REGISTERED NUMBER: |
SUSSEX YACHT CLUB LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
REGISTERED NUMBER: |
SUSSEX YACHT CLUB LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
SUSSEX YACHT CLUB LIMITED (REGISTERED NUMBER: 00215905) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
SUSSEX YACHT CLUB LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
2 St Andrews Place |
Lewes |
East Sussex |
BN7 1UP |
SUSSEX YACHT CLUB LIMITED (REGISTERED NUMBER: 00215905) |
BALANCE SHEET |
30TH SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
SUSSEX YACHT CLUB LIMITED (REGISTERED NUMBER: 00215905) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
Sussex Yacht Club Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of services. |
Member subscriptions are accounted for on a receivable basis and relate to the membership year ended 30 September. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Buildings and reclaimed land | - |
Vessels, pontoons, buoys and jetties | - |
Furniture and other equipment | - |
Vehicles, boatswains equipment and tools | - |
In accordance with FRS 11 - Impairment of Fixed Assets and Goodwill the company undertakes regular reviews of its fixed assets and if the recoverable amount of an asset is less than its carrying value the difference is written off in the income and expenditure account. |
The new club house has been depreciated at 2% from 17th February 2021 which was the date it was brought into use, as required by UK GAAP. |
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. |
Going concern |
The directors have reviewed the company's forecasts and projections and the directors believe that the company will be able to continue. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
SUSSEX YACHT CLUB LIMITED (REGISTERED NUMBER: 00215905) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1st October 2023 |
and 30th September 2024 |
AMORTISATION |
At 1st October 2023 |
and 30th September 2024 |
NET BOOK VALUE |
At 30th September 2024 |
At 30th September 2023 |
5. | TANGIBLE FIXED ASSETS |
Buildings | Vessels, |
and | pontoons, | Pay and |
reclaimed | buoys and | play |
land | jetties | equipment |
£ | £ | £ |
COST |
At 1st October 2023 |
and 30th September 2024 |
DEPRECIATION |
At 1st October 2023 |
Charge for year |
At 30th September 2024 |
NET BOOK VALUE |
At 30th September 2024 |
At 30th September 2023 |
SUSSEX YACHT CLUB LIMITED (REGISTERED NUMBER: 00215905) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Vehicles, |
Furniture | boatswains |
and other | equipment |
equipment | and tools | Totals |
£ | £ | £ |
COST |
At 1st October 2023 |
and 30th September 2024 |
DEPRECIATION |
At 1st October 2023 |
Charge for year |
At 30th September 2024 |
NET BOOK VALUE |
At 30th September 2024 |
At 30th September 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
SYC |
Operations |
Limited |
£ |
COST |
At 1st October 2023 |
and 30th September 2024 |
NET BOOK VALUE |
At 30th September 2024 |
At 30th September 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
VAT |
Prepayments |
Social security and other tax | - | 9,044 |
SUSSEX YACHT CLUB LIMITED (REGISTERED NUMBER: 00215905) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH SEPTEMBER 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans |
Trade creditors |
Social security and other taxes |
VAT | - | 4,874 |
Other creditors |
Accrued expenses |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | .05 | 100 | 100 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | CONTINGENT LIABILITIES |
W. Stirland Ltd, the company that built the new clubhouse, went into administration on 16th September 2022. Sussex Yacht Club is in ongoing discussions with the administrator of W. Stirland over the final account given the significant amount of defects that still need to be corrected and other contractual matters of dispute. |
The directors are unable, as at the date of the audit, to reliably quantify the amount that might become payable and therefore no provision has been included in the financial statements for the year ended 30 September 2024. |
Sussex Yacht Club have expended a sum in excess of £45,115 to date on essential repairs to prevent and repair water ingress and consequential damage to the fabric of the building. These sums along with other rectified building defects will be withheld from any agreed settlement with the administrators of the building contractor. |