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REGISTERED NUMBER: NI605239 (Northern Ireland)















LOUGH ERNE YACHT CLUB

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






LOUGH ERNE YACHT CLUB (REGISTERED NUMBER: NI605239)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


LOUGH ERNE YACHT CLUB

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: T Bailey
J Carton
A E A Lindsay
J Mccrea
W A L Cooper
M De Fleury
R Morrison
G O'Daly
B M Preston
C M Johnston


REGISTERED OFFICE: 178 Killadeas Road
Gublusk
Ballinamallard
Enniskillen
Co. Fermanagh
BT94 2LW


REGISTERED NUMBER: NI605239 (Northern Ireland)


INDEPENDENT AUDITORS: CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP


BANKERS: Danske Bank
Small Business
PO Box 183
Donegall Square West
Belfast
BT1 6JS

LOUGH ERNE YACHT CLUB (REGISTERED NUMBER: NI605239)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £ £
NON-CURRENT ASSETS
Tangible assets 5 184,503 202,946

CURRENT ASSETS
Stocks 6 1,364 1,262
Receivables: amounts falling due within
one year

7

24,435

19,762
Cash at bank and in hand 81,973 93,166
107,772 114,190
PAYABLES
Amounts falling due within one year 8 (34,831 ) (57,641 )
NET CURRENT ASSETS 72,941 56,549
TOTAL ASSETS LESS CURRENT
LIABILITIES

257,444

259,495

GOVERNMENT GRANTS (7,289 ) (7,606 )
NET ASSETS 250,155 251,889

RESERVES
Income and expenditure account 250,155 251,889
250,155 251,889

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 10 April 2024 and were signed on its behalf by:





J Carton - Director


LOUGH ERNE YACHT CLUB (REGISTERED NUMBER: NI605239)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Lough Erne Yacht Club is a private company, limited by guarantee , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

Revenue
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Inventories
Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Taxation
Taxation for the year comprises current and deferred 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 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

LOUGH ERNE YACHT CLUB (REGISTERED NUMBER: NI605239)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. EMPLOYEES AND DIRECTORS

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

5. PROPERTY, PLANT AND EQUIPMENT
Long Plant and Computer
leasehold machinery equipment Totals
£ £ £ £
COST
At 1 January 2023
and 31 December 2023 61,845 249,273 25,130 336,248
DEPRECIATION
At 1 January 2023 27,146 106,156 - 133,302
Charge for year 2,474 15,969 - 18,443
At 31 December 2023 29,620 122,125 - 151,745
NET BOOK VALUE
At 31 December 2023 32,225 127,148 25,130 184,503
At 31 December 2022 34,699 143,117 25,130 202,946

6. STOCKS
2023 2022
£ £
Inventories 1,364 1,262

7. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade receivables 5,194 2,221
Prepayments and accrued income 19,241 17,541
24,435 19,762

8. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade payables 28,910 11,968
Taxation and social security 1,449 1,466
Other payables 4,472 44,207
34,831 57,641

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £

The club's bank has a fixed and floating charge over the assets of the club.

LOUGH ERNE YACHT CLUB (REGISTERED NUMBER: NI605239)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr. Ryan Falls (F.C.A) (Senior Statutory Auditor)
for and on behalf of CavanaghKelly