Sussex Yacht Club Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00215905 (England and Wales)

SUSSEX YACHT CLUB LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D Skinner

K Headon

J Pryke

T Kinch

D Terry

A Macey

K Knight

I Bush

D Nunn

M A Sharp

S Large

D Carroll

A Thompson

D Silverson

SECRETARY:

T Leigh

REGISTERED OFFICE:

85/89 Brighton Road

Shoreham-By-Sea

West Sussex

BN43 6RE

REGISTERED NUMBER:

00215905 (England and Wales)

AUDITORS:

Clark Brownscombe

Chartered Accountants

and Statutory Auditors

2 St Andrews Place

Lewes

East Sussex

BN7 1UP

FIXED ASSETS

Intangible assets

4

9,969

14,094

Tangible assets

5

1,176,928

360,780

Investments

6

100

100

1,186,997

374,974

CURRENT ASSETS

Stocks

7,481

8,645

Debtors

7

148,631

438,180

Cash at bank and in hand

3,222,932

684,696

3,379,044

1,131,521

CREDITORS

Amounts falling due within one year

8

91,155

115,611

NET CURRENT ASSETS

3,287,889

1,015,910

TOTAL ASSETS LESS CURRENT LIABILITIES

4,474,886

1,390,884

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

4,474,786

1,390,784

SHAREHOLDERS' FUNDS

4,474,886

1,390,884

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 on 16th December 2019 and were signed on its behalf by:

T Kinch - Director

1.	STATUTORY INFORMATION

Sussex Yacht Club Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents net invoiced sales of services.

Member subscriptions are accounted for on a receivable basis and relate to the membership year ended 30

September.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets

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

Buildings and reclaimed land

-

2% on cost

Vessels, pontoons, buoys and jetties

-

15% on cost

Furniture and other equipment

-

15% on cost

Vehicles, boatswains equipment and tools

-

15% on cost

In accordance with FRS 11 - Impairment of Fixed Assets and Goodwill the company undertakes regular reviews

of its fixed assets and if the recoverable amount of an asset is less than its carrying value the difference is written

off in the income and expenditure account.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2018 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1st October 2018

and 30th September 2019

16,500

AMORTISATION

At 1st October 2018

2,406

Charge for year

4,125

At 30th September 2019

6,531

NET BOOK VALUE

At 30th September 2019

9,969

At 30th September 2018

14,094

5.	TANGIBLE FIXED ASSETS

Buildings

Vessels,

and

Assets

pontoons,

reclaimed

under

buoys and

land

construction

jetties

£

£

£

COST

At 1st October 2018

538,852

-

248,723

Additions

-

1,066,486

-

Disposals

(373,046

)

-

-

At 30th September 2019

165,806

1,066,486

248,723

DEPRECIATION

At 1st October 2018

194,230

-

247,455

Charge for year

3,316

-

1,268

Eliminated on disposal

(131,236

)

-

-

At 30th September 2019

66,310

-

248,723

NET BOOK VALUE

At 30th September 2019

99,496

1,066,486

-

At 30th September 2018

344,622

-

1,268

Vehicles,

Furniture

boatswains

and other

equipment

equipment

and tools

Totals

£

£

£

COST

At 1st October 2018

33,122

234,526

1,055,223

Additions

-

-

1,066,486

Disposals

-

-

(373,046

)

At 30th September 2019

33,122

234,526

1,748,663

DEPRECIATION

At 1st October 2018

33,122

219,636

694,443

Charge for year

-

3,944

8,528

Eliminated on disposal

-

-

(131,236

)

At 30th September 2019

33,122

223,580

571,735

NET BOOK VALUE

At 30th September 2019

-

10,946

1,176,928

At 30th September 2018

-

14,890

360,780

6.	FIXED ASSET INVESTMENTS

Shares in

SYC (Bar

& Catering)

Ltd

£

COST

At 1st October 2018

and 30th September 2019

100

NET BOOK VALUE

At 30th September 2019

100

At 30th September 2018

100

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

34,430

22,386

Amounts owed by group undertakings

20,500

45,000

Other debtors

6,399

18,411

VAT

79,882

-

Accrued income

770

103,160

Prepayments

6,650

24,812

Shoreham clubhouse professional fees prepayment

-

224,411

148,631

438,180

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

1,225

5,848

Social security and other taxes

11,936

3,374

Other creditors

9,530

6,820

Accrued expenses

68,464

99,569

91,155

115,611

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2,000

Ordinary shares

.05

100

100

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

The Report of the Auditors was unqualified.

Victoria Anderson BA(Hons) FCA DChA (Senior Statutory Auditor)

for and on behalf of Clark Brownscombe

11.	CONTINGENT LIABILITIES

In the year ended 30 September 1999 the club received a grant from Sport England of £336,079. The grant was

for reclamation of land, upgrade of pontoons, clubhouse modifications and the purchase of equipment. The grant

was subject to a potential clawback in equal instalments over a period of 21 years. The potential liability at 30

September 2019 was £16,002 (2018: £32,005).