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REGISTERED NUMBER: 01238153 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

CHICHESTER YACHT CLUB LIMITED

CHICHESTER YACHT CLUB LIMITED (REGISTERED NUMBER: 01238153)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CHICHESTER YACHT CLUB LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: D M Pearce
S D Benson
K L J Cheeseman
S J Cray
P D Ladds
J A Lake
M J Willard
D R Armstrong
R L Varley
T J Walker
N P G Cole
C J Hodge
M J E Jenkin
J I Gordon





REGISTERED OFFICE: Chichester Marina
Birdham
Chichester
Sussex
PO20 7EJ





REGISTERED NUMBER: 01238153 (England and Wales)





ACCOUNTANTS: Lewis Brownlee (Chichester) Limited
Chartered Accountants
Appledram Barns
Birdham Road
Chichester
West Sussex
PO20 7EQ

CHICHESTER YACHT CLUB LIMITED (REGISTERED NUMBER: 01238153)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 1,310,188 1,258,355

CURRENT ASSETS
Stocks 19,284 18,101
Debtors 5 45,451 35,284
Cash at bank and in hand 129,475 287,385
194,210 340,770
CREDITORS
Amounts falling due within one year 6 251,593 269,220
NET CURRENT (LIABILITIES)/ASSETS (57,383 ) 71,550
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,252,805

1,329,905

CREDITORS
Amounts falling due after more than one year 7 12,475 36,675
NET ASSETS 1,240,330 1,293,230

RESERVES
Income and expenditure account 1,240,330 1,293,230
1,240,330 1,293,230

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

CHICHESTER YACHT CLUB LIMITED (REGISTERED NUMBER: 01238153)

BALANCE SHEET - continued
31 MARCH 2024


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 1 August 2024 and were signed on its behalf by:





P D Ladds - Director


CHICHESTER YACHT CLUB LIMITED (REGISTERED NUMBER: 01238153)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Chichester Yacht Club is a private company, limited by guarantee, registered in England and Wales. The Company's registration number is 01238153 and its registered office is Chichester Marina, Birdham, Chichester, Sussex, PO20 7EJ.

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.

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 £.

Turnover
Turnover represents amounts receivable from members and non members in respect of subscriptions, club training fees, room hire and bar and catering sales net of Value Added Tax.

Subscription income received is deferred until the period in which the membership is provided.

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.

Components of an asset are separated where their value is significant in relation to the total value of the asset and where those components have different useful lives to the remainder of the asset for depreciation purposes.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives. Depreciation is provided on the following bases:

Short leaseholdOver remaining term of lease
Short leasehold componentsBetween 10 and 25 years
Fixtures, fittings and equipmentBetween 3 and 10 years

The asset's residual value, useful life and depreciation method is reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting period.

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.

Stocks
Stocks are stated at the lower of cost and estimated selling price.

Financial instruments
Financial instruments are classified by the director as basic or advanced following the conditions in FRS102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.


CHICHESTER YACHT CLUB LIMITED (REGISTERED NUMBER: 01238153)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
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 or deferred 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Leases
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Pension costs and other post-retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Government grants
Capital grants are credited to deferred revenue. Grants towards capital expenditure are released to the income and expenditure account over the expected useful life of the assets. Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 50 (2023 - 45 ) .

CHICHESTER YACHT CLUB LIMITED (REGISTERED NUMBER: 01238153)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Short
leasehold Fixtures,
and fittings
leasehold and
improvements equipment Totals
£ £ £
COST
At 1 April 2023 1,936,321 334,593 2,270,914
Additions 67,164 68,159 135,323
Disposals - (20,271 ) (20,271 )
At 31 March 2024 2,003,485 382,481 2,385,966
DEPRECIATION
At 1 April 2023 757,475 255,084 1,012,559
Charge for year 50,508 30,762 81,270
Eliminated on disposal - (18,051 ) (18,051 )
At 31 March 2024 807,983 267,795 1,075,778
NET BOOK VALUE
At 31 March 2024 1,195,502 114,686 1,310,188
At 31 March 2023 1,178,846 79,509 1,258,355

The lease on the company's premises expires in 2062.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 30,540 14,484
Other debtors 14,911 20,800
45,451 35,284

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade creditors 39,895 41,420
Taxation and social security 35,674 37,255
Other creditors 176,024 190,545
251,593 269,220

Included within other creditors are loans of £37,425 (2023 - £48,900) made by members for a project to install solar panels. These loans are interest free and repayable in four equal instalments. £24,950 (2023 - £12,225) of the balance is repayable within one year and £12,475 (2023 - £36,675) is repayable after more than one year, with the final repayment to be made on 1 April 2025.

CHICHESTER YACHT CLUB LIMITED (REGISTERED NUMBER: 01238153)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Other creditors 12,475 36,675

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 32,464 32,567
Between one and five years 129,720 129,754
In more than five years 1,075,595 1,108,025
1,237,779 1,270,346

9. GOVERNMENT GRANTS

Included in other creditors are two deferred government grants from Sport England totalling £750 (2023 - £1,750). The first was received in 2015 towards the cost of two Laser 1 dinghies. The second grant was received in 2015 towards the cost of two Argo dinghies.

10. CAPITAL COMMITMENTS
2024 2023
£ £
Contracted but not provided for in the
financial statements - 7,170

11. LIMITED BY GUARANTEE

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.