Re ort of the Directors and Unaudlted Financial Statements for the Year Ended 28 Februa 2023 for Silve ht Sailin ht Sailin Re istered number.. N1636535 Contents of the Flnancial Statements for the Year Ended 28 Februa 2023 Page Company Information Report of the Directors Report of the Accountants Income Statement alance Sheet Notes to the Flnancial Statements Detailed Income and Expenditure Account Silve ht Sailin Com an Informatlon for the Year Ended 28 Februa 2023 DIRECTORS: Ms M M Andrews R Salvidge M P james REGISTERED OFFICE: Enterprise House Win Business Park Canal Quay Newry Co. Down BT35 6PH REGISTERED NUMBER.. N1636535 (Northern Ireland) ACCOUNTANTS: WHR Accountants Ltd Chartered Certified Accountants Statutory Auditors 56 English Street Armagh Co. Armagh BT61 7LG Page I ht Sailin Re istered number.. N1636535 Re ort of the Oirectors for the Year Ended 28 Februa 2023 The directors present their report with the financial statements of the company for the year ended 28 February 2023. DIREcfoRS The directors shown below have held offlce duTln8 the whole of the period from l March 2022 to the date of this report. Ms M M Andrews R Salvidge Other Changes in directors holding office are as follows.. G Brennan- resigned 14 December 2022 P J Conway- resigned 16 May 2022 M P James- appointed 16 May 2022 This report ha5 been epar dance with the provislons of Part 15 of the Companies Act 2006 relatlng to small conpanies. ON BEHALF O HE BOAR P Jame5- Director 19 May 2023 Page 2 Silver Li ht Sailin Inde endent Examiners Re ort to the Trustees of Silve htsailin I report to the trustees on my examination of the accounts of Sllvery Light Sailing for the year ended 28 February 2023. Respectlve responslbilitles of trustees and examiner: As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act (Northern Ireland) 2008. It is my responsibility to: Examine the accounts under section 65 of the Charities Act. Follow the procedures laid down in the general Directions given by the Commlssion under section 6519llbl of the Charities Act. State whether particular matters have come to my attention. Basis of Independent examinerfs report I have eKamined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 6519llbl of the Charities Act. My examination included a review of the accounting records kept by the tharity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. My role is to State whether any material matters have come to my attention giving me cause to believe.. That accounting records were not kept in accordance with section 63 of ChaTlties Act. That the accounts do not accord with those accounting records. That the accounts do not comply with the accounting requirements of the Charities Act. That there is further information needed for a proper understanding of the accounts to be reached. Independent examinerfs Statement I have completed my examination and have no concerns in respect of the matters111 to141 listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. Andrew Gilpin WHR Accountants Chartered Certified Accountants 56 Upper English Street Armagh BT617LG Date: 19 May 2023 This page does not form part of the statutory Pinancial ststements Page 3 Sllve ht Sailin Re istered number: N1636535 Income Statement for the Year Ended 28 Februa 2023 28.2.23 28.2.22 Notes TURNOVER 85.989 Cost of sales 12,423 5,224 GROSS SURPLUSIIDEFICITI 73,566 15,2241 Administrative expenses 116,236 28,806 142,6701 134,0301 Other operating income 29,749 287,225 OPERAnNG IDEFicin/suRPLUS and {DEFICIT)ISURPLUS BEFORE TAXATION 112,9211 253,195 Tax on Ideficitl/surplu5 IDEFICITI/SURPLUS FOR THE FINANCIAL YEAR 112.9211 253.195 The notes form part of these financial statements Page 4 Sllve ht Sailin Re istered number.. N1636535 Balance Sheet 28 Februa 2023 28.2.23 28.2.22 Notes FIXED ASSETS Tangible a55et5 187,008 163,345 CURRENT ASSETS Debtors Cash at bank 50,762 6,907 89,030 8,899 57,669 97,929 CREDITORS Amounts falling due within one year 1,684 5,360 NET CURRENT ASSETS 55,985 92,569 TOTAL ASSETS LESS CURRENT LIABILITIES 242,993 255,914 RESERVES Income and expenditure account 242,993 255,914 242,993 255,914 The company is entitled to exemption from audlt under Section 477 of the Companies Art 2006 for the year ended 28 February 2023. he members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companles Act 2006. The directors acknowledge their Tesponsibilities for.. ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and Ibl 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 Sectzons 394 and 395 and which otherwise comply with the requirements of the Companies Art 2006 relating to financial statements, so far as applicable to the company. The financial statements hav companies regime. en prepared in accordance with the provlsions applicable to companies subject to the small The financial statem behalf by: ts were proved by the B rd of Directors and authorised for issue on 19 May 2023 and were signed on its MPlam Director Andrews- Director The notes form part of these financlal statements Page 5 Silve ht Sailin Re istered number.. N1636535 Notes to the Financial Statements for the Year Ended 28 Februa 2023 STATUTORY INFORMATION Silvery Light Sailing is a private company, limited by guarantee, registered in Northern Ireland. The company'5 registered number and registered office address can be found on the Company Informatlon page. ACCOUNTING POLICIES Basis of preparing thè 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 IA"Small Entitie5" and the Companies Act 2006. The financial statements have been prepared under the hlstorical c05t convention. Tumover Turnover is measured at the fair value of the consideration received or receivable, excludSng distounts, rebates, value added tax and other sales taxes. Tanglble fixed asset5 Depreciation is provided at the following annual rates In order to write off each asset over Its estimated useful life or, if held under a finance lease, over the lease term. whichever is the shorter. Plant and machinery 20% on reducing balance Tamatlon Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other tomprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not dlscounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statement5. Deferred tax is measured using tax rates and law5 that have been enacted or substantively enacted by thè year end and that are expected to apply to the reversal of the timing difference. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilitie5 or other fvture taxable proflts. Hire PLrrchase and leaslng commltments A55ets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives orthe lease term, whichever is the shorter. The interest element of these obligations Is charged to surplus or deficit over the relevant perlod. The capital element of the future payments is treated as a liability. Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease. Pension costs and other post-retirement benefits The Company operate5 a defined contTibution pension scheme. Contributions payable to the company's penslon scheme are charged to profit or loss in the period to which they relate. EMPLOYEES AND DIREcfoRS The average number of ernployees during the year was 512022- 11. Page 6 continued.. Silve ht sailin Re Istered number.. N1636535 Notes to the Financial Statements- continued for the Year Ended 28 Februa 2023 OPERATING IDEFICITIISURPLUS The operating defi¢it12022- operating surplus) is stated after charging: 28.2.23 28.2.22 Depreciatton- owned assets 470 283 TANGIBLE FIXED ASSETS Flxtures and fittings Plant and machinery Totals COST At l March 2022 Additions Disposals 166,212 29,794 19,6671 1,790 249 168,002 30,043 19,6671 At 28 February 2023 186,339 2,039 188,378 DEPRECIATION At l March 2022 CharÉe for year Eliminated on disposal 4,398 135 13.7571 259 335 4,657 470 13,7571 At 28 February 2023 776 594 1.370 NET BOOKVALUE At 28 February 2023 185,563 1,445 187,008 At 28 February 2022 161,814 1.531 163,345 Fixed assets, intluded in the above, which are held under hire purchase contracts or finance leases are as follows.. Plant and machinery COST At l March 2022 Disposals 9,667 19,6671 At 28 February 2023 DEPRECIATION At l March 2022 Elimlnated on disposal 3,757 13,7571 At 28 February 2023 NET BOOK VALUE At 28 February 2023 At 28 February 2022 5,910 DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 28.2.23 28.2.22 Other debtors 50,762 89,030 Page 7 continued... Silve Ll ht Sailin Re istered number: N1636535 Notes to the Finantial Statements- continued for the Year Ended 28 Februa 2023 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 28.2.23 28.2.22 Loan Alc Trade creditors Social security and other taxes Accrued expenses 5,000 iii 1,289 396 360 1,684 5,360 Page 8 Sllve ht Sailin Re i5tered number.. N1636535 Detailed Income and Ex endlture Account for the Year Ended 28 Februa 2023 28.2.23 28.2.22 Turnover Festivals & Events Donations 14,132 71,857 85.989 Cost of sales Other direct C05t5 Berthing tee Fuel Haulage 601 7,282 4,540 274 4,950 12,423 5,224 GROSS SURPLUSIIDEFICITI 73,566 15,2241 Other income Big Lottery Fund National Heritage Fund Government grants 9,750 19,999 244,975 42,250 29,749 287.225 103,315 282.001 Expenditure Wages Pensions Crew Costs Rent Workshop Rent Insurance Light and heat Repairs to property PPE ire of equipment Telephone & Broadband Advertising Travelling Training courses Repairs and renewals Computer costs Sundry expenses Accountancy Legal and ProfessSonal fees Depreciation of tangible fixed assets Plant and machinery Fixtures and fittings 53,053 374 7,498 1,698 5,000 8,734 587 1.552 622 576 160 1,346 4,353 3.180 12,507 262 213 726 7,050 4,586 10,000 1,407 536 2,003 54 7,958 594 135 335 1,390 115 109,961 28.644 16,6461 253.357 Finance costs Bank charges 365 162 Carried forward 17,0111 253,195 This page does not form part of the statutory financial statements Page 9 Silve ht Sailin Re istered number.. N1636535 Detalled Income and Ex enditure Account for the Year Ended 28 Februa 2023 28.2.23 28.2.22 Brought forward 17.0111 253,195 i oss on disposal of fixed assets Plant and machinery 5,910 NET IDEFICITIISURPLUS 112.9211 253,19S This page does not form part of the statutory financial statements Page 10