Company Registration number:
Ullswater Yacht Club Limited
(A company limited by guarantee)
Financial Statements
for the
Year Ended 31 December 2023
Ullswater Yacht Club Limited
Contents
Pages
Balance sheet |
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Notes to the financial statements |
Ullswater Yacht Club Limited
Balance Sheet as at 31 December 2023
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2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Reserves |
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Retained earnings |
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Members' funds |
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Ullswater Yacht Club Limited
Balance Sheet as at 31 December 2023 (continued)
For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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
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Company registration number: 05902451
Ullswater Yacht Club Limited
Notes to the financial statements for the Year Ended 31 December 2023
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 £5 towards the assets of the company in the event of liquidation.
The address of its registered office is:
These financial statements were authorised for issue by the
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 financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Ullswater Yacht Club Limited
Notes to the financial statements for the Year Ended 31 December 2023 (continued)
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ACCOUNTING POLICIES (continued) |
Judgements and key sources of estimation uncertainty
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. Actual results may differ from these estimates. |
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.
Government grants
Grants are accounted for under the accrual model as permitted by FRS102 1A. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in "other income" within profit or loss in the same period as the related expenditure.
Tangible assets
Tangible assets are stated in the balance sheet 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 |
Land and buildings |
Land is not depreciated, buildings 5% and 10% straight line |
Boats and trailers |
10% and 20% straight line |
Fixtures and equipment |
20% straight line |
Ullswater Yacht Club Limited
Notes to the financial statements for the Year Ended 31 December 2023 (continued)
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ACCOUNTING POLICIES (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Financial instruments
Classification
Recognition and measurement
Impairment
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
STAFF NUMBERS |
The average number of persons employed by the company during the year was
Ullswater Yacht Club Limited
Notes to the financial statements for the Year Ended 31 December 2023 (continued)
TANGIBLE ASSETS |
Land and buildings |
Furniture and fittings |
Boats and trailers |
Equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Ullswater Yacht Club Limited
Notes to the financial statements for the Year Ended 31 December 2023 (continued)
STOCKS |
2023 |
2022 |
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Stocks |
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DEBTORS |
2023 |
2022 |
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Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Ullswater Yacht Club Limited
Notes to the financial statements for the Year Ended 31 December 2023 (continued)
CREDITORS |
Creditors: amounts falling due within one year
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2022 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include bank loans and overdrafts which are secured of £43,759 (2022 - £41,303).
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Deferred income |
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Creditors include bank loans and overdrafts which are secured of £228,638 (2022 - £272,127).
CONTINGENT LIABILITY |
The clubhouse owned by Ullswater Yacht Club Limited is at risk of damage by flooding. This has occurred in the past, most notably in 2009 and 2015, a recurrence is possible, although the timing and extent of any future damage by flooding cannot be predicted. The cost of repair or replacement of the clubhouse caused by flooding is not insurable. The directors have relied on advice provided by suitably qualified and experienced Club members, and the directors' view of possible cost inflation since that advice was provided, to estimate that the cost of readily repairable flood damage to the clubhouse would be of the order of £60,000.
The directors are of the view that the Club's financial position is such that the Club's continuation as a going concern would be unlikely to be at risk if the clubhouse were to be severely damaged or destroyed by flood in the next 12 months.
Ullswater Yacht Club Limited
Notes to the financial statements for the Year Ended 31 December 2023 (continued)
RESTATEMENT OF 2022 PROFIT AND LOSS ACCOUNT |
In 2023 the company renamed and reclassified certain cost account headings to provide greater transparency of the nature of its costs. To enable fair comparability, the 2022 profit and loss account has been restated correspondingly. The net effect on the 2022 and loss account has been to re-classify £675 of administrative expenses as costs of sales. There are no changes to the operating surplus and surplus before tax reported for 2022.