Registered number
10533627
New Quay Yacht Club Ltd
Filleted Accounts
31 December 2023
New Quay Yacht Club Ltd
Registered number: 10533627
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 12,102 14,519
Current assets
Stocks 3,720 3,177
Debtors 4 12,615 4,837
Cash at bank and in hand 71,198 75,097
87,533 83,111
Creditors: amounts falling due within one year 5 (10,651) (8,882)
Net current assets 76,882 74,229
Total assets less current liabilities 88,984 88,748
Creditors: amounts falling due after more than one year 6 (13,550) (15,950)
Net assets 75,434 72,798
Reserves
Other reserves 8 75,434 72,798
Total Reserves 75,434 72,798
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C Rich Mr N Robertson
Director Director
Approved by the board on 30 March 2024
New Quay Yacht Club Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over 1 - 8 years
Computer equipment over 5 years
Fixtures & fittings over 1 - 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Leasehold improvements Computer equipment Fixtures & fittings Total
£ £ £ £
Cost
At 1 January 2023 16,229 3,924 3,320 23,473
Additions - - 1,574 1,574
At 31 December 2023 16,229 3,924 4,894 25,047
Depreciation
At 1 January 2023 4,446 2,253 2,255 8,954
Charge for the year 1,964 1,337 690 3,991
At 31 December 2023 6,410 3,590 2,945 12,945
Net book value
At 31 December 2023 9,819 334 1,949 12,102
At 31 December 2022 11,783 1,671 1,065 14,519
4 Debtors 2023 2022
£ £
Other debtors 12,615 4,837
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 1,825 1,500
Trade creditors 3,521 943
Taxation and social security costs 134 -
Accruals 2,317 3,903
Other creditors 2,854 2,536
10,651 8,882
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 13,500 15,950
Other creditors 50 -
13,550 15,950
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 6,200 9,000
8 Other reserves 2023 2022
£ £
At 1 January 2023 72,798 59,314
Transfer to/from Profit and Loss Account 2,636 13,484
At 31 December 2023 75,434 72,798
9 Other information
New Quay Yacht Club Ltd is a private company limited by shares and incorporated in Wales. Its registered office is:
New Quay Yacht Club
The Pier Buildings
New Quay
Ceredigion
SA45 9NW
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