Company Registration No. 00857021 (England and Wales)
GRAFHAM WATER SAILING CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2026
PAGES FOR FILING WITH REGISTRAR
4 Office Village, Forder Way
Cygnet Park
Hampton
Peterborough
Cambridgeshire
United Kingdom
PE7 8GX
GRAFHAM WATER SAILING CLUB LIMITED
CONTENTS
Page
Company information
Balance sheet
1
Notes to the financial statements
2 - 10
GRAFHAM WATER SAILING CLUB LIMITED
BALANCE SHEET
AS AT 31 MARCH 2026
31 March 2026
- 1 -
2026
2025
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
74,843
93,207
Current assets
Stocks
4
10,558
10,586
Debtors
5
16,768
47,361
Cash at bank and in hand
267,703
331,370
295,029
389,317
Creditors: amounts falling due within one year
6
(132,604)
(199,577)
Net current assets
162,425
189,740
Total assets less current liabilities
237,268
282,947
Creditors: amounts falling due after more than one year
7
(1,123)
(4,425)
Net assets
236,145
278,522
Reserves
Other reserves
10
120,000
120,000
Income and expenditure account
11
116,145
158,522
Members' funds
236,145
278,522

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

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

The financial statements were approved by the board of directors and authorised for issue on 23 July 2026 and are signed on its behalf by:
M G Rushton
Director
Company registration number 00857021 (England and Wales)
GRAFHAM WATER SAILING CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 2 -
1
Accounting policies
Company information

Grafham Water Sailing Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Chichester Way, Perry, Huntingdon, Cambridgeshire, PE28 0BU.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Prior period error

Detail regarding the restatement amounts and their detail are included in a separate note within these accounts.

1.3
Going concern

The financial statements have been prepared on a going concern basis.true The company made a deficit in the year of £42,377 (2025: £25,724). This trend is attributable to the gradual decline in membership. The decline will continue into 2027. Furthermore, the company is subject to a rent review in 2027 that will result in an increase in rent due to Anglian Water.

If no further action is taken this will substantially increase the deficit in 2027. The company should have sufficient cash reserves to fund this deficit over the next 12 months. However, this is not sustainable in the medium to long term.

The directors have approached Anglian Water to being discussions to restructure the lease terms. The directors are also assessing a cost saving programme which they plan to implement as soon as practicably possible.

GRAFHAM WATER SAILING CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 3 -
1.4
Income and expenditure

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.

-Annual membership subscriptions and boat dues

The subscription year runs from 1 April to 31 March and the income is recognised for the period in which it relates, with any subscriptions received in advance is carried forward into the next period at statement of financial position date as a creditor.

-Open meetings

Open meeting income is recognised on the date that the event occurs.

-Training school

Training school income is recognised on the date that the training within the school is provided.

-Bar

Bar income is recognised as received for the period in which it relates to.

1.5
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:

Permanent structures
5-10% straight line per annum
Boats
10-25% straight line per annum
Fixtures and fittings
10% straight line per annum
Office equipment
33% straight line per annum
Motor vehicles
10% straight line per annum

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.

1.6
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.

GRAFHAM WATER SAILING CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 4 -

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.

1.7
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.

1.8
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.

1.9
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.

GRAFHAM WATER SAILING CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 5 -
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.

1.10
Taxation

The company operates as a club and as such accounts for taxation for no-member income only and this is charged to the income statement for the year in which it relates.

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.

1.11
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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases
GRAFHAM WATER SAILING CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 6 -

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
Employees

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

2026
2025
Number
Number
Total
15
14

The average numbers of staff take into account sailing and powerboat instructors which are employed on a casual basis.

3
Tangible fixed assets
Permanent structures
Boats
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2025
178,978
66,235
29,092
7,963
19,700
301,968
Additions
-
0
-
0
5,871
-
0
-
0
5,871
Disposals
-
0
(5,845)
(1,460)
-
0
-
0
(7,305)
At 31 March 2026
178,978
60,390
33,503
7,963
19,700
300,534
Depreciation and impairment
At 1 April 2025
118,754
50,316
27,403
5,596
6,692
208,761
Depreciation charged in the year
13,118
6,616
495
2,027
1,970
24,226
Eliminated in respect of disposals
-
0
(5,837)
(1,459)
-
0
-
0
(7,296)
At 31 March 2026
131,872
51,095
26,439
7,623
8,662
225,691
Carrying amount
At 31 March 2026
47,106
9,295
7,064
340
11,038
74,843
At 31 March 2025
60,224
15,919
1,689
2,367
13,008
93,207
GRAFHAM WATER SAILING CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 7 -
4
Stocks
2026
2025
£
£
Other inventories
10,558
10,586
5
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
523
30,708
Other debtors
-
0
20
Prepayments and accrued income
16,245
16,633
16,768
47,361
6
Creditors: amounts falling due within one year
2026
2025
£
£
Bank loans
2,740
9,994
Trade creditors
26,498
20,200
Taxation and social security
1,710
3,193
Other creditors
101,656
166,190
132,604
199,577

Included in other creditors are the following:

Deferred members income: £76,331 (202 5 - £1 4 9,678)

7
Creditors: amounts falling due after more than one year
2026
2025
£
£
Bank loans and overdrafts
-
0
2,740
Other creditors
1,123
1,685
1,123
4,425
GRAFHAM WATER SAILING CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
7
Creditors: amounts falling due after more than one year
(Continued)
- 8 -

Included in other creditors are the following:

Deferred members income: £1,123 (202 5 - £1,685)

8
Loans and overdrafts
2026
2025
£
£
Bank loans
2,740
12,734
Payable within one year
2,740
9,994
Payable after one year
-
0
2,740
9
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.

10
Other reserves
£
At the beginning of the prior year
120,000
At the end of the prior year
120,000
At the end of the current year
120,000

A sum of £90,000 had been provided for in other reserves at 31 March 2018, to reflect the provision of running the Club for four months in the event of any unforeseen events outside control of the Club.

On the 16 October 2023 it was decided at the council meeting to increase the reserve to £120,000.

GRAFHAM WATER SAILING CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 9 -
11
Income and expenditure account
2026
2025
as restated
£
£
At the beginning of the year
178,724
184,246
Prior year adjustment
(20,202)
-
0
As restated
158,522
184,246
Deficit for the year
(42,377)
(25,724)
At the end of the year
116,145
158,522
12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
John Grant
Statutory Auditor:
TC Group
Date of audit report:
23 July 2026
13
Operating lease commitments
Lessee

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

2026
2025
£
£
Within one year
59,011
59,011
Between two and five years
236,044
236,044
In over five years
354,066
413,077
649,121
708,132
14
Directors' transactions

During the year 2 (202 5 - 3) directors were remunerated by the club for sailing work. The total cost was £3,460 (202 5 - £8,528). No director is paid for his or her services as a director.

GRAFHAM WATER SAILING CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 10 -
15
Prior period adjustment

Following further review of the subscription allocations in the accounts to 31 March 2025, it was identified that subscription income had been overstated by £20,202 and deferred subscription income understated by the same amount.

The directors have considered the amount and requested that the subscription income in the 2024-25 be updated to recognise this. The directors have also agreed an update to the process of reviewing and allocating subscriptions each year.

Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Mar 2025
£
£
£
Creditors due within one year
Deferred income
(129,476)
(20,202)
(149,678)
Capital and reserves
Profit and loss reserves
178,724
(20,202)
158,522
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 March 2025
£
£
£
Turnover
426,441
(20,202)
406,239
Loss for the financial period
(5,522)
(20,202)
(25,724)
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