IRIS Accounts Production v24.2.0.383 12339822 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh123398222022-12-31123398222023-12-31123398222023-01-012023-12-31123398222021-12-31123398222022-01-012022-12-31123398222022-12-3112339822ns15:EnglandWales2023-01-012023-12-3112339822ns14:PoundSterling2023-01-012023-12-3112339822ns10:Director12023-01-012023-12-3112339822ns10:CompanyLimitedByGuarantee2023-01-012023-12-3112339822ns10:SmallEntities2023-01-012023-12-3112339822ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3112339822ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3112339822ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3112339822ns10:FullAccounts2023-01-012023-12-311233982212023-01-012023-12-3112339822ns10:Director42023-01-012023-12-3112339822ns10:Director52023-01-012023-12-3112339822ns10:Director62023-01-012023-12-3112339822ns10:RegisteredOffice2023-01-012023-12-3112339822ns5:CurrentFinancialInstruments2023-12-3112339822ns5:CurrentFinancialInstruments2022-12-3112339822ns5:RetainedEarningsAccumulatedLosses2023-12-3112339822ns5:RetainedEarningsAccumulatedLosses2022-12-3112339822ns5:PlantMachinery2023-01-012023-12-3112339822ns5:FurnitureFittings2023-01-012023-12-3112339822ns5:MotorVehicles2023-01-012023-12-3112339822ns5:LeaseholdImprovements2022-12-3112339822ns5:PlantMachinery2022-12-3112339822ns5:FurnitureFittings2022-12-3112339822ns5:LeaseholdImprovements2023-01-012023-12-3112339822ns5:LeaseholdImprovements2023-12-3112339822ns5:PlantMachinery2023-12-3112339822ns5:FurnitureFittings2023-12-3112339822ns5:LeaseholdImprovements2022-12-3112339822ns5:PlantMachinery2022-12-3112339822ns5:FurnitureFittings2022-12-3112339822ns5:MotorVehicles2022-12-3112339822ns5:ComputerEquipment2022-12-3112339822ns5:ComputerEquipment2023-01-012023-12-3112339822ns5:MotorVehicles2023-12-3112339822ns5:ComputerEquipment2023-12-3112339822ns5:MotorVehicles2022-12-3112339822ns5:ComputerEquipment2022-12-3112339822ns5:AdditionsToInvestments2023-12-3112339822ns5:TransfersBetweenInvestmentClassesIncreaseDecreaseInInvestments2023-12-3112339822ns5:CostValuation2023-12-3112339822ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3112339822ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3112339822ns5:RetainedEarningsAccumulatedLosses2022-12-3112339822ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-31
REGISTERED NUMBER: 12339822 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

THE ROYAL CORNWALL YACHT CLUB LIMITED

PREVIOUSLY KNOWN AS
RCYC (CORNWALL) LIMITED

THE ROYAL CORNWALL YACHT CLUB LIMITED (REGISTERED NUMBER: 12339822)
PREVIOUSLY KNOWN AS RCYC (CORNWALL) LIMITED






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THE ROYAL CORNWALL YACHT CLUB LIMITED
PREVIOUSLY KNOWN AS RCYC (CORNWALL) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs S M Godzicz
Ms S L Hancock
Ms J M Hopkins
M J Forrest





REGISTERED OFFICE: Greenbank
FALMOUTH
Cornwall
TR11 2SP





REGISTERED NUMBER: 12339822 (England and Wales)





ACCOUNTANTS: TC Group
The Old Carriage Works
Moresk Road
Truro
Cornwall
TR1 1DG

THE ROYAL CORNWALL YACHT CLUB LIMITED (REGISTERED NUMBER: 12339822)
PREVIOUSLY KNOWN AS RCYC (CORNWALL) LIMITED

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 34,614 29,672
Investments 5 95 -
34,709 29,672

CURRENT ASSETS
Stocks 13,694 1,500
Debtors 6 22,591 6,512
Cash at bank and in hand 185,537 63,947
221,822 71,959
CREDITORS
Amounts falling due within one year 7 123,740 614,985
NET CURRENT ASSETS/(LIABILITIES) 98,082 (543,026 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

132,791

(513,354

)

RESERVES
Income and expenditure account 8 132,791 (513,354 )
MEMBERS' FUNDS 132,791 (513,354 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

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 Profit and Loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:



Mrs S M Godzicz - Director


THE ROYAL CORNWALL YACHT CLUB LIMITED (REGISTERED NUMBER: 12339822)
PREVIOUSLY KNOWN AS RCYC (CORNWALL) LIMITED

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

1. STATUTORY INFORMATION

The Royal Cornwall Yacht Club Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Membership fees have been collected in the unincorporated members' club, The Royal Cornwall Yacht Club, up until 31 December 2023. At that date all of the remaining assets, liabilities, trades, activities and membership of the Club transferred into this company.

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

Revenue is recognised for the sale of goods when the entity has transferred the significant risks and rewards of ownership, it is probable that the economic benefit will flow to the entity and the revenue and associated costs can be reliably measured.

Revenue for provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and costs can be reliably measured.

Grant income is recognised on an accruals basis when it is probable that an economic benefit will flow to the entity.

Interest income is recognised when it is receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Boats - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, 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.


THE ROYAL CORNWALL YACHT CLUB LIMITED (REGISTERED NUMBER: 12339822)
PREVIOUSLY KNOWN AS RCYC (CORNWALL) LIMITED

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

2. ACCOUNTING POLICIES - continued
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 - 11,897 17,336
Additions - - 892
Reclassification/transfer 14,187 51,015 57,641
At 31 December 2023 14,187 62,912 75,869
DEPRECIATION
At 1 January 2023 - 3,149 6,317
Charge for year - 1,750 2,383
Reclassification/transfer 12,912 50,021 54,511
At 31 December 2023 12,912 54,920 63,211
NET BOOK VALUE
At 31 December 2023 1,275 7,992 12,658
At 31 December 2022 - 8,748 11,019

THE ROYAL CORNWALL YACHT CLUB LIMITED (REGISTERED NUMBER: 12339822)
PREVIOUSLY KNOWN AS RCYC (CORNWALL) LIMITED

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

4. TANGIBLE FIXED ASSETS - continued

Computer
Boats equipment Totals
£    £    £   
COST
At 1 January 2023 11,231 4,229 44,693
Additions 5,732 - 6,624
Reclassification/transfer 57,627 46,089 226,559
At 31 December 2023 74,590 50,318 277,876
DEPRECIATION
At 1 January 2023 4,394 1,161 15,021
Charge for year 3,143 1,057 8,333
Reclassification/transfer 56,374 46,090 219,908
At 31 December 2023 63,911 48,308 243,262
NET BOOK VALUE
At 31 December 2023 10,679 2,010 34,614
At 31 December 2022 6,837 3,068 29,672

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 92
Reclassification/transfer 3
At 31 December 2023 95
NET BOOK VALUE
At 31 December 2023 95

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 18,786 4,454
Other debtors 1,637 -
Prepayments 2,168 2,058
22,591 6,512

THE ROYAL CORNWALL YACHT CLUB LIMITED (REGISTERED NUMBER: 12339822)
PREVIOUSLY KNOWN AS RCYC (CORNWALL) LIMITED

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 10,131 4,374
Social security and other taxes 706 1,649
VAT 11,479 449
Other creditors 80,079 602,627
Accrued expenses 21,345 5,886
123,740 614,985

8. RESERVES
Income
and
expenditure
account
£   

At 1 January 2023 (513,354 )
Deficit for the year (175,547 )
Transfer from Royal Cornwall
Yacht Club 821,692
At 31 December 2023 132,791

9. RELATED PARTY DISCLOSURES

In accordance with a resolution at the 2019 AGM of the Royal Cornwall Yacht Club, this company was formed on 29 November 2019.

With effect from 1 January 2020 this company took over the operation of the clubhouse and bar and catering and certain other activities of the club.

As described in note 2 'Basis of preparing the financial statements', the formal transfer of assets to this company took place on 31 December 2023.

An admin recharge of £45,000 (2022: £7,000) was made by the company to RCYC Sailing Limited during the year, along with net recharges of other expenditure amounting to £11,121 (2022: £4,294).

The amount owed by The Royal Cornwall Yacht Club Limited to RCYC Sailing Limited at the end of the year was £7,569 (2022: £338).

10. LIMITED BY GUARANTEE

RCYC (Cornwall) Limited is a company limited by guarantee and does not have a share capital.

The liability of each club member is limited to £1, being the amount that each club member undertakes to contribute to the assets of the club in the event of its being wound up.