Ullswater Yacht Club Limited 05902451 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is operating a yacht club. Digita Accounts Production Advanced 6.30.9574.0 true 05902451 2023-01-01 2023-12-31 05902451 2023-12-31 05902451 core:RetainedEarningsAccumulatedLosses 2023-12-31 05902451 core:CurrentFinancialInstruments 2023-12-31 05902451 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05902451 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 05902451 core:ConstructionInProgressAssetsUnderConstruction 2023-12-31 05902451 core:FurnitureFittingsToolsEquipment 2023-12-31 05902451 core:LandBuildings 2023-12-31 05902451 core:MotorVehicles 2023-12-31 05902451 bus:SmallEntities 2023-01-01 2023-12-31 05902451 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05902451 bus:FilletedAccounts 2023-01-01 2023-12-31 05902451 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05902451 bus:RegisteredOffice 2023-01-01 2023-12-31 05902451 bus:Director36 2023-01-01 2023-12-31 05902451 bus:CompanyLimitedByGuarantee 2023-01-01 2023-12-31 05902451 core:ConstructionInProgressAssetsUnderConstruction 2023-01-01 2023-12-31 05902451 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 05902451 core:LandBuildings 2023-01-01 2023-12-31 05902451 core:MotorVehicles 2023-01-01 2023-12-31 05902451 countries:EnglandWales 2023-01-01 2023-12-31 05902451 2022-12-31 05902451 core:ConstructionInProgressAssetsUnderConstruction 2022-12-31 05902451 core:FurnitureFittingsToolsEquipment 2022-12-31 05902451 core:LandBuildings 2022-12-31 05902451 core:MotorVehicles 2022-12-31 05902451 2022-01-01 2022-12-31 05902451 2022-12-31 05902451 core:RetainedEarningsAccumulatedLosses 2022-12-31 05902451 core:CurrentFinancialInstruments 2022-12-31 05902451 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 05902451 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 05902451 core:ConstructionInProgressAssetsUnderConstruction 2022-12-31 05902451 core:FurnitureFittingsToolsEquipment 2022-12-31 05902451 core:LandBuildings 2022-12-31 05902451 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure

Company Registration number: 05902451

Ullswater Yacht Club Limited (A company limited by guarantee)

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 December 2023

 

Ullswater Yacht Club Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 9

 

Ullswater Yacht Club Limited

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,211,037

1,228,095

Current assets

 

Stocks

5

586

601

Debtors

6

6,117

3,499

Cash at bank and in hand

 

362,783

289,336

 

369,486

293,436

Creditors: Amounts falling due within one year

7

(117,767)

(117,407)

Net current assets

 

251,719

176,029

Total assets less current liabilities

 

1,462,756

1,404,124

Creditors: Amounts falling due after more than one year

7

(230,168)

(274,827)

Net assets

 

1,232,588

1,129,297

Reserves

 

Retained earnings

1,232,588

1,129,297

Members' funds

 

1,232,588

1,129,297

 

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 18 July 2024 and signed on its behalf by:
 

.........................................
Mr K Lockey
Director

Company registration number: 05902451

 

Ullswater Yacht Club Limited

Notes to the financial statements for the Year Ended 31 December 2023

1

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:
The Club House
Ullswater Yacht Club
Howtown Road
Penrith
CA10 2NA

These financial statements were authorised for issue by the Board on 18 July 2024.

2

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)

2

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)

2

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
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

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.

3

STAFF NUMBERS

The average number of persons employed by the company during the year was 3 (2022 - 3).

 

Ullswater Yacht Club Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

4

TANGIBLE ASSETS

Land and buildings
£

Furniture and fittings
 £

Boats and trailers
£

Equipment
£

Total
£

Cost or valuation

At 1 January 2023

1,221,937

33,343

107,040

34,439

1,396,759

Additions

-

1,625

-

1,173

2,798

At 31 December 2023

1,221,937

34,968

107,040

35,612

1,399,557

Depreciation

At 1 January 2023

45,504

31,534

66,753

24,873

168,664

Charge for the year

8,032

1,116

6,544

4,164

19,856

At 31 December 2023

53,536

32,650

73,297

29,037

188,520

Carrying amount

At 31 December 2023

1,168,401

2,318

33,743

6,575

1,211,037

At 31 December 2022

1,176,433

1,809

40,287

9,566

1,228,095

 

Ullswater Yacht Club Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

5

STOCKS

2023
£

2022
£

Stocks

586

601

6

DEBTORS

2023
£

2022
£

Trade debtors

439

37

Prepayments and accrued income

4,750

2,200

Other debtors

928

1,262

6,117

3,499

 

Ullswater Yacht Club Limited

Notes to the financial statements for the Year Ended 31 December 2023 (continued)

7

CREDITORS

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

43,759

41,303

Trade creditors

 

683

1,915

Taxation and social security

 

-

2,268

Accruals and deferred income

 

70,825

68,847

Other creditors

 

2,500

3,074

 

117,767

117,407


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
£

Due after one year

 

Loans and borrowings

228,368

272,127

Deferred income

 

1,800

2,700

 

230,168

274,827


Creditors include bank loans and overdrafts which are secured of £228,638 (2022 - £272,127).

8

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)

9

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.