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Registered number: 05146502
Sovereign Harbour Yacht Club Ltd
Unaudited Financial Statements
For The Year Ended 30 September 2024
Unaudited Financial Statements
Contents
Page
Company Information 1
Accountant's Report 2
Balance Sheet 3—4
Notes to the Financial Statements 5—8
Page 1
Company Information
Directors Mr P J Burgess
Mr D J McCormack
Mrs A C Brooks
Mr M A Pattimore
Mr C H Herrod
Mr C S Erb
Secretary Mr P J Burgess
Company Number 05146502
Registered Office 3 Harbour Quay
Eastbourne
BN23 5QF
Accountants Cornfield Accountants Limited
Chartered Accountants
5 Cornfield Terrace
Eastbourne
East Sussex
BN21 4NN
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Page 2
Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Sovereign Harbour Yacht Club Ltd for the year ended 30 September 2024.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Sovereign Harbour Yacht Club Ltd for the year ended 30 September 2024 which comprise the Income and Expenditure Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the board of directors of Sovereign Harbour Yacht Club Ltd , as a body, in accordance with the terms of our engagement letter dated 12 December 2022. Our work has been undertaken solely to prepare for your approval the accounts of Sovereign Harbour Yacht Club Ltd and state those matters that we have agreed to state to the board of directors of Sovereign Harbour Yacht Club Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sovereign Harbour Yacht Club Ltd and its board of directors, as a body, for our work or for this report.
It is your duty to ensure that Sovereign Harbour Yacht Club Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Sovereign Harbour Yacht Club Ltd . You consider that Sovereign Harbour Yacht Club Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Sovereign Harbour Yacht Club Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
20/01/2025
Cornfield Accountants Limited
Chartered Accountants
5 Cornfield Terrace
Eastbourne
East Sussex
BN21 4NN
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Page 3
Balance Sheet
Registered number: 05146502
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 488,196 495,215
488,196 495,215
CURRENT ASSETS
Stocks 11,173 13,682
Debtors 5 10,836 14,217
Cash at bank and in hand 197,388 166,731
219,397 194,630
Creditors: Amounts Falling Due Within One Year 6 (169,530 ) (186,910 )
NET CURRENT ASSETS (LIABILITIES) 49,867 7,720
TOTAL ASSETS LESS CURRENT LIABILITIES 538,063 502,935
Creditors: Amounts Falling Due After More Than One Year 7 (172,842 ) (222,066 )
NET ASSETS 365,221 280,869
Income and Expenditure Account 365,221 280,869
MEMBERS' FUNDS 365,221 280,869
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Page 4
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income and Expenditure Account.
On behalf of the board
Mr C H Herrod
Director
07/01/2025
The notes on pages 5 to 7 form part of these financial statements.
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Page 5
Notes to the Financial Statements
1. General Information
Sovereign Harbour Yacht Club Ltd is a private company, limited by guarantee, incorporated in England & Wales, registered number 05146502 . The registered office is 3 Harbour Quay, Eastbourne, BN23 5QF.
The presentation currency of the financial statements is the Pound Sterling (£).  
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Income represents amounts receivable for membership fees, goods and services, net of VAT.
Non refundable membership fees are recognised as and when they are received. Lifetime membership fees are initially shown as deferred income in the balance sheet and are credited to the profit and loss account over a ten year period.
2.3. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold in accordance with the property
Plant & Machinery 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
2.4. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
2.5. Taxation
Taxation represents the sum of the tax currently payable and deferred tax.
The company's liability to tax is calculated using the tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on all timing differences between the carrying amounts of the assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period to which the liability is settled or the asset realised, based on tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.
2.6. Pensions
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.
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2.7. Grants
Grants are recognised in the income and expenditure account in the accounting period in which they are received.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 21 (2023: 16)
21 16
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 October 2023 492,291 49,993 226,101 768,385
Additions - 2,850 6,125 8,975
As at 30 September 2024 492,291 52,843 232,226 777,360
Depreciation
As at 1 October 2023 89,038 30,394 153,738 273,170
Provided during the period 3,728 2,974 9,292 15,994
As at 30 September 2024 92,766 33,368 163,030 289,164
Net Book Value
As at 30 September 2024 399,525 19,475 69,196 488,196
As at 1 October 2023 403,253 19,599 72,363 495,215
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 6,096 8,279
Prepayments and accrued income 4,468 3,651
Other debtors 272 1,163
Corporation tax recoverable assets - 968
Other taxes and social security - 156
10,836 14,217
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 26,155 56,256
Bank loans and overdrafts 45,326 43,438
Other loans 4,425 5,324
Corporation tax 7,428 -
Other taxes and social security 1,324 -
VAT 18,284 19,024
Other creditors 19,327 19,223
Accruals and deferred income 47,261 43,645
169,530 186,910
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 3,730 48,022
Other loans 27,759 32,691
'B' Debentures 141,353 141,353
172,842 222,066
8. Secured Creditors
The following amounts are secured.
The bank loan is secured by a first charge against the assets of the company. Repayments are made on a monthly basis, interest being charged to the income and expenditure account as it arises.
All debentures are secured by a second charge against the assets of the company. Debentures are redeemable at £1 per unit, based on a yield of 4.75% on a continual compounding basis. Interest was being paid to debenture holders at a rate of 1.5% per annum, from 30 September 2015 to 30 September 2019. Interest is now being paid at 3% from 1 October 2019.
The redeemable date for 'B' debenture holders is 30 September 2028.
2024 2023
£ £
Bank loans and overdrafts 81,240 129,475
Other Creditors 141,353 141,353
9. Company limited by guarantee
The company is limited by guarantee. Every member undertakes to contribute an amount to the assets of the company in the event of it being wound up while they are a member, or within 1 year after they cease to be a member. Any contribution shall not exceed £10 per member.
10. Club Boat purchase
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Included in the donations from members is an amount totalling £12,339 which was donated in order to fund the purchase of a club boat.
There was also a grant received from the English Sports Council in the sum of £6,000 as a contribution to the purchase of the club boat.
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