WEST MERSEA YACHT CLUB LIMITED
LIMITED BY GUARANTEE
Company Registration No. 00300433 (England and Wales)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
CONTENTS
Page
Balance sheet
1
Notes to the accounts
2 - 10
Registered Office:
116 Coast Road
West Mersea
Colchester
CO5 8PB
WEST MERSEA YACHT CLUB LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
329,265
285,153
Investments
5
16,565
16,565
345,830
301,718
Current assets
Stocks
6
20,612
22,357
Debtors
7
61,413
62,358
Cash at bank and in hand
187,971
222,890
269,996
307,605
Creditors: amounts falling due within one year
8
(214,601)
(205,568)
Net current assets
55,395
102,037
Total assets less current liabilities
401,225
403,755
Creditors: amounts falling due after more than one year
9
(21,667)
(31,667)
Net assets
379,558
372,088
Reserves
Income and expenditure account
379,558
372,088
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 12 December 2023 and are signed on its behalf by:
J S Munns
I Shay
Commodore
Hon Treasurer
Company Registration No. 00300433
WEST MERSEA YACHT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information
West Mersea Yacht Club Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 116 Coast Road, West Mersea, Colchester, CO5 8PB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable in cases where the company cannot reclaim it.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
2% straight line on boatshed, boiler-room and bar extension cost.
10% straight line on other clubhouse alterations and City Road barrier.
Boatyard equipment
25% reducing balance
Kitchen, clubhouse
and office equipment
25% reducing balance
WEST MERSEA YACHT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.4
Fixed asset investments
Interests in associate entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
WEST MERSEA YACHT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stock is valued at the lower of cost and net realisable value after making due allowance for slow moving and obsolete stock.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Investments are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
WEST MERSEA YACHT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.12
Subscriptions
Subscriptions are paid for the year ending February and one third of the total amounts received are carried forward to the company's next financial year.
1.13
Companies Act 2006
In order to show a true and fair view of the company's results and state of affairs it has been necessary to change certain wording required by the Companies Act 2006. For instance, "income and expenditure" instead of "profit and loss", "surplus/deficit" instead of "profit/loss" and "members" instead of "trade debtors".
WEST MERSEA YACHT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Staff
24
21
Directors
16
15
40
36
WEST MERSEA YACHT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
4
Tangible fixed assets
Freehold property
Clubhouse kitchen and boatyard etc
Total
£
£
£
Cost
At 1 November 2022
335,996
252,722
588,718
Additions
79,735
79,735
At 31 October 2023
335,996
332,457
668,453
Depreciation and impairment
At 1 November 2022
159,937
143,628
303,565
Depreciation charged in the year
15,246
20,377
35,623
At 31 October 2023
175,183
164,005
339,188
Carrying amount
At 31 October 2023
160,813
168,452
329,265
At 31 October 2022
176,059
109,094
285,153
5
Fixed asset investments
2023
2022
£
£
Investments
10,260
10,260
Loans
6,305
6,305
16,565
16,565
The Club owns 26% of the issued ordinary share capital in Mersea Haven Limited, a company incorporated in England. At 31 October 2023, the latest available accounts, Mersea Haven Limited had capital and reserves of £15,698 and made a profit of £5 for the year. Other investments represent mooring licences owned by the club.
WEST MERSEA YACHT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
5
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in participating interests
Loans to participating interests
Other investments other than loans
Total
£
£
£
£
Cost or valuation
At 1 November 2022 & 31 October 2023
260
6,305
10,000
16,565
Carrying amount
At 31 October 2023
260
6,305
10,000
16,565
At 31 October 2022
260
6,305
10,000
16,565
6
Stocks
2023
2022
£
£
Bar stock
11,179
11,166
Food stock
3,300
3,722
Clothing stock
3,403
3,568
Medal & prizes stock
484
484
Boatyard stock
2,246
3,417
20,612
22,357
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Members - Clubminder
22,236
12,866
Members - subscriptions and other debts
22,808
33,533
Other debtors
16,369
15,959
61,413
62,358
WEST MERSEA YACHT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
22,585
21,031
Members - Clubminder
19,558
17,357
Corporation tax
1,608
467
Other taxation and social security
24,107
16,638
Other creditors
136,743
140,075
214,601
205,568
Other creditors includes £nil (2022: £1,291) in respect of finance leases and are secured on the relevant assets. The bank loan represents the amount of the unsecured bounceback loan due within 12 months.
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,667
31,667
The bank loan represents an unsecured bounceback loan.
10
Retirement benefit schemes
Defined contribution schemes
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The charge for the year included within wages costs are £4,923 (2022: £4,779). At the balance sheet date £nil (2022: £nil) was due to the pension provider.
11
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
WEST MERSEA YACHT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 10 -
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Daniel Insley BA ACA.
The auditor was Streets Audit LLP.
13
Related party transactions
Due to the nature of West Mersea Yacht Club Limited's operations and the composition of the Committee, (being drawn from club membership) it is inevitable that transactions will take place with organisations in which a member of the committee may have an interest. All transactions involving organisations in which a member of the Committee may have an interest are conducted at arms length and in accordance with normal procedures.
14
Non-audit services provided by auditor
In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. We also use our auditor to correspond with and deal with the tax authorities as required.
2023-10-312022-11-01false13 December 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedT W WoodJ S MunnsI Shay003004332022-11-012023-10-3100300433bus:RegisteredOffice2022-11-012023-10-31003004332023-10-31003004332022-10-3100300433core:LandBuildings2023-10-3100300433core:OtherPropertyPlantEquipment2023-10-3100300433core:LandBuildings2022-10-3100300433core:OtherPropertyPlantEquipment2022-10-3100300433core:CurrentFinancialInstruments2023-10-3100300433core:CurrentFinancialInstruments2022-10-3100300433core:Non-currentFinancialInstruments2023-10-3100300433core:Non-currentFinancialInstruments2022-10-3100300433core:RetainedEarningsAccumulatedLosses2023-10-3100300433core:RetainedEarningsAccumulatedLosses2022-10-3100300433bus:Director22022-11-012023-10-3100300433bus:Director32022-11-012023-10-3100300433core:LandBuildingscore:OwnedOrFreeholdAssets2022-11-012023-10-3100300433core:PlantMachinery2022-11-012023-10-3100300433core:FurnitureFittings2022-11-012023-10-31003004332021-11-012022-10-3100300433core:LandBuildings2022-10-3100300433core:OtherPropertyPlantEquipment2022-10-31003004332022-10-3100300433core:LandBuildings2022-11-012023-10-3100300433core:OtherPropertyPlantEquipment2022-11-012023-10-3100300433bus:CompanyLimitedByGuarantee2022-11-012023-10-3100300433bus:SmallCompaniesRegimeForAccounts2022-11-012023-10-3100300433bus:FRS1022022-11-012023-10-3100300433bus:Audited2022-11-012023-10-3100300433bus:Director12022-11-012023-10-3100300433bus:FullAccounts2022-11-012023-10-31xbrli:purexbrli:sharesiso4217:GBP