The Arun Yacht Club Limited 01549093 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is is the promotion of the sport of sailing in and around Littlehampton Harbour. Digita Accounts Production Advanced 6.30.9574.0 true 01549093 2022-09-01 2023-08-31 01549093 2023-08-31 01549093 bus:Revised 2023-08-31 01549093 core:FurtherSpecificReserve1ComponentTotalEquity 2023-08-31 01549093 core:MergerReserve 2023-08-31 01549093 core:RetainedEarningsAccumulatedLosses 2023-08-31 01549093 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 01549093 core:FurnitureFittingsToolsEquipment 2023-08-31 01549093 core:LandBuildings 2023-08-31 01549093 core:OtherPropertyPlantEquipment 2023-08-31 01549093 bus:SmallEntities 2022-09-01 2023-08-31 01549093 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 01549093 bus:FullAccounts 2022-09-01 2023-08-31 01549093 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 01549093 bus:RegisteredOffice 2022-09-01 2023-08-31 01549093 bus:Director3 2022-09-01 2023-08-31 01549093 bus:CompanyLimitedByGuarantee 2022-09-01 2023-08-31 01549093 bus:Agent1 2022-09-01 2023-08-31 01549093 core:FurtherSpecificReserve1ComponentTotalEquity 2022-09-01 2023-08-31 01549093 core:MergerReserve 2022-09-01 2023-08-31 01549093 core:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 01549093 core:FurnitureFittings 2022-09-01 2023-08-31 01549093 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 01549093 core:LandBuildings 2022-09-01 2023-08-31 01549093 core:OtherPropertyPlantEquipment 2022-09-01 2023-08-31 01549093 core:ShipsBoats 2022-09-01 2023-08-31 01549093 core:ToolsEquipment 2022-09-01 2023-08-31 01549093 countries:EnglandWales 2022-09-01 2023-08-31 01549093 2022-08-31 01549093 core:FurtherSpecificReserve1ComponentTotalEquity 2022-08-31 01549093 core:MergerReserve 2022-08-31 01549093 core:RetainedEarningsAccumulatedLosses 2022-08-31 01549093 core:FurnitureFittingsToolsEquipment 2022-08-31 01549093 core:LandBuildings 2022-08-31 01549093 core:OtherPropertyPlantEquipment 2022-08-31 01549093 2021-09-01 2022-08-31 01549093 2022-08-31 01549093 core:FurtherSpecificReserve1ComponentTotalEquity 2022-08-31 01549093 core:MergerReserve 2022-08-31 01549093 core:RetainedEarningsAccumulatedLosses 2022-08-31 01549093 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 01549093 core:FurnitureFittingsToolsEquipment 2022-08-31 01549093 core:LandBuildings 2022-08-31 01549093 core:OtherPropertyPlantEquipment 2022-08-31 01549093 core:FurtherSpecificReserve1ComponentTotalEquity 2021-09-01 2022-08-31 01549093 core:MergerReserve 2021-09-01 2022-08-31 01549093 core:RetainedEarningsAccumulatedLosses 2021-09-01 2022-08-31 01549093 2021-08-31 01549093 core:FurtherSpecificReserve1ComponentTotalEquity 2021-08-31 01549093 core:MergerReserve 2021-08-31 01549093 core:RetainedEarningsAccumulatedLosses 2021-08-31 iso4217:GBP xbrli:pure

Registration number: 01549093

The Arun Yacht Club Limited

(A company limited by guarantee)

Annual Report and Unaudited Financial Statements

for the year ended 31 August 2023

 

The Arun Yacht Club Limited

Contents

Hodson & Co Accountants' Report

1

Statement of Financial Position

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 9

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Arun Yacht Club Limited
for the year ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Arun Yacht Club Limited for the year ended 31 August 2023 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Arun Yacht Club Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Arun Yacht Club Limited and state those matters that we have agreed to state to the Board of Directors of The Arun Yacht Club Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Arun Yacht Club Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Arun Yacht Club Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Arun Yacht Club Limited. You consider that The Arun Yacht Club Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Arun Yacht Club Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hodson and Co
Wiston House
1 Wiston Avenue
Worthing
West Sussex
BN14 7QL

4 October 2023

 

The Arun Yacht Club Limited

(Registration number: 01549093)
Statement of Financial Position
31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

124,914

130,814

Current assets

 

Stocks

5

5,426

504

Debtors

6

16,167

18,559

Cash at bank and in hand

 

228,901

192,505

 

250,494

211,568

Creditors: Amounts falling due within one year

7

(66,057)

(69,650)

Net current assets

 

184,437

141,918

Net assets

 

309,351

272,732

Capital and reserves

 

Other reserves

84,341

106,282

Profit and loss account

225,010

166,450

Members' funds

 

309,351

272,732

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 October 2023 and signed on its behalf by:
 

 

The Arun Yacht Club Limited

(Registration number: 01549093)
Statement of Financial Position
31 August 2023

.........................................
D J Bamber
Director

 

The Arun Yacht Club Limited

Statement of Changes in Equity
for the year ended 31 August 2023

Renewals fund reserve
£

Dredge fund reserves
£

Profit and loss account
£

Total
£

At 1 September 2022

40,000

66,282

166,450

272,732

Surplus for the year

-

-

36,619

36,619

Total comprehensive income

-

-

36,619

36,619

Transfers

-

(21,941)

21,941

-

At 31 August 2023

40,000

44,341

225,010

309,351

Renewals fund reserve
£

Dredge fund reserves
£

Profit and loss account
£

Total
£

At 1 September 2021

40,000

70,000

106,730

216,730

Surplus for the year

-

-

56,002

56,002

Total comprehensive income

-

-

56,002

56,002

Transfers

-

(3,718)

3,718

-

At 31 August 2022

40,000

66,282

166,450

272,732

 

The Arun Yacht Club Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 2023

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.

The address of its registered office is:
The Arun Yacht Club
Riverside West
Littlehampton
West Sussex
BN17 5DL

These financial statements were authorised for issue by the Board on 4 October 2023.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

 

The Arun Yacht Club Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 2023

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Buildings

50 years straight line

Club boats

4 - 15 years straight line

Fixtures and fittings

5 years straight line

Dinghy and moorings

3 -10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

The Arun Yacht Club Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 11).

 

The Arun Yacht Club Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

152,205

56,524

621,929

830,658

Additions

-

3,911

2,305

6,216

Disposals

-

(22,578)

(91,988)

(114,566)

At 31 August 2023

152,205

37,857

532,246

722,308

Depreciation

At 1 September 2022

73,494

51,468

574,880

699,842

Charge for the year

1,803

1,429

8,883

12,115

Eliminated on disposal

-

(22,575)

(91,988)

(114,563)

At 31 August 2023

75,297

30,322

491,775

597,394

Carrying amount

At 31 August 2023

76,908

7,535

40,471

124,914

At 31 August 2022

78,710

5,055

47,049

130,814

Included within the net book value of buildings above is £76,907 (2022 - £78,710) in respect of buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

5,426

504

 

The Arun Yacht Club Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

1,921

1,362

Prepayments

14,096

13,371

Other debtors

150

3,826

 

16,167

18,559

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

3,430

10,520

Taxation and social security

975

-

Accruals and deferred income

60,224

59,001

Other creditors

1,428

129

66,057

69,650

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of contingencies not included in the statement of financial position is £57,375 (2022 - £Nil). The Arun Yacht Club Ltd is in dispute with a Contractor regarding quality issues and unfinished works in respect of dredging the moorings and the issue is currently subject to legal proceedings.