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Salcombe Yacht Club Company Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2024

Registration number: 00163711

 

Salcombe Yacht Club Company Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Salcombe Yacht Club Company Limited

Balance Sheet

31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

280,195

264,414

Investments

5

2

2

 

280,197

264,416

Creditors: Amounts falling due within one year

6

(71,286)

(55,505)

Net assets

 

208,911

208,911

Reserves

 

Fair value reserve

184,138

186,118

Profit and loss account

24,773

22,793

Surplus

 

208,911

208,911

 

Salcombe Yacht Club Company Limited

Balance Sheet

31 December 2024

For the financial year ending 31 December 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 April 2025 and signed on its behalf by:
 

.........................................
Mr M Taylor
Director

Company Registration Number: 00163711

 

Salcombe Yacht Club Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital.

The address of its registered office is:
Cliff House
Cliff Road
Salcombe
Devon
England
TQ8 8JQ

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

In applying the requirements of FRS102 the directors have early adopted the Triennial Review 2017 amendments, otherwise effective for accounting periods commencing on or after 1 January 2019. In accordance with 1.17 of the standard the amendments arising have been adopted in their entirety.

The preparation of financial statements in conformity with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are outlined later in this note.

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.

Revenue recognition

Turnover represents rental income, excluding Value Added Tax. Revenue is recognised in the month to which it relates.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Salcombe Yacht Club Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

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

Property improvements

10% straight line

Furniture, fittings and equipment

25% reducing balance

Club boats

25% reducing balance

Freehold land

Not depreciated

Freehold Buildings

2% Straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Salcombe Yacht Club Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Club boats
 £

Freehold property improvements
 £

Total
£

Cost or valuation

At 1 January 2024

200,003

79,231

69,147

3,563

351,944

Additions

-

7,239

36,134

-

43,373

Disposals

-

(1,871)

(7,750)

-

(9,621)

At 31 December 2024

200,003

84,599

97,531

3,563

385,696

Depreciation

At 1 January 2024

12,000

32,052

41,876

1,602

87,530

Charge for the year

2,000

8,882

13,159

356

24,397

Eliminated on disposal

-

(526)

(5,900)

-

(6,426)

At 31 December 2024

14,000

40,408

49,135

1,958

105,501

Carrying amount

At 31 December 2024

186,003

44,191

48,396

1,605

280,195

At 31 December 2023

188,003

47,179

27,271

1,961

264,414

 

Salcombe Yacht Club Company Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

2

2

Subsidiaries

£

Cost or valuation

Additions

2

Provision

Carrying amount

At 31 December 2024

2

At 31 December 2023

2

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings

71,286

55,505