Re ort of the Directors and Unaudited Financial Statements for the Year Ended 29 Februa 2024 for silve ht Sailin
Sllve ht Sailin Re istered number.. N1636535 Contents of the Financlal Statements for the Year Ended 29 Februa 2024 Page Company Information Report of the Directors Report of the Accountants Abridged Income Statement Abridged Balance Sheet Notes to the Financial Statements Detailed Income and Expenditure Account
Silve ht Sailin Com Information for the Year Ended 29 Februa an 2024 DIREOR5.. R 5alvidge M Pjames DSKnox J Murphy A Wilson REGi¥fERED OFFICE: Enterprise House Win Business Park Canal Quav Newry Co. Down 8T35 6PH REGisfERED NUMBER: N1636535 (Northern Ireland) ACCOUNTANTS: WHR Accountants Ltd Chartered Certified Accountants Statutory Auditors 56 English Street Armagh Co. Armagh BT617LG Page I
Sifve ht Sailin Re istered nurnber: N1636535 Re ort of the Dirertors for the Year Ended 29 Februa 2024 The directors present thelr report with the financial ststements of the company for the year ended 29 February 2024. DIRECTORS R Salvidge has held office during the whole of the period from l March 2023 to the date of this report. Other changes in dlrectors holding office are as follows.. Ms M M Andrews- resigned 23 November 2023 P J Conway- appointed 6 June 2023- resigned 31 January 2024 D S Knox- appointed 17 August 2023 J Murphy- appointed 17 August 2023 A Wilson- appointed 11 October 2023 This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. ON BEHALF OF THE BOARD.. D S Knox- Dirertor 21 August 2024 Page 2
Silve htSaS1in Inde endent Examlners Re ort to the Trustees of Silve htsailin I report to the trustees on my examination of the accounts of Silvery Light Sailing for the year ended 29 February 2024. Respettive responsibilities of trustees and examiner: As the charitls 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 Commission under sectlon 6519llbl of the Charities Act. State whether particular matters have come to my attention. Basis of Independent examiner'5 report I have examined 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 charity 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 Charitie5 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 understsnding of the accounts to be reached. Independent examiner's 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. 33&. • Andrew Gilpin WHR Accountants Chartered Certified Accountant5 56 Upper English Street Armagh BT617LG Date.- 22 August 2024 This page doe5 not form part of the statutory financial statements Page 3
Silve ht Sallin Re Istered number.. N1636535 Abrid ed Income Statement for the Year Ended 29 Februa 2024 29.2.24 28.2.23 Notes GROSS SURPLUS 12,587 103,315 Admlnistrative expense5 139,067 116,236 OPERATING DEFICIT and DEFICIT BEFORE TAXATION 1126,4801 112,9211 Tax on deficit DEFICIT FOR THE FINANCIAL YEAR 1126,4801 112,9211 The notes form part of these financial statements Page 4
Sllve Ll ht Sailin Re istered number.. N1636535 Abrid ed Balance Sheet 29 Februa 2024 29.2.24 28.2.23 Notes FIXED ASSETS Tangible assets 260,923 187,008 CURRENT ASSETS Debtors Cash at bank 50,762 6,907 2,247 2,247 57,669 CREDITORS Amounts falling due within one year 146,657 1,684 CURRENT {LIABILlflESIIASSErs 1144,4101 55,985 TOTALASSETS LESS CURRENT LIABILITIES 116,513 242,993 RESERVES Income and expenditure account 116,513 242,993 116,513 242.993 The company is entitled to exemptlon from audit under Section 477 of the Companie5 Act 2006 for the year ended 29 February 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for.. lal ensuring that the company keep5 accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and falr 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. Ibl The financial statements have been prepared in accordan with the provislons applicable to companies subject to the small companies regime. All the members have consented to the preparation of an abridged Income Ststement and an abridged Balance Sheet for the year ended 29 February 2024 in accordance w¢th Section 44412AI of the Companies Art 2006. The financial statements were approved by the Board of Directors and authorised for issue on 21 August 2024 and were signed on its behalf by: D S Knox- Director J Murphy- Director The notes form part of these financlal staternents Page 5
Sllve ht Sailin Re istered number.. N1636535 Notes to the Financial Statements for the Year Ended 29 Februa 2024 STATUTORY INFORMATION Silvery Light Saillng Ss a private company, limited by guarantee. registered in Northern Ireland. The company'5 registered number and reglstered office addre55 can be found on the Company Information page. ACCOUNTING POLICIES Basis of preparlng the financial statements These financial statements have been prepared in accordan with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provision5 of Section IA"Small Entities" and the Companies Art 2006. The financial ststements have been prepared under the historical cost convention. Turnover Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Tangible fixed assets Depreciation is provided atthe following annual rates in order to write off each a55et over its estimated useful life. Plant and machinery 20% on reducing balance Taxation Taxation for the year comprises current and deferred tax. Tax is COgnised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or dirertly In equity. Current or deferred taxatlon assets and liabilitie5 are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enarted or substantively enacted by the balance sheet date. Deferred tax Deferred tax is recognised in respert of all timing differences that have originated but not reversed at the balance sheet date. Tlming differences arise from the inclusion of income and expenses in tax assessments in periods different from those In which they a recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substsntively enacted by the year end and that are expected to apply to the rever531 of the timing difference. Unrelieved tax losses and other deferd tax assets a recognised only to the extent that it is probable that they wtll be recovered against the reversal of deferred tax liabilities or other luture tsxable profits. Hire purchase and leaslng commitments Assets obtained under hire purchase contracts or finance leases are capitslised 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 or the lease term, whichever is the shorter. The interest element of these obligation5 is charged to surplus or deficit over the relevant period. The capital element of the future payments is treated a5 a liability. Rentals paid under operating lease5 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 contribution pension scheme. Contributions payable to the company's pension scherne are charged to profit or loss in the period to which they relate. EMPLOYEES AND DIREcfoRS The average numberof employee5 during the year wa5 312023- 51. Page 6 continued...
Silve ht Sailin Re Isted number.. N1636535 Note5 to the Financial Statements- continued for the Year Ended 29 Februa 2024 OPERATING DEFICIT The operatlng deficit 15 stated after charging.. 29.2.24 28.2.23 Depreciation- owned assets 46,458 470 TANGIBLE FIXED ASSEf5 Totals COST At l March 2023 Additions 188,378 120,373 At 29 February 2024 308,751 DEPRECIATION At l March 2023 Charge for year 1,370 46.458 At 29 February 2024 47,828 NET BOOK VALUE At 29 February 2024 260,923 At 28 February 2023 187,008 Page 7
Silve ht Sailin Re istered number.. N1636535 Detailed Income and Ex enditure Account for the Year Ended 29 Februa 2024 29.2.24 28.2.23 Turnover Festivals & Events Voyage Income Donations 3,000 27,078 224 14.132 71,857 30,302 85.989 Cost of sales Other dlrett costs Berthlng fee Fuel 11,153 3,811 2,751 601 7,282 4,540 17,715 12,423 GROSS SURPLUS 12,587 73,566 Other Income Big Lottery Fund National Heritage Fund 9,750 19,999 29,749 12,587 103.315 Expendlture Wages Pensions Crew Costs Rent Workshop Rent Insurance Light and heat Repairs to property PPE Hire of equipment Telephone & Broadband Advert15ing Travelling Training courses Repairs and renewals Computer costs Sundry expenses Accountancy Legal and Professional fees Depreciation of tangible fixed a55ets Plant and ma¢hinery Fixtures and fittings 56.950 792 53,053 374 7,498 1,698 5,OCKI 8,734 587 1.552 622 576 160 1,346 4,353 3,180 12.507 262 213 726 7.050 849 2.500 10,892 160 7,559 1,320 681 1,200 2,238 96 1,014 5,944 46.187 271 135 335 138,653 109.961 1126,0661 16.6461 Flnance ¢05ts Bank charges 414 365 CarrSed forward 1126,4801 17,0111 Thi5 page does not form part of the statutory financial statements Page 8
Silve ht Sailin Re 15tered number= N1636535 Detslled Income and Ex enditure Account tor the Year Ended 29 Februa 2024 29.2.24 28.2.23 Brought forward 1126.4801 17,0111 Loss on disposal of fixed assets Plant and machinery 5,910 DEFICIT 1126,4801 112,9211 Thi5 page does not fomi part of the statutory flnanclal 5tstements Page 9