Company Registration No. 02972369 (England and Wales)
PARKSTONE YACHT CLUB LIMITED
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2025
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
PARKSTONE YACHT CLUB LIMITED
COMPANY INFORMATION
Directors
A J Andrews
R A Bennett
P E D Cutts
J M Dobson
G Dop
Dr S Flack
W P Keats
(Appointed 8 March 2025)
G W Latham
G M Linford
C Moncur
G C Moore
P M Stacey
S B Town
(Appointed 18 March 2025)
S M Tyler
Secretary
G W Latham
Company number
02972369
Registered office
Pearce Avenue
Parkstone
Poole
Dorset
BH14 8EH
Auditor
Harrisons
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
Solicitors
Lester Aldridge
Russell House
31 Oxford Road
Bournemouth
Dorset
BH8 8EX
PARKSTONE YACHT CLUB LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of income and retained earnings
9
Balance sheet
10
Statement of cash flows
11
Notes to the financial statements
12 - 20
The following pages do not form part of the financial statements
Detailed trading and profit and loss account
21 - 27
PARKSTONE YACHT CLUB LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 1 -

The directors present the strategic report for the year ended 31 October 2025.

Fair review of the business

Overview

The financial year ended 31 October 2025 saw stable operational performance with modest growth in turnover and improved overall surplus. Funds generated from membership subscriptions and club activities generated funds as expected from the budgeting process to cover our bank loan repayments and allowed modest investment in Club infrastructure projects.

The directors consider the club to be financially stable with a robust asset base and adequate resources to continue operating for the foreseeable future.

Financial performance

Overall turnover grew by 1.2% to £3,123,944. Subscription income, race entry fees and Haven income all increased, offset by reductions in bar and catering income and lower yard income due to the timing of cruiser haul-outs. This increase arose from increases in charges and was in response to expected cost increases.

The budgeting process each year identifies the level of profit generated from normal club activities and General Committee can then decide where those resources should be directed. During the year we monitor performance against the budget and can adjust those plans in light of events. As explained in the Golden Dolphin, this level of monitoring allowed us to respond to the cost increases arising from the October 2024 Government Budget by tightening control to maintain our cashflow whilst allowing completion of the Haven electrical pedestal project.

As a result the overall surplus shown in the accounts showed a small increase.

Cash flow and borrowing

Cashflow from operations fell slightly to £457,508, and is consistent with previous years and was regarded by the directors as a strong performance given the cost pressures.

This allowed the Club to meet its contracted bank loan repayments and make an additional £50,000 loan repayment. Funds were also expended to complete the Haven electric pedestal project and increase cash balances by £111,178.

At the year end, total bank borrowing stood at £1,270,038, compared with £1,510,155 at the previous year end. Bank balances stood at £336,881 compared with £225,703.

Subsequent to the year end we have offered debentures to Full Members and have currently raised just over £300k, which has been used reduce the building loan to about £800K. The reduced loan repayments will allow more flexibility in managing our cashflow and planning for the future.

Employees

Average headcount shown in the accounts as defined by accounting standards increased to 61 employees (2024: 55).

The figures reported in the accounts are based on just the number of employees each month, with no regard to the hours worked. We have deliberately increased the number of employees in bar and catering, but reduced their average hours as a response to the increased National Insurance. We have been monitoring the number of staff during the year and the number of salaried staff has reduced during the year. We have been monitoring the salaried and part time staff through a calculation of the full time equivalents, based on total hours worked. Whilst we do not yet have a full year’s data, the number of FTE part time staff has not increased during the period and stood at just over 5 during the winter months, whilst the number of FTE salaried staff stands at 23.

Total staff cost: £1,164,505, increased from £1,109,916 with wages increasing by just under 4% and the balance of the increase due to higher National Insurance costs.

PARKSTONE YACHT CLUB LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 2 -
Principal risks and uncertainties

Debt and interest rate risk

Borrowings secured against club assets expose the company to interest rate fluctuations and refinancing risk.

Mitigation

- Monitoring cash generation to ensure scheduled repayments are met

- Maintaining operating cash flows

Infrastructure and asset risk

The club’s operations rely on extensive physical infrastructure including buildings, pontoons and marine assets.

Mitigation

- Planned maintenance

- Asset monitoring

- Insurance protection

- Capital planning

Health and safety risk

Marine and operational activities involve inherent hazards.

Mitigation

- Training

- Procedures and supervision

- Compliance with maritime safety standards

Membership and utilisation risk

Long-term sustainability depends on maintaining membership levels and facility use.

Mitigation

- Sailing programmes

- Youth engagement

- Social and training activities

- Member experience initiatives

Cost inflation risk

Energy, staffing and supplier costs may impact future surpluses.

Mitigation

- Budget control

- Procurement review

- Efficiency initiatives

Regulatory and compliance risk

Operations are subject to company law, employment law, licensing and maritime regulations.

Mitigation

- Professional advice

- Governance oversight

- Internal controls

PARKSTONE YACHT CLUB LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 3 -
Key performance indicators

The directors approve a detailed annual budget and monitor performance against this budget. In addition they monitor performance on a weekly basis for bar, catering and yard income.

Key monthly KPIs are :

- Membership numbers and type

- Performance of each club activity

- Cash generation

- Capital and project expenditure

- Cash balances

Future outlook

The directors anticipate continued financial stability driven by robust income sources and declining debt levels. Strategic priorities include:

- Infrastructure stewardship

- Membership engagement

- Cost discipline

- Maintaining liquidity resilience

The club remains committed to delivering value to members while safeguarding long-term sustainability.

This Strategic Report was approved by the Board of Directors and signed on its behalf.

G W Latham
Director
19 February 2026
PARKSTONE YACHT CLUB LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 October 2025.

Principal activities

The principal activity of the company continued to be that of the running of a yacht club.

Results and dividends

The results for the year are set out on page 9.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A J Andrews
R A Bennett
H J Brewer
(Resigned 18 March 2025)
P E D Cutts
J M Dobson
G Dop
Dr S Flack
J Harford-Tapp
(Resigned 8 March 2025)
W P Keats
(Appointed 8 March 2025)
G W Latham
G M Linford
C Moncur
G C Moore
P M Stacey
S B Town
(Appointed 18 March 2025)
S M Tyler
Auditor

The auditor, Harrisons, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
R A Bennett
Director
19 February 2026
PARKSTONE YACHT CLUB LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 OCTOBER 2025
- 5 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PARKSTONE YACHT CLUB LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PARKSTONE YACHT CLUB LIMITED
- 6 -
Opinion

We have audited the financial statements of Parkstone Yacht Club Limited (the 'company') for the year ended 31 October 2025 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its surplus for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

PARKSTONE YACHT CLUB LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PARKSTONE YACHT CLUB LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

PARKSTONE YACHT CLUB LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PARKSTONE YACHT CLUB LIMITED (CONTINUED)
- 8 -

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related party disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Nigel Depper BA FCA (Senior Statutory Auditor)
For and on behalf of Harrisons, Statutory Auditor
Chartered Accountants
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
20 February 2026
PARKSTONE YACHT CLUB LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
3,123,994
3,087,434
Cost of sales
(1,299,871)
(1,211,365)
Gross surplus
1,824,123
1,876,069
Administrative expenses
(1,684,218)
(1,743,334)
Operating surplus
4
139,905
132,735
Interest receivable and similar income
6
5,112
6,946
Interest payable and similar expenses
7
(91,110)
(118,225)
Surplus before taxation
53,907
21,456
Tax on surplus
8
(1,786)
(2,794)
Surplus for the financial year
52,121
18,662
Retained earnings brought forward
6,138,717
6,120,055
Retained earnings carried forward
6,190,838
6,138,717

The income and expenditure account has been prepared on the basis that all operations are continuing operations.

PARKSTONE YACHT CLUB LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2025
31 October 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
7,896,183
8,218,718
Current assets
Stocks
10
30,514
34,393
Debtors
11
165,258
193,788
Cash at bank and in hand
336,881
225,703
532,653
453,884
Creditors: amounts falling due within one year
12
(1,181,523)
(1,223,991)
Net current liabilities
(648,870)
(770,107)
Total assets less current liabilities
7,247,313
7,448,611
Creditors: amounts falling due after more than one year
13
(1,056,475)
(1,309,894)
Net assets
6,190,838
6,138,717
Reserves
Profit & loss account
6,190,838
6,138,717
Members' funds
6,190,838
6,138,717

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 19 February 2026 and are signed on its behalf by:
G W Latham
Director
Company Registration No. 02972369
PARKSTONE YACHT CLUB LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
19
457,508
509,494
Interest paid
(91,110)
(118,225)
Corporation tax paid
(2,794)
(2,083)
Net cash inflow from operating activities
363,604
389,186
Investing activities
Purchase of tangible fixed assets
(17,421)
(311,620)
Proceeds on disposal of tangible fixed assets
-
0
11,208
Interest received
5,112
6,946
Net cash used in investing activities
(12,309)
(293,466)
Financing activities
Repayment of bank loans
(240,117)
(176,969)
Net cash used in financing activities
(240,117)
(176,969)
Net increase/(decrease) in cash and cash equivalents
111,178
(81,249)
Cash and cash equivalents at beginning of year
225,703
306,952
Cash and cash equivalents at end of year
336,881
225,703
PARKSTONE YACHT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2025
- 12 -
1
Accounting policies
Company information

Parkstone Yacht Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Pearce Avenue, Parkstone, Poole, Dorset, BH14 8EH.

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.

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.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the total amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts.

Members' subscriptions represent income in respect of the calendar year.

Berthing fees are allocated evenly across the berthing year from 1 April to 31 March. Where berths are let on a long term licence the initial licence fee is allocated evenly across the period of the licence.

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 buildings
50 years straight line
Plant and equipment
Varying period up to 10 years straight line
Fixtures and fittings
20 years straight line
Dredging
2 years straight line

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

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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.

PARKSTONE YACHT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 13 -
1.7
Financial instruments
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in surplus or deficit, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through surplus and deficit, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in surplus or deficit.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in surplus or deficit.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in surplus or deficit in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

Current tax is recognised on taxable profit for the current and, where not previously recognised, past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

PARKSTONE YACHT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
1
Accounting policies
(Continued)
- 14 -
Deferred tax

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

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 lease s asset are consumed.

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
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Subscriptions, joining fees and licences
648,994
637,867
Sailing income
215,612
202,260
Yard income
417,609
434,443
Moorings income
96,877
90,851
Haven income
1,036,200
1,004,408
Bar income
346,176
349,923
Catering income
350,222
351,588
Social income
6,594
8,558
Regalia/Cards/Other income
5,710
7,536
3,123,994
3,087,434
PARKSTONE YACHT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 15 -
4
Operating surplus
2025
2024
Operating surplus for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
6,665
6,675
Depreciation of owned tangible fixed assets
339,956
361,401
(Profit)/loss on disposal of tangible fixed assets
-
15,222
Operating lease charges
97,007
81,470
5
Employees

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

2025
2024
Number
Number
Administrative staff
9
9
Haven staff
3
3
Bar staff
17
13
Catering staff
20
19
Yard staff
7
6
Sailing staff
5
5
Total
61
55

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,054,206
1,014,502
Social security costs
94,861
80,649
Pension costs
15,438
14,765
1,164,505
1,109,916
6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
5,112
6,946
PARKSTONE YACHT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 16 -
7
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
91,090
118,225
Other finance costs:
Other interest
20
-
0
91,110
118,225
8
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
1,786
2,794

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
53,907
21,456
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2024: 19.00%)
10,242
4,077
Tax effect of expenses that are not deductible in determining taxable profit
(8,456)
(1,283)
Taxation charge for the year
1,786
2,794

The club operates for the mutual benefit of its members and as such there is no liability to corporation tax on the operating results for the year.

PARKSTONE YACHT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 17 -
9
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Dredging
Total
£
£
£
£
£
Cost
At 1 November 2024
10,634,841
1,844,159
340,315
67,212
12,886,527
Additions
1,350
2,619
4,395
9,057
17,421
Disposals
(17,232)
(143,124)
(242,851)
(62,568)
(465,775)
At 31 October 2025
10,618,959
1,703,654
101,859
13,701
12,438,173
Depreciation and impairment
At 1 November 2024
2,869,355
1,425,962
320,319
52,173
4,667,809
Depreciation charged in the year
235,140
84,333
6,208
14,275
339,956
Eliminated in respect of disposals
(17,232)
(143,124)
(242,851)
(62,568)
(465,775)
At 31 October 2025
3,087,263
1,367,171
83,676
3,880
4,541,990
Carrying amount
At 31 October 2025
7,531,696
336,483
18,183
9,821
7,896,183
At 31 October 2024
7,765,486
418,197
19,996
15,039
8,218,718
10
Stocks
2025
2024
£
£
Raw materials and consumables
30,514
34,393
11
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
67,622
75,740
Other debtors
51
37,375
Prepayments and accrued income
97,585
80,673
165,258
193,788
PARKSTONE YACHT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 18 -
12
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
14
213,563
200,261
Payments received on account
70,163
52,829
Trade creditors
92,191
173,058
Corporation tax
1,786
2,794
Other taxation and social security
48,260
20,622
Other creditors
244,981
240,918
Accruals and deferred income
510,579
533,509
1,181,523
1,223,991
13
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans
14
1,056,475
1,309,894
Amounts included above which fall due after five years are as follows:
Payable by instalments
57,715
81,668
14
Loans and overdrafts
2025
2024
£
£
Bank loan
1,270,038
1,510,155
Payable within one year
213,563
200,261
Payable after one year
1,056,475
1,309,894

The bank loans are secured via a fixed and floating charge over all of the property and undertakings of the company.

The clubhouse bank loan is repayable by monthly instalments comprising capital and interest of £21,129 from July 2018 to June 2027 when the loan is to be cleared in full. Interest is charged at base rate plus 1.93%.

The committee boat bank loan is repayable by monthly instalments comprising capital and interest of £2,299 from May 2023 to April 2033 when the loan is to be cleared in full. Interest is charged at base rate plus 2.65%.

PARKSTONE YACHT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 19 -
15
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
15,438
14,765

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

16
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.

17
Operating lease commitments
As lessee

This discloses the total amounts payable over the period of the Crown Estates lease which expires in 2119.

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

2025
2024
£
£
Within 1 year
108,106
81,470
Years 2-5
432,424
325,880
After 5 years
9,621,434
7,332,300
10,161,964
7,739,650
18
Related party transactions

Information about related party transactions and outstanding balances is outlined below:

During the year allowances were paid to C Moncur, as Honorary Sailing Secretary, of £3,000 (2024: £2,000). An allowance of £1,000 was also paid to S M Tyler in the prior year.

S M Tyler holds a beneficial interest in Locators Limited, who were paid £2,857 (2024: £14,888) during the year for yard equipment maintenance.

H J Brewer is a director of Halix Limited, who were paid a total of £5,455 during the previous year for expenditure covering youth week, entertainment, repairs and fixed assets. Expenditure to Halix Limited continued in the current year after H J Brewer resigned as a director.

PARKSTONE YACHT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2025
- 20 -
19
Cash generated from operations
2025
2024
£
£
Surplus after taxation
52,121
18,662
Adjustments for:
Taxation charged
1,786
2,794
Finance costs
91,110
118,225
Investment income
(5,112)
(6,946)
(Gain)/loss on disposal of tangible fixed assets
-
15,222
Depreciation and impairment of tangible fixed assets
339,956
361,401
Movements in working capital:
Decrease/(increase) in stocks
3,879
(3,981)
Decrease/(increase) in debtors
28,530
(57,854)
(Decrease)/increase in creditors
(54,762)
61,971
Cash generated from operations
457,508
509,494
20
Analysis of changes in net debt
1 November 2024
Cash flows
31 October 2025
£
£
£
Cash at bank and in hand
225,703
111,178
336,881
Borrowings excluding overdrafts
(1,510,155)
240,117
(1,270,038)
(1,284,452)
351,295
(933,157)
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