1.3
Income and expenditure

Sale of goods

Turnover from the bar sales and club merchandise is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer and can be measured reliably. This is usually on cash receipt.

Membership Fees

Revenue is recognised by reference to the period of membership.

Income from Training, Racing and Social Events

Turnover is recognised based on the date the event occurs.

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:

Freehold land and buildings
nil
Plant and equipment
20% Reducing balance
Fixtures and fittings
20% Reducing balance
Club boats
10% Reducing balance
Club trophies
nil
FELIXSTOWE FERRY SAILING CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -

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.

Freehold buildings are depreciated to write down the cost less estimated residual value over their remaining useful life by equal annual instalments. Where buildings are maintained to such a standard that their residual value is not less than their cost or valuation, no depreciation is charged as it is not material.

Land and buildings and other assets were transferred from the unincorporated club at book value. The book value of the land and buildings was based on a valuation by the committee in 2010. The club obtained a market valuation of £550,000 in March 2016 from an external firm of chartered surveyors and valuers, which is not materially different to the book value on transfer.

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.

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 at bank and in hand

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.

FELIXSTOWE FERRY SAILING CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.8
Financial instruments
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 paymen ts 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. A m ounts 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
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.

1.10
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.11
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

FELIXSTOWE FERRY SAILING CLUB LIMITED
(LIMITED BY GUARANTEE)
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
7
7
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2024
657,501
116,580
774,081
Additions
-
0
1,823
1,823
At 31 March 2025
657,501
118,403
775,904
Depreciation and impairment
At 1 April 2024
-
0
53,091
53,091
Depreciation charged in the year
-
0
9,957
9,957
At 31 March 2025
-
0
63,048
63,048
Carrying amount
At 31 March 2025
657,501
55,355
712,856
At 31 March 2024
657,501
63,488
720,989
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
2,185
770
Other debtors
13,306
14,185
15,491
14,955
FELIXSTOWE FERRY SAILING CLUB LIMITED
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
4,167
4,167
Trade creditors
9,945
13,066
Corporation tax
715
279
Other taxation and social security
8,492
1,559
Other creditors
28,835
23,530
52,154
42,601

Bank loans of £4,167 (2024: £4,167) are secured under the government Bounceback Loan Scheme.

6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
33,953
44,046

Bank loans of £20,833 (2024: £25,000) are secured under the government Bounceback Loan Scheme.

Creditors which fall due after five years are as follows:
2025
2024
£
£
Payable by instalments
4,166
8,333
7
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.

2025-03-31 2024-04-01 false false false 30 October 2025 CCH Software CCH Accounts Production 2025.300 No description of principal activity Mr R C Wright Mr J M Evans Mrs J S Barnard Mr R C Bennett Mr R W Lewis Mr S R Rowell Mrs C Gant Mr P P Smith Mr J A Read Mr P H Baskerville 10082659 2024-04-01 2025-03-31 10082659 2025-03-31 10082659 2024-03-31 10082659 core:LandBuildings 2025-03-31 10082659 core:OtherPropertyPlantEquipment 2025-03-31 10082659 core:LandBuildings 2024-03-31 10082659 core:OtherPropertyPlantEquipment 2024-03-31 10082659 core:CurrentFinancialInstruments 2025-03-31 10082659 core:CurrentFinancialInstruments 2024-03-31 10082659 core:Non-currentFinancialInstruments 2025-03-31 10082659 core:Non-currentFinancialInstruments 2024-03-31 10082659 bus:Director1 2024-04-01 2025-03-31 10082659 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 10082659 core:PlantMachinery 2024-04-01 2025-03-31 10082659 core:FurnitureFittings 2024-04-01 2025-03-31 10082659 core:ComputerEquipment 2024-04-01 2025-03-31 10082659 core:MotorVehicles 2024-04-01 2025-03-31 10082659 2023-04-01 2024-03-31 10082659 core:LandBuildings 2024-03-31 10082659 core:OtherPropertyPlantEquipment 2024-03-31 10082659 2024-03-31 10082659 core:LandBuildings 2024-04-01 2025-03-31 10082659 core:OtherPropertyPlantEquipment 2024-04-01 2025-03-31 10082659 bus:CompanyLimitedByGuarantee 2024-04-01 2025-03-31 10082659 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 10082659 bus:FRS102 2024-04-01 2025-03-31 10082659 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 10082659 bus:Director2 2024-04-01 2025-03-31 10082659 bus:Director3 2024-04-01 2025-03-31 10082659 bus:Director4 2024-04-01 2025-03-31 10082659 bus:Director5 2024-04-01 2025-03-31 10082659 bus:Director6 2024-04-01 2025-03-31 10082659 bus:Director7 2024-04-01 2025-03-31 10082659 bus:Director8 2024-04-01 2025-03-31 10082659 bus:Director9 2024-04-01 2025-03-31 10082659 bus:Director10 2024-04-01 2025-03-31 10082659 bus:FullAccounts 2024-04-01 2025-03-31 xbrli:pure xbrli:shares iso4217:GBP