These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

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.

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.

These financial statements have been prepared on the going concern basis, notwithstanding the fact that the club had net current liabilities of £127,641 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 appropriate to prepare the financial statements on the going concern basis.

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.

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.

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:

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:

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.

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.

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.

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.

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.

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.

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, 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.

Corporation tax is calculated on the club's assessable income from non-mutual trading activities for the year.

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.

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.

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.

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.

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.

The average monthly number of persons (including directors) employed by the company during the year was:

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 is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its surplus for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Amounts contracted for but not provided in the financial statements:

During the year, the club did not enter into any transactions with directors (2024 - rental income of £7,343 was received from one director).

During the prior year, loans totalling £50,000 were advanced to the club by five directors. These loans are repayable at the end of eight years from the date of commencement, with interest due annually beginning in 2026 at a rate of 7%. During the current year, the club repaid £15,000 of these loans. At the year end, a balance of £35,000 remained outstanding.

Interest was charged on the loans in accordance with the agreed terms. During the year, the club paid interest of £963 to the directors, and interest payable of £3,227 remained outstanding at the year end.

There were no other transactions with related parties such as are required to be disclosed.

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 £1,141 (2024 - £664) were payable to the fund at the balance sheet date.