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REGISTERED NUMBER: NI605239 (Northern Ireland)















LOUGH ERNE YACHT CLUB

Financial Statements for the Year Ended 31 December 2024






LOUGH ERNE YACHT CLUB (REGISTERED NUMBER: NI605239)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


LOUGH ERNE YACHT CLUB

Company Information
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: A E A Lindsay
W A L Cooper
M De Fleury
R Morrison
C M Johnston
R M Harron
P Pedersen
S Valentine


REGISTERED OFFICE: 178 Killadeas Road
Gublusk
Ballinamallard
Enniskillen
Co. Fermanagh
BT94 2LW


REGISTERED NUMBER: NI605239 (Northern Ireland)


INDEPENDENT AUDITORS: CavanaghKelly
Chartered Accountants and Statutory Auditors
36-38 Northland Row
Dungannon
Co. Tyrone
BT71 6AP


BANKERS: Danske Bank
Small Business
PO Box 183
Donegall Square West
Belfast
BT1 6JS

LOUGH ERNE YACHT CLUB (REGISTERED NUMBER: NI605239)

Statement of Financial Position
31 DECEMBER 2024

2024 2023
Notes £ £
NON-CURRENT ASSETS
Tangible assets 5 168,440 184,503

CURRENT ASSETS
Stocks 6 1,726 1,364
Receivables: amounts falling due within
one year

7

23,054

24,435
Cash at bank and in hand 100,123 81,973
124,903 107,772
PAYABLES
Amounts falling due within one year 8 (7,890 ) (34,831 )
NET CURRENT ASSETS 117,013 72,941
TOTAL ASSETS LESS CURRENT
LIABILITIES

285,453

257,444

GOVERNMENT GRANTS (6,989 ) (7,289 )
NET ASSETS 278,464 250,155

RESERVES
Income and expenditure account 278,464 250,155
278,464 250,155

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 24 April 2025 and were signed on its behalf by:





R Morrison - Director


LOUGH ERNE YACHT CLUB (REGISTERED NUMBER: NI605239)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Lough Erne Yacht Club is a private company, limited by guarantee , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

Revenue
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Inventories
Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Cash flow statement
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

LOUGH ERNE YACHT CLUB (REGISTERED NUMBER: NI605239)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5. PROPERTY, PLANT AND EQUIPMENT
Long Plant and Computer
leasehold machinery equipment Totals
£ £ £ £
COST
At 1 January 2024
and 31 December 2024 61,845 249,273 25,130 336,248
DEPRECIATION
At 1 January 2024 29,620 122,125 - 151,745
Charge for year 2,474 13,589 - 16,063
At 31 December 2024 32,094 135,714 - 167,808
NET BOOK VALUE
At 31 December 2024 29,751 113,559 25,130 168,440
At 31 December 2023 32,225 127,148 25,130 184,503

6. STOCKS
2024 2023
£ £
Inventories 1,726 1,364

7. RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade receivables 3,813 5,194
Prepayments and accrued income 19,241 19,241
23,054 24,435

8. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade payables 1,642 28,910
Taxation and social security 1,648 1,449
Other payables 4,600 4,472
7,890 34,831

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £

The club's bank has a fixed and floating charge over the assets of the club.

LOUGH ERNE YACHT CLUB (REGISTERED NUMBER: NI605239)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

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

The Auditors' Report was unqualified.

Mr. Ryan Falls (F.C.A) (Senior Statutory Auditor)
for and on behalf of CavanaghKelly