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REGISTERED NUMBER: 13269868 (England and Wales)












Mylor Yacht Club Limited

Unaudited Financial Statements

for the Year Ended 30th September 2023






Mylor Yacht Club Limited (Registered number: 13269868)






Contents of the Financial Statements
for the Year Ended 30th September 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Mylor Yacht Club Limited

Company Information
for the Year Ended 30th September 2023







DIRECTORS: T M Stephens
P M Fowler
M H Bradley
Dr S C Fleming
M J Mills





REGISTERED OFFICE: Mylor Yacht Club
Mylor Churchtown
Falmouth
Cornwall
TR11 5UF





REGISTERED NUMBER: 13269868 (England and Wales)





ACCOUNTANTS: Hodgsons
Chartered Accountants
48 Arwenack Street
Falmouth
Cornwall
TR11 3JH

Mylor Yacht Club Limited (Registered number: 13269868)

Statement of Financial Position
30th September 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 5,701 7,601
Tangible assets 5 17,194 14,981
22,895 22,582

CURRENT ASSETS
Stocks 6 5,281 3,813
Debtors 7 3,600 4,204
Cash at bank and in hand 155,526 179,162
164,407 187,179
CREDITORS
Amounts falling due within one year 8 (20,560 ) (20,033 )
NET CURRENT ASSETS 143,847 167,146
TOTAL ASSETS LESS CURRENT
LIABILITIES

166,742

189,728

RESERVES
Income and expenditure account 10 166,742 189,728
166,742 189,728

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Mylor Yacht Club Limited (Registered number: 13269868)

Statement of Financial Position - continued
30th September 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8th November 2023 and were signed on its behalf by:




T M Stephens - Director



P M Fowler - Director


Mylor Yacht Club Limited (Registered number: 13269868)

Notes to the Financial Statements
for the Year Ended 30th September 2023

1. STATUTORY INFORMATION

Mylor Yacht Club Limited 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 (£).


These financial statements cover a single entity.

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 is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns and discounts and value added taxes.

The company recognises turnover when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably and (d) it is probable that future economic benefits will flow to the entity.

Where turnover relates to the provision of services, it is recognised when the services have been provided. Where the services are to be carried out over time the turnover is recognised on a straight line basis over the duration of the agreement.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of seven years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Rescue boat and engine - Straight line over 7 years
Fixtures and fittings - Straight line over 5 years, Straight line over 10 years and Straight line over 20 years

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell. Stocks are recognised as an expenses in the period in which the related turnover is recognised.


Mylor Yacht Club Limited (Registered number: 13269868)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current taxation assets and liabilities are not discounted.

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 statement of financial position date.

Hire purchase and leasing commitments
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 operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts, discounted at a market rate of interest.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments, discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Website
£   
COST
At 1st October 2022
and 30th September 2023 13,302
AMORTISATION
At 1st October 2022 5,701
Amortisation for year 1,900
At 30th September 2023 7,601
NET BOOK VALUE
At 30th September 2023 5,701
At 30th September 2022 7,601

Mylor Yacht Club Limited (Registered number: 13269868)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023

5. TANGIBLE FIXED ASSETS
Rescue Fixtures
boat and and
engine fittings Totals
£    £    £   
COST
At 1st October 2022 22,173 126,788 148,961
Additions - 6,470 6,470
At 30th September 2023 22,173 133,258 155,431
DEPRECIATION
At 1st October 2022 22,173 111,807 133,980
Charge for year - 4,257 4,257
At 30th September 2023 22,173 116,064 138,237
NET BOOK VALUE
At 30th September 2023 - 17,194 17,194
At 30th September 2022 - 14,981 14,981

6. STOCKS
2023 2022
£    £   
Stocks 5,281 3,813

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 251 753
Prepayments 3,349 3,451
3,600 4,204

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
VAT 1,185 1,089
Accruals and deferred income 19,375 18,944
20,560 20,033

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 30,600 30,600
Between one and five years 110,850 115,050
In more than five years 871,200 897,600
1,012,650 1,043,250

Mylor Yacht Club Limited (Registered number: 13269868)

Notes to the Financial Statements - continued
for the Year Ended 30th September 2023

9. LEASING AGREEMENTS - continued

These operating lease commitments relate to the rental of premises and moorings fundus. During the year, lease payments of £30,600 have been recognised as an expense within the Income and Expenditure Account.

10. RESERVES
Income
and
expenditure
account
£   

At 1st October 2022 189,728
Deficit for the year (22,986 )
At 30th September 2023 166,742