Company registration number 00454371 (England and Wales)
RANELAGH SAILING CLUB (THE)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
PAGES FOR FILING WITH REGISTRAR
RANELAGH SAILING CLUB (THE)
CONTENTS
Page
Directors' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
RANELAGH SAILING CLUB (THE)
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 1 -
The directors present their annual report and financial statements for the year ended 30 September 2022.
Principal activities
The principal activity of the company continued to be that of running a sailing club.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr N Price
(Resigned 25 January 2022)
Mr G R M Mouscadet
Mr N Long
(Resigned 25 January 2022)
Mr B N Clarke
Mr J D H Hayward
(Appointed 25 January 2022)
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr J D H Hayward
Director
25 January 2023
RANELAGH SAILING CLUB (THE)
BALANCE SHEET
AS AT 30 SEPTEMBER 2022
30 September 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
49,668
53,928
Current assets
Stocks
1,194
877
Debtors
4
521
901
Cash at bank and in hand
130,899
173,143
132,614
174,921
Creditors: amounts falling due within one year
5
(23,204)
(23,204)
Net current assets
109,410
151,717
Total assets less current liabilities
159,078
205,645
Creditors: amounts falling due after more than one year
6
(48,123)
Net assets
159,078
157,522
Reserves
Called up share capital
7
Capital redemption reserve
5,000
5,000
Other reserves
3,300
3,300
Income and expenditure account
150,778
149,222
Members' funds
159,078
157,522
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 30 September 2022 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.
The 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.
RANELAGH SAILING CLUB (THE)
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2022
30 September 2022
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 25 January 2023 and are signed on its behalf by:
Mr J D H Hayward
Director
Company Registration No. 00454371
RANELAGH SAILING CLUB (THE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 4 -
1
Accounting policies
Company information
Ranelagh Sailing Club (The) is a private company limited by guarantee incorporated in England and Wales. The registered office is The Embankment Putney, London, SW15 1LB.
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 amounts 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
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
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:
Land and buildings Freehold
No depreciation provided
Plant and machinery
15% written down value basis
Fixtures, fittings & equipment
25% written down value basis
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 land and buildings have no depreciation as the directors believe that the market value is well in excess of the carrying value which is based on historical cost.
1.4
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.
1.5
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.
RANELAGH SAILING CLUB (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.6
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.
1.7
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.
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 payments 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. Amounts 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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
RANELAGH SAILING CLUB (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was nil. The club utilises the help of volunteers to carry out its activities.
2022
2021
Number
Number
Total
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2021
23,963
62,618
86,581
Additions
983
983
At 30 September 2022
23,963
63,601
87,564
Depreciation and impairment
At 1 October 2021
32,653
32,653
Depreciation charged in the year
5,243
5,243
At 30 September 2022
37,896
37,896
Carrying amount
At 30 September 2022
23,963
25,705
49,668
At 30 September 2021
23,963
29,965
53,928
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
480
Other debtors
41
901
521
901
5
Creditors: amounts falling due within one year
2022
2021
£
£
Other creditors
23,204
23,204
RANELAGH SAILING CLUB (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 7 -
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
48,123
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.