Company Registration No. 00454371 (England and Wales)
RANELAGH SAILING CLUB (THE)
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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 2021
- 1 -
The directors present their annual report and financial statements for the year ended 30 September 2021.
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
4 March 2022
RANELAGH SAILING CLUB (THE)
BALANCE SHEET
AS AT
30 SEPTEMBER 2021
30 September 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
53,928
47,907
Current assets
Stocks
877
877
Debtors
4
901
Cash at bank and in hand
173,143
182,199
174,921
183,076
Creditors: amounts falling due within one year
5
(23,204)
(25,755)
Net current assets
151,717
157,321
Total assets less current liabilities
205,645
205,228
Creditors: amounts falling due after more than one year
6
(48,123)
(47,917)
Net assets
157,522
157,311
Reserves
Capital redemption reserve
5,000
5,000
Other reserves
3,300
3,300
Income and expenditure account
149,222
149,011
Members' funds
157,522
157,311
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 2021 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.
RANELAGH SAILING CLUB (THE)
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2021
30 September 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 4 March 2022 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 2021
- 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 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
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 are not 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.
RANELAGH SAILING CLUB (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 5 -
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.
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
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.
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 2021
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was nil. (2018 - 0). The club utilises the help of volunteers to carry out its activities.
2021
2020
Number
Number
Total
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2020
23,963
51,065
75,028
Additions
11,553
11,553
At 30 September 2021
23,963
62,618
86,581
Depreciation and impairment
At 1 October 2020
27,121
27,121
Depreciation charged in the year
5,532
5,532
At 30 September 2021
32,653
32,653
Carrying amount
At 30 September 2021
23,963
29,965
53,928
At 30 September 2020
23,963
23,944
47,907
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
901
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
2,084
Other creditors
23,204
23,671
23,204
25,755
RANELAGH SAILING CLUB (THE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 7 -
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
48,123
47,917
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.