Year Ended
Registration number:
Salcombe Yacht Club Company Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Salcombe Yacht Club Company Limited
Balance Sheet
31 December 2021
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Fixed assets |
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Tangible assets |
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Investments |
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Creditors: Amounts falling due within one year |
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Net assets |
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Capital and reserves |
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Fair value reserve |
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Profit and loss account |
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Shareholders' funds |
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Salcombe Yacht Club Company Limited
Balance Sheet
31 December 2021
For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 00163711
Salcombe Yacht Club Company Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
In applying the requirements of FRS102 the directors have early adopted the Triennial Review 2017 amendments, otherwise effective for accounting periods commencing on or after 1 January 2019. In accordance with 1.17 of the standard the amendments arising have been adopted in their entirety.
The preparation of financial statements in conformity with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are outlined later in this note.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.
Revenue recognition
Turnover represents rental income, excluding Value Added Tax. Revenue is recognised in the month to which it relates.
Salcombe Yacht Club Company Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2021
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Property improvements |
10% straight line |
Furniture, fittings and equipment |
25% reducing balance |
Club boats |
25% reducing balance |
Freehold land |
Not depreciated |
Freehold Buildings |
2% Straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Salcombe Yacht Club Company Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2021
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Club boats |
Freehold property improvements |
Total |
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Cost or valuation |
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At 1 January 2021 |
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Additions |
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Disposals |
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At 31 December 2021 |
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Depreciation |
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At 1 January 2021 |
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Charge for the year |
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Eliminated on disposal |
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At 31 December 2021 |
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Carrying amount |
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At 31 December 2021 |
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At 31 December 2020 |
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Salcombe Yacht Club Company Limited
Notes to the Unaudited Financial Statements
Year Ended 31 December 2021
Investments |
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2020 |
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Investments in subsidiaries |
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Subsidiaries |
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Cost or valuation |
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Additions |
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Provision |
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Carrying amount |
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At 31 December 2021 |
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At 31 December 2020 |
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Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
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Amounts owed to group undertakings |
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