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Company Registration number: 05902451

Ullswater Yacht Club Limited (A company limited by guarantee)
Annual Report and Unaudited
Financial Statements
for the Year Ended 31 December 2025

Ullswater Yacht Club Limited

Contents

Pages

Balance sheet | 1 to 2
Notes to the financial statements | 3 to 9

Ullswater Yacht Club Limited

Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 1,240,392 | 1,219,220
Investments | 5 | 1 | 1
|  | 1,240,393 | 1,219,221
Current assets |  |  |
Stocks | 6 | 725 | 521
Debtors | 7 | 17,683 | 14,103
Cash at bank and in hand |  | 352,996 | 380,842
|  | 371,404 | 395,466
Creditors: Amounts falling due within one year | 8 | (139,752) | (152,120)
Net current assets |  | 231,652 | 243,346
Total assets less current liabilities |  | 1,472,045 | 1,462,567
Creditors: Amounts falling due after more than one year | 8 | (138,096) | (181,886)
Net assets |  | 1,333,949 | 1,280,681
Reserves |  |  |
Retained earnings |  | 1,333,949 | 1,280,681
Members' funds |  | 1,333,949 | 1,280,681

Ullswater Yacht Club Limited

Balance Sheet as at 31 December 2025 (continued)

For the financial year ending 31 December 2025 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 provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 July 2026 and signed on its behalf by:

......................................... Mr K Lockey Director

Company registration number: 05902451

Ullswater Yacht Club Limited

Notes to the financial statements for the Year Ended 31 December 2025

1 | GENERAL INFORMATION

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £5 towards the assets of the company in the event of liquidation.

The address of its registered office is:
The Club House
Ullswater Yacht Club
Howtown Road
Penrith
CA10 2NA

These financial statements were authorised for issue by the Board on 25 July 2026.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Ullswater Yacht Club Limited

Notes to the financial statements for the Year Ended 31 December 2025 (continued)

2 | ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
• it is probable that future economic benefits will flow to the entity; and
• specific criteria have been met for each of the company's activities.

Government grants

Grants are accounted for under the accrual model as permitted by FRS102 1A. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in "other income" within profit or loss in the same period as the related expenditure.

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.

Ullswater Yacht Club Limited

Notes to the financial statements for the Year Ended 31 December 2025 (continued)

2 | ACCOUNTING POLICIES (continued)

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
Land and buildings | Land is not depreciated, buildings 5%,10% & 20% straight line
Furniture and fittings | 20% straight line
Boats and trailers | 10% straight line
Equipment | 10% & 20% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments are measured at cost.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Ullswater Yacht Club Limited

Notes to the financial statements for the Year Ended 31 December 2025 (continued)

2 | ACCOUNTING POLICIES (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3 | STAFF NUMBERS

The average number of persons employed by the company during the year was 3 (2024 - 4).

Ullswater Yacht Club Limited

Notes to the financial statements for the Year Ended 31 December 2025 (continued)

4 | TANGIBLE ASSETS

| Land and buildings £ | Furniture and fittings £ | Boats and trailers £ | Equipment £ | Total £
Cost or valuation
At 1 January 2025 | 1,249,068 | 34,693 | 76,296 | 35,863 | 1,395,920
Additions | 7,706 | 4,828 | 10,097 | 19,909 | 42,540
Disposals | - | (2,000) | - | - | (2,000)
At 31 December 2025 | 1,256,774 | 37,521 | 86,393 | 55,772 | 1,436,460
Depreciation
At 1 January 2025 | 62,020 | 32,495 | 52,201 | 29,984 | 176,700
Charge for the year | 9,073 | 1,695 | 5,461 | 5,139 | 21,368
Eliminated on disposal | - | (2,000) | - | - | (2,000)
At 31 December 2025 | 71,093 | 32,190 | 57,662 | 35,123 | 196,068
Carrying amount
At 31 December 2025 | 1,185,681 | 5,331 | 28,731 | 20,649 | 1,240,392
At 31 December 2024 | 1,187,048 | 2,198 | 24,095 | 5,879 | 1,219,220

Ullswater Yacht Club Limited

Notes to the financial statements for the Year Ended 31 December 2025 (continued)

5 | INVESTMENTS

| 2025 £ | 2024 £
Investment in subsidiary | 1 | 1

Subsidiary | £
Cost or valuation
Additions | 1
Provision
Carrying amount
At 31 December 2025 | 1
At 31 December 2024 | 1

6 | STOCKS

| 2025 £ | 2024 £
Stocks | 725 | 521

7 | DEBTORS

| 2025 £ | 2024 £
Trade debtors | - | (117)
Amounts owed by group undertakings and undertakings in which the company has a participating interest | - | 13,350
Prepayments and accrued income | 14,985 | 700
Other debtors | 2,698 | 170
| 17,683 | 14,103

Ullswater Yacht Club Limited

Notes to the financial statements for the Year Ended 31 December 2025 (continued)

8 | CREDITORS

Creditors: amounts falling due within one year

| 2025 £ | 2024 £
Due within one year |  |
Bank loans and overdrafts | 43,791 | 46,482
Trade creditors | 1,022 | (118)
Taxation and social security | 2,065 | 1,694
Accruals and deferred income | 90,154 | 97,756
Other creditors | 2,720 | 6,306
| 139,752 | 152,120

Creditors include bank loans and overdrafts which are secured of £43,791 (2024 - £46,482).

Creditors: amounts falling due after more than one year

| 2025 £ | 2024 £
Due after one year |  |
Loans and borrowings | 138,096 | 181,886

Creditors include bank loans and overdrafts which are secured of £138,096 (2024 - £181,886).

9 | CONTINGENT LIABILITY

The clubhouse owned by Ullswater Yacht Club Limited is at risk of damage by flooding. This has occurred in the past, most notably in 2009 and 2015, a recurrence is possible, although the timing and extent of any future damage by flooding cannot be predicted. The cost of repair or replacement of the clubhouse caused by flooding is not insurable. The directors have relied on advice provided by suitably qualified and experienced Club members, and the directors' view of possible cost inflation since that advice was provided, to estimate that the cost of readily repairable flood damage to the clubhouse would be of the order of £66,000.
The directors are of the view that the Club's financial position is such that the Club's continuation as a going concern would be unlikely to be at risk if the clubhouse were to be severely damaged or destroyed by flood in the next 12 months.