Registered number: 04636726
ROYAL THAMES YACHT CLUB LIMITED
(A Company Limited by Guarantee)
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2024
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ROYAL THAMES YACHT CLUB LIMITED
(A Company Limited by Guarantee)
REGISTERED NUMBER: 04636726
BALANCE SHEET
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/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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Provisions for liabilities
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Surplus and deficit account
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ROYAL THAMES YACHT CLUB LIMITED
(A Company Limited by Guarantee)
REGISTERED NUMBER: 04636726
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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R H Powell
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Dr T J C Fooks
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The notes on pages 3 to 15 form part of these financial statements.
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ROYAL THAMES YACHT CLUB LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The Company is a United Kingdom company with no share capital but limited by a guarantee from each member up to a maximum of £1 per member. It is incorporated and domiciled in England and Wales. Its registered office is at 60 Knightsbridge, London SW1X 7LF.
The principal activity of the company is the encouragement of yacht sailing and racing and the maintenance of a clubhouse or clubhouses with a view to the promotion of these activities and social intercourse between those involved.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.
The prior period figures in the Statement of Comprehensive Income have been restated to provide a more accurate representation of the club's operations. This reclassification was made to provide more detail in the Statement of Comprehensive Income and better align the presentation of the club's expense categories. The net impact on the deficit for the year is nil, as this is a classification change only.
The prior period figures in the Creditors: amounts falling due within one year note have been restated to show the total Patron's fund separately. This reclassification was made to better align the presentation of the club's creditor categories. The net impact on the creditors: amounts falling due within one year and the net assets for the year is nil, as this is a classification change only.
The directors have a reasonable expectation that the company will have sufficient funds to continue to meet its liabilities as they fall due for the foreseeable future. They have therefore prepared the financial statements on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.
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ROYAL THAMES YACHT CLUB LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
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ROYAL THAMES YACHT CLUB LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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Donations for Patrons fund
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The Company has set up a Patrons fund to receive donations ahead of the 250th anniversary. The donations received are to preserve the heritage of the club and invest in the future. The donations will be used to fund key capital projects.
The donations are accounted under the accruals model as permitted by FRS 102. The donations relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the donation relates. The deferred element of donations is included in creditors as deferred income called the Patrons fund.
For any expenditure that is not capital in nature spent from the fund, the donation will be recognised at the point of the related expenditure.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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ROYAL THAMES YACHT CLUB LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Assets under construction
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Included within Furniture and Fittings are capitalised treasures with a cost of £38,578 (2023: £38,578). Depreciation is provided at rates calculated to write off the cost of the treasures over their useful economic life to their residual value. As the residual value is currently estimated to be greater than cost, any depreciation would be immaterial. As such, no depreciation has been charged.
Depreciation of the J70 sailing boats, included within sailing and club equipment, is calculated to write them off over five years. The donations from Members which funded their acquisition are recognised as income over the same period and track the amounts provided as depreciation. The balance is shown as deferred income – J70 Members’ donations.
Included within assets under construction are the capital expenditure that has been incurred so far using the 250th donations from the Patrons fund. Once the assets are complete, these will be transferred to the relevant asset code and depreciation will commence.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Stocks are valued at the lower of cost and net realisable value at the year end date.
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ROYAL THAMES YACHT CLUB LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
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ROYAL THAMES YACHT CLUB LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, such as trade payables, bank loans, and other borrowings, are initially recorded at their transaction price, including any related transaction costs. If the liability is part of a financing arrangement, it is measured at the present value of future payments, discounted at the market interest rate. However, if discounting has an immaterial effect, it may be omitted.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
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The average monthly number of employees, including directors, during the year was 54 (2023 - 46).
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ROYAL THAMES YACHT CLUB LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Assets under construction
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Charge for the year on owned assets
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ROYAL THAMES YACHT CLUB LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
5.Tangible fixed assets (continued)
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Charge for the year on owned assets
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ROYAL THAMES YACHT CLUB LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Investments in subsidiary companies
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The movement in fair value of investments is included in the income and expenditure account on page 5.
The historical cost of the investments at 31st March 2024 was £874,622 (2023: £850,555).
Included in current assets, under cash at bank and in hand, is £30,342 (2023: £26,670) held by the investment manager as at 31st March 2024.
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The following was a subsidiary undertaking of the Company:
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60 Knightsbridge, London, SW1X 7LF
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The aggregate of the share capital and reserves as at 31 March 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
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Aggregate of share capital and reserves
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ROYAL THAMES YACHT CLUB LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Prepayments and accrued income
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Cash and cash equivalents
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ROYAL THAMES YACHT CLUB LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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At 31st March 2024 there were 505 debentures (2023: 521) of £100 in issue, of which all were fully paid. No provision has been made for any premium payable on redemption as in the opinion of the General Committee this is not currently seen to be appropriate. Repayment of the debentures will be made on death, cessation of membership, or at the discretion of the General Committee.
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Charged to profit or loss
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ROYAL THAMES YACHT CLUB LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
12.Deferred taxation (continued)
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The provision for deferred taxation is made up as follows:
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Potential tax on unrealised investment gains
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Tax losses carried forward
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The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
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At 31 March 2024 the Company had capital commitments as follows:
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Contracted for but not provided in these financial statements
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The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £51,446 (2023 - £30,727). Contributions totalling £21,508 (2023 - £14,443) were payable to the fund at the balance sheet date.
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Related party transactions
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The Club has entered into an agreement to provide a loan facility to Sixty Knightsbridge Limited, a company limited by guarantee which owns the freehold of 60 Knightsbridge, whose members are also the members of Royal Thames Yacht Club and is a related party by reason of common control. The loan facility provides for a maximum drawdown of £200,000 over the period to 23 September 2027 with a repayment date of 10 years from the date of each loan being made, against which £Nil has been loaned at the date of these accounts. This loan is made on normal commercial terms.
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ROYAL THAMES YACHT CLUB LIMITED
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The auditors' report on the financial statements for the year ended 31 March 2024 was unqualified.
The audit report was signed on 2 October 2024 by Samuel Hodson BSc ACA (Senior Statutory Auditor) on behalf of Hillier Hopkins LLP.
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