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REGISTERED NUMBER: 00215905 (England and Wales)












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: R Stevenson
D W Lee
C West
T Kinch
G Weston
K Knight
D Silverson
D K Copeman
N Blake
Y Campbell
S Large
T Smith
A Tuckett
M O'Sullivan
C Hawkes





SECRETARY: T D Leigh





REGISTERED OFFICE: 85/89 Brighton Road
Shoreham-By-Sea
West Sussex
BN43 6RF





REGISTERED NUMBER: 00215905 (England and Wales)





AUDITORS: Clark Brownscombe
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 4,242,332 4,353,961
Investments 6 100 100
4,242,432 4,354,061

CURRENT ASSETS
Stocks 12,317 11,401
Debtors 7 102,688 49,519
Cash at bank and in hand 327,293 344,145
442,298 405,065
CREDITORS
Amounts falling due within one year 8 107,931 119,398
NET CURRENT ASSETS 334,367 285,667
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,576,799

4,639,728

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 4,576,699 4,639,628
SHAREHOLDERS' FUNDS 4,576,799 4,639,728

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th November 2024 and were signed on its behalf by:





D K Copeman - Director


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 private company, limited by shares , 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.

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.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Buildings and reclaimed land - 2% on cost
Vessels, pontoons, buoys and jetties - 15% on cost
Furniture and other equipment - 15% on cost
Vehicles, boatswains equipment and tools - at varying rates

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 12 (2023 - 10 ) .

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 16,500
AMORTISATION
At 1st October 2023
and 30th September 2024 16,500
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 4,296,769 367,362 11,089
DEPRECIATION
At 1st October 2023 294,889 51,478 9,797
Charge for year 85,372 17,150 910
At 30th September 2024 380,261 68,628 10,707
NET BOOK VALUE
At 30th September 2024 3,916,508 298,734 382
At 30th September 2023 4,001,880 315,884 1,292

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 51,747 237,426 4,964,393
DEPRECIATION
At 1st October 2023 18,547 235,721 610,432
Charge for year 7,762 435 111,629
At 30th September 2024 26,309 236,156 722,061
NET BOOK VALUE
At 30th September 2024 25,438 1,270 4,242,332
At 30th September 2023 33,200 1,705 4,353,961

6. FIXED ASSET INVESTMENTS
Shares in
SYC
Operations
Limited
£   
COST
At 1st October 2023
and 30th September 2024 100
NET BOOK VALUE
At 30th September 2024 100
At 30th September 2023 100

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 57,991 36,356
VAT 6,354 -
Prepayments 38,343 4,119
Social security and other tax - 9,044
102,688 49,519

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 17,371 27,447
Trade creditors 3,275 502
Social security and other taxes 4,925 -
VAT - 4,874
Other creditors 6,440 15,084
Accrued expenses 75,920 71,491
107,931 119,398

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2,000 Ordinary shares .05 100 100

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Victoria Anderson BA(Hons) FCA DChA (Senior Statutory Auditor)
for and on behalf of Clark Brownscombe

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.