Bewl Sailing Association Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 09783429 (England and Wales)

Unaudited Financial Statements for the Year Ended 30th September 2022

for

Bewl Sailing Association Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M Munday

REGISTERED OFFICE:

The Lodge

93 Normanston Drive

Oulton Broad

Lowestoft

Suffolk

NR32 2PX

REGISTERED NUMBER:

09783429 (England and Wales)

ACCOUNTANTS:

N.C.N.M. Accountancy Limited

Chartered Accountants

The Lodge

93 Normanston Drive

Oulton Broad

Lowestoft

Suffolk

NR32 2PX

FIXED ASSETS

Tangible assets

4

-

1,068

CURRENT ASSETS

Cash at bank

4,498

3,802

CREDITORS

Amounts falling due within one year

5

3,806

4,355

NET CURRENT ASSETS/(LIABILITIES)

692

(553

)

TOTAL ASSETS LESS CURRENT LIABILITIES

692

515

RESERVES

Income and expenditure account

692

515

692

515

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 19th June 2023 and were signed by:

M Munday - Director

1.	STATUTORY INFORMATION

Bewl Sailing Association Ltd is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents amounts received during the year from members and events. Where income received relates to a subsequent year, the income is apportioned to the relevant period, with any balance being carried forward in deferred income.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Boats & buoys

-

20% on cost

Race box & radios

-

33% on cost

Taxation and value added tax

The company has mutual trading status. The company therefore has no current tax liability or deferred tax considerations.

The company is not registered for VAT. Accordingly, all expenditure shown is inclusive of VAT as appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Boats &

Race box

buoys

& radios

Totals

£

£

£

COST

At 1st October 2021

and 30th September 2022

5,340

920

6,260

DEPRECIATION

At 1st October 2021

4,272

920

5,192

Charge for year

1,068

-

1,068

At 30th September 2022

5,340

920

6,260

NET BOOK VALUE

At 30th September 2022

-

-

-

At 30th September 2021

1,068

-

1,068

Boats and buoys were acquired during 2018 totalling £5,340. Of this amount, £1,000 was funded from the Club's reserves, and £1,830 was funded by cash donations from members. The balance (£2,510) was financed by members acquiring the assets on behalf of the Club. The members will be repaid as Club funds allow, with £500 being paid off in October 2019, and the balance has been included in creditors. The £1,830 donations has been deferred, and will be released in line with the depreciation of the underlying assets - boats and buoys. £366 will be released to income over a period of 5 years.

The race box and radios were acquired from Club funds.

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Loans from members

2,010

2,010

Accrued expenses

617

617

Deferred income - members'

subscriptions

1,179

1,362

Deferred income - capital

contributions

-

366

3,806

4,355

Loans from members - certain members assisted with the acquisition of assets for the Club in the form of rescue boats and buoys. The balance shown represents the amounts due to members. There are no formal repayments terms or interest. The balance will be repaid as soon as Club funds allow.

Deferred income members subscriptions - this represents income received during the year that relates to a subsequent year.

Deferred income capital contributions - some assets were donated to the Club by members. In order to match revenue to expenditure, the donations had been deferred and have been released in line with the depreciation of the underlying asset. The balance was fully written down in the current year.

6.	LIMITED BY GUARANTEE

The company is limited by guarantee. The liability of each member is limited to £5. There are currently 96 members.