Weymouth and Portland National Sailing Academy

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 9

Weymouth and Portland National Sailing Academy

Company Information

Directors

Mr A S Raynes Mr J M Scott Mr R Baddeley Ms P Baily Mr N M Scott Mrs J Gliddon Mr A J Fox Mr N Houchin Mrs F E Partington Mr M Piles

Registered office

Osprey Quay Portland Dorset DT5 1SA

Auditors

Edwards and Keeping Limited Chartered Accountants Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA

Weymouth and Portland National Sailing Academy

(Registration number: 03756152)
Balance Sheet as at 31 March 2025

	Note	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	5		7,297,308		7,382,054
Investments	6		216,042		216,042
			7,513,350		7,598,096
Current assets
Debtors	7	152,372		129,705
Cash at bank and in hand		196,111		232,445
		348,483		362,150
Creditors: Amounts falling due within one year	8	(114,164)		(56,335)
Net current assets			234,319		305,815
Total assets less current liabilities			7,747,669		7,903,911
Creditors: Amounts falling due after more than one year	8		(6,478,269)		(6,625,143)
Net assets			1,269,400		1,278,768
Capital and reserves
Other reserves		188,400		280,000
Income and expenditure account		1,081,000		998,768
			1,269,400		1,278,768

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 December 2025 and signed on its behalf by:
 

Mr J M Scott
Director

Weymouth and Portland National Sailing Academy

Notes to the Financial Statements
for the Year Ended 31 March 2025

1	General information

The company is a not for profit company limited by guarantee, incorporated in England,

The address of its registered office is:
Osprey Quay
Portland
Dorset
DT5 1SA

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Sections 398 of the Companies Act 2006 and not prepared group financial statements.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 23 December 2025 was Sarah Hough, who signed for and on behalf of Edwards and Keeping Limited.

Revenue recognition

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.

Government grants

Governments grants are accounted for on the accrual model. Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognised the related costs for which the grant is intended to compensate.

Other grants

Grants towards capital expenditure are credited to deferred revenue and released to the income and expenditure account over the expected useful life of the assets. Grants towards revenue expenditure are released to the income and expenditure account as the related expenditure is incurred.

Weymouth and Portland National Sailing Academy

Notes to the Financial Statements
for the Year Ended 31 March 2025

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold buildings	50 years straight line
Fixtures, fittings and equipment	5 years straight line
Pontoon fingers	20 years straight line

No depreciation is provided in respect of the leasehold land held under 999 year leases. Depreciation of the leasehold land held under 125 year finance leases commenced on 1 January 2013 (See below under 'Leases').

Investments

Fixed asset investments are stated at historical cost less provision for any diminuition in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Weymouth and Portland National Sailing Academy

Notes to the Financial Statements
for the Year Ended 31 March 2025

Leases

The company has two separate finance leases for parts of the foreshore and seabed at Portland Harbour Osprey Quay which have been capitalised as tangible assets at £2,022,000, being their deemed fair value estimated as the present value of the minimum lease premiums due over the 125 year terms of the leases.

Corresponding obligations under finance leases of £2,022,000 have also been recognised. Annual lease payments of £16,850 commenced on 1 January 2013, from which time the tangible assets will be depreciated and the liabilities reduced over the remaining 120 year terms of the leases. The annual payment rose to £18,870 in 2019 and £24,414 in 2023.

Lease payments are apportioned between finance costs in the Income and Expenditure Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Maintenance, repairs and equipment replacement reserve

The reserve represents cash set aside for future maintenance, repairs and equipment replacement. This presented as a separate reserve.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2024 - 0).

4	Deficit before tax

Arrived at after charging/(crediting)

	2025 £	2024 £
Depreciation expense	147,826	143,246

Weymouth and Portland National Sailing Academy

Notes to the Financial Statements
for the Year Ended 31 March 2025

5	Tangible assets

	Leasehold Land and buildings £	Plant and machinery  £	Total £
Cost
At 1 April 2024	9,927,517	153,553	10,081,070
Additions	91,600	-	91,600
Disposals	(46,000)	-	(46,000)
At 31 March 2025	9,973,117	153,553	10,126,670
Depreciation
At 1 April 2024	2,545,463	153,553	2,699,016
Charge for the year	147,826	-	147,826
Eliminated on disposal	(17,480)	-	(17,480)
At 31 March 2025	2,675,809	153,553	2,829,362
Carrying amount
At 31 March 2025	7,297,308	-	7,297,308
At 31 March 2024	7,382,054	-	7,382,054

Included within the net book value of land and buildings above is £7,297,308 (2024 - £7,382,054) in respect of leasehold land and buildings.


Land and buildings cost at 1 April and 31 March includes:

(i) £2,022,000 in respect of two separate 125 year finance leases for parts of the foreshore and seabed at Portland Harbour Osprey Quay. The foreshore and seabed have been capitalised at their deemed fair value, estimated to be equal to the present value of the minimum lease premiums due over the 125 year terms of the leases. Depreciation has been charged on these assets from when annual lease payments commenced on 1 January 2013 over the remaining terms of the leases.

(ii) £600,000 for a 999 year lease from 8 June 2005 of land at Portland Harbour Osprey Quay.

(iii) £236,705 for a 999 year lease from 8 June 2005 of reclaimed land at Portland Harbour Osprey Quay.

(iv) £280,000 for a 999 year lease from 8 June 2005 of the car park at Osprey Quay, Portland.

(v) £300,000 for a 999 year lease from 29 August 2013 of land adjacent to the car park at Osprey Quay, Portland.

Prior to the leases referred to at (i) to (iii) above being granted, the Olympic Delivery Authority developed the sites at an approximate cost of £6.7 million. These development costs are not directly included within these financial statements.

Weymouth and Portland National Sailing Academy

Notes to the Financial Statements
for the Year Ended 31 March 2025

6	Investments

	2025 £	2024 £
Investments in subsidiaries	216,042	216,042