The Arun Yacht Club Limited 01549093 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is is the promotion of the sport of sailing in and around Littlehampton Harbour. Digita Accounts Production Advanced 6.30.9574.0 true 01549093 2023-09-01 2024-08-31 01549093 2024-08-31 01549093 core:FurtherSpecificReserve1ComponentTotalEquity 2024-08-31 01549093 core:MergerReserve 2024-08-31 01549093 core:RetainedEarningsAccumulatedLosses 2024-08-31 01549093 core:CurrentFinancialInstruments 2024-08-31 01549093 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 01549093 core:FurnitureFittingsToolsEquipment 2024-08-31 01549093 core:LandBuildings 2024-08-31 01549093 core:OtherPropertyPlantEquipment 2024-08-31 01549093 bus:SmallEntities 2023-09-01 2024-08-31 01549093 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 01549093 bus:FilletedAccounts 2023-09-01 2024-08-31 01549093 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 01549093 bus:RegisteredOffice 2023-09-01 2024-08-31 01549093 bus:Director8 2023-09-01 2024-08-31 01549093 bus:CompanyLimitedByGuarantee 2023-09-01 2024-08-31 01549093 core:FurtherSpecificReserve1ComponentTotalEquity 2023-09-01 2024-08-31 01549093 core:MergerReserve 2023-09-01 2024-08-31 01549093 core:RetainedEarningsAccumulatedLosses 2023-09-01 2024-08-31 01549093 core:FurnitureFittings 2023-09-01 2024-08-31 01549093 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 01549093 core:LandBuildings 2023-09-01 2024-08-31 01549093 core:OtherPropertyPlantEquipment 2023-09-01 2024-08-31 01549093 core:ShipsBoats 2023-09-01 2024-08-31 01549093 core:ToolsEquipment 2023-09-01 2024-08-31 01549093 countries:EnglandWales 2023-09-01 2024-08-31 01549093 2023-08-31 01549093 core:FurtherSpecificReserve1ComponentTotalEquity 2023-08-31 01549093 core:MergerReserve 2023-08-31 01549093 core:RetainedEarningsAccumulatedLosses 2023-08-31 01549093 core:FurnitureFittingsToolsEquipment 2023-08-31 01549093 core:LandBuildings 2023-08-31 01549093 core:OtherPropertyPlantEquipment 2023-08-31 01549093 2022-09-01 2023-08-31 01549093 2023-08-31 01549093 core:CurrentFinancialInstruments 2023-08-31 01549093 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 01549093 core:FurnitureFittingsToolsEquipment 2023-08-31 01549093 core:LandBuildings 2023-08-31 01549093 core:OtherPropertyPlantEquipment 2023-08-31 01549093 core:FurtherSpecificReserve1ComponentTotalEquity 2022-09-01 2023-08-31 01549093 core:MergerReserve 2022-09-01 2023-08-31 01549093 core:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 01549093 2022-08-31 01549093 core:FurtherSpecificReserve1ComponentTotalEquity 2022-08-31 01549093 core:MergerReserve 2022-08-31 01549093 core:RetainedEarningsAccumulatedLosses 2022-08-31 iso4217:GBP xbrli:pure

Registration number: 01549093

The Arun Yacht Club Limited

(A company limited by guarantee)

Annual Report and Unaudited Financial Statements

for the year ended 31 August 2024

 

The Arun Yacht Club Limited

Contents

Statement of Financial Position

1 to 2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 8

 

The Arun Yacht Club Limited

(Registration number: 01549093)
Statement of Financial Position
31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

121,117

124,914

Current assets

 

Stocks

5

5,121

5,426

Debtors

6

9,260

16,167

Cash at bank and in hand

 

232,474

228,901

 

246,855

250,494

Creditors: Amounts falling due within one year

7

(61,313)

(66,057)

Net current assets

 

185,542

184,437

Net assets

 

306,659

309,351

Reserves

 

Other reserves

55,052

84,341

Retained earnings

251,607

225,010

Surplus

 

306,659

309,351

For the financial year ending 31 August 2024 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 6 November 2024 and signed on its behalf by:
 

 

The Arun Yacht Club Limited

(Registration number: 01549093)
Statement of Financial Position
31 August 2024

.........................................
P G Thomson
Director

 

The Arun Yacht Club Limited

Statement of Changes in Equity
for the year ended 31 August 2024

Renewals fund reserve
£

Dredge fund reserves
£

Profit and loss account
£

Total
£

At 1 September 2023

40,000

44,341

225,010

309,351

Deficit for the year

-

-

(2,692)

(2,692)

Total comprehensive income

-

-

(2,692)

(2,692)

Transfers

-

(29,289)

29,289

-

At 31 August 2024

40,000

15,052

251,607

306,659

Renewals fund reserves
£

Dredge fund reserves
£

Profit and loss account
£

Total
£

At 1 September 2022

40,000

66,282

166,450

272,732

Surplus for the year

-

-

36,619

36,619

Total comprehensive income

-

-

36,619

36,619

Transfers

-

(21,941)

21,941

-

At 31 August 2023

40,000

44,341

225,010

309,351

 

The Arun Yacht Club Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 2024

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 £10 towards the assets of the company in the event of liquidation.

The address of its registered office is:
The Arun Yacht Club
Riverside West
Littlehampton
West Sussex
BN17 5DL

These financial statements were authorised for issue by the Board on 6 November 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 Arun Yacht Club Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 2024

Judgements

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.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Buildings

50 years straight line

Club boats

4 - 15 years straight line

Fixtures and fittings

5 years straight line

Dinghy and moorings

3 -10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

The Arun Yacht Club Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 11).

 

The Arun Yacht Club Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

152,205

37,857

532,246

722,308

Additions

-

4,936

2,200

7,136

At 31 August 2024

152,205

42,793

534,446

729,444

Depreciation

At 1 September 2023

75,298

30,322

491,775

597,395

Charge for the year

1,803

2,570

6,559

10,932

At 31 August 2024

77,101

32,892

498,334

608,327

Carrying amount

At 31 August 2024

75,104

9,901

36,112

121,117

At 31 August 2023

76,908

7,535

40,471

124,914

Included within the net book value of buildings above is £75,103 (2023 - £76,907) in respect of buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

5,121

5,426

 

The Arun Yacht Club Limited

Notes to the Unaudited Financial Statements
for the year ended 31 August 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

2,914

1,921

Prepayments

4,188

14,096

Other debtors

2,158

150

 

9,260

16,167

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

2,374

3,430

Taxation and social security

2

975

Accruals and deferred income

57,242

60,224

Other creditors

1,695

1,428

61,313

66,057

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of contingencies not included in the statement of financial position is £57,375 (2023 - £57,375). The Arun Yacht Club Ltd is in dispute with a Contractor regarding quality issues and unfinished works in respect of dredging the moorings.