Company registration number NI658484 (Northern Ireland)
BELFAST BOAT CLUB LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
BELFAST BOAT CLUB LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
BELFAST BOAT CLUB LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,458
Tangible assets
5
1,478,933
1,178,857
1,480,391
1,178,857
Current assets
Stocks
7,067
10,794
Debtors
6
20,016
11,783
Cash at bank and in hand
109,631
42,641
136,714
65,218
Creditors: amounts falling due within one year
7
(316,212)
(235,576)
Net current liabilities
(179,498)
(170,358)
Total assets less current liabilities
1,300,893
1,008,499
Creditors: amounts falling due after more than one year
8
(753,178)
(487,239)
Net assets
547,715
521,260
Reserves
Income and expenditure account
547,715
521,260
Members' funds
547,715
521,260
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
Mr D A Harrison
Mr J Lavery
Director
Director
Company registration number NI658484 (Northern Ireland)
BELFAST BOAT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Belfast Boat Club Limited (the 'club') is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 12 Lockview Road, Belfast, BT9 5FL. The club is also registered under Registration of Clubs (Northern Ireland) Order 1996, registered in Northern Ireland within the United Kingdom.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime and the Registration of Clubs (Accounts) Regulations (NI) 2022. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been prepared on the going concern basis, notwithstanding the fact that the club had net current liabilities of £179,498 at the balance sheet date.true
In common with many multi-sports clubs, Belfast Boat Club Limited faces challenges in ensuring that it generates sufficient income streams to not only meet the day to day costs of managing the club but also to set aside sufficient reserves to ensure that adequate investment takes place to maintain the facilities to a high standard. The directors continue to review the ongoing costs incurred by the club and to identify revenue generating proposals in addition to increasing investment in the club. The implementation and monitoring of these proposals is continually kept under review.
The directors have prepared business projections to 31 December 2026 and the projections indicate that the club has sufficient resources to continue in operation for the next 12 months. As such, the directors have formed a judgement at the date of approving the financial statements that it is therefore appropriate to prepare the financial statements on the going concern basis.
1.3
Income and expenditure
Income represents the total bar takings together with subscription receipts, gross income from activities and all other sundry receipts, excluding VAT where appropriate. Subscription income is recognised so as to match the subscription income with the calendar months to which membership relates. Accordingly, deferred income is recognised at the balance sheet date in relation to amounts received in advance.
Other income is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
BELFAST BOAT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (Continued)
- 3 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
33%
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
No depreciation is provided on land. Depreciation is provided on other assets so as to write off the cost of assets less their estimated residual values over their useful lives on the following bases:
Club House, Squash Courts, Fitness Suite
2%
Boat House and Car Park
2%
Tennis Courts and Padel Courts
5 - 20%
Fixtures, Fittings and Equipment
10-15%
Bar Refurbishment
10%
Rowing Equipment
5%
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
On 1 July 2019 the company acquired the trade and assets of Belfast Boat Club, an unincorporated association. Fixed assets that were transferred from the independent club are depreciated on the basis of their original cost to the unincorporated club.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks have been valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost is determined on a first in first out basis. Net realisable value is the selling price of stock in the normal course of business.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
BELFAST BOAT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Taxation
Corporation tax is calculated on the club's assessable income from non-mutual trading activities for the year.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
The club make contributions for the benefit of certain employees to a defined contribution pension scheme whereby the assets of the scheme are held separately from those of the club in an independently administered fund. The club's contributions are accounted for by charging costs against income as payments accrue.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
BELFAST BOAT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies (Continued)
- 5 -
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
28
24
4
Intangible fixed assets
Website
£
Cost
At 1 January 2024
Additions
1,458
At 31 December 2024
1,458
Amortisation and impairment
At 1 January 2024 and 31 December 2024
Carrying amount
At 31 December 2024
1,458
At 31 December 2023
BELFAST BOAT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
5
Tangible fixed assets
(i) Land & Buildings
Land
Car
Club
Squash
Tennis
Padel
Fitness
Boat
Hay Island
Park
House
Courts
Courts
Courts
Suite
House
Total
£
£
£
£
£
£
£
£
£
Cost
At 1 January 2024
11,653
9,247
277,389
63,449
569,935
33,233
211,217
1,176,123
Additions
3,001
382,314
385,315
At 31 December 2024
11,653
9,247
280,390
63,449
569,935
382,314
33,233
211,217
1,561,438
Depreciation and impairment
At 1 January 2024
1,218
69,751
15,856
132,863
5,459
29,102
254,249
Depreciation charged in the year
270
15,540
3,745
38,433
1,213
6,497
65,698
At 31 December 2024
1,488
85,291
19,601
171,296
6,672
35,599
319,947
Carrying amount
At 31 December 2024
11,653
7,759
195,099
43,848
398,639
382,314
26,561
175,618
1,241,491
At 31 December 2023
11,653
8,029
207,638
47,593
437,072
27,774
182,115
921,874
BELFAST BOAT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
5
Tangible fixed assets (Continued)
- 7 -
(ii) Fixtures and fittings
Fixtures and
Bar
Rowing
Equipment
Fittings
Refurbishment
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2024
49,264
76,593
32,472
219,425
377,754
Additions
5,321
5,304
-
-
10,625
Disposals
-
-
-
-
Other changes
-
-
-
-
At 31 December 2024
54,585
81,897
32,472
219,425
388,379
Depreciation and impairment
At 1 January 2024
31,105
29,977
19,214
40,475
120,771
Depreciation charged in the year
5,799
8,727
4,141
11,499
30,166
Eliminated in respect of disposals
-
-
-
-
At 31 December 2024
36,904
38,704
23,355
51,974
150,937
Carrying amount
At 31 December 2024
17,681
43,193
9,117
167,451
237,442
At 31 December 2023
18,159
46,616
13,258
178,950
256,983
BELFAST BOAT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
12,049
3,413
Prepayments and accrued income
7,967
8,370
20,016
11,783
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
25,822
20,154
Other borrowings
8,338
7,528
Trade creditors
18,387
42,451
Corporation tax
6,085
3,125
Other taxation and social security
4,080
3,988
Other creditors
76,460
53,334
Accruals and deferred income
177,040
104,996
316,212
235,576
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
152,800
187,062
Other borrowings
359,479
34,986
Deferred income
240,899
265,191
753,178
487,239
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Mrs Susan Dunlop FCA
Statutory Auditor:
GMcG BELFAST
Date of audit report:
26 March 2025
BELFAST BOAT CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
1,941
6,594
11
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
23,100
-
12
Pension commitments
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. Contributions totalling £664 (2023 - £427) were payable to the fund at the balance sheet date.
13
Related party transactions
During the year the club engaged in transactions with one director on an arm's length basis, in respect of rental income totalling £7,343 (2023 - £21,576).
During the year, loans totalling £50,000 have been advanced to the club by 5 directors. These loans are repayable at the end of 8 years from the date of commencement, with interest due annually beginning in 2026 at a rate of 7%.
There were no other transactions with related parties such as are required to be disclosed.
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