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 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

K Headon

J Pryke

T Kinch

A Macey

K Knight

D Nunn

S Large

D Silverson

N J Besag

Z J Fry

A R Fry

R M Morrice

S J Oates

T R T Stevenson

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

5,844

9,969

Tangible assets

5

3,904,752

1,176,928

Investments

6

100

100

3,910,696

1,186,997

CURRENT ASSETS

Stocks

8,848

7,481

Debtors

7

90,996

148,631

Cash at bank and in hand

837,362

3,222,932

937,206

3,379,044

CREDITORS

Amounts falling due within one year

8

181,247

91,155

NET CURRENT ASSETS

755,959

3,287,889

TOTAL ASSETS LESS CURRENT LIABILITIES

4,666,655

4,474,886

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

4,666,555

4,474,786

SHAREHOLDERS' FUNDS

4,666,655

4,474,886

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 14th December 2020 and were signed on its behalf by:

K Headon - 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.

Going concern

The directors have reviewed the company's forecasts and projections and, in particular, have considered the potential implications of the Coronavirus (COVID-19) pandemic. Whilst the eventual financial impact of the pandemic on the company and on the overall economy remains uncertain, the directors believe that the company will be able to continue. The company therefore continues to adopt the going concern basis in preparing its financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2019 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1st October 2019

and 30th September 2020

16,500

AMORTISATION

At 1st October 2019

6,531

Charge for year

4,125

At 30th September 2020

10,656

NET BOOK VALUE

At 30th September 2020

5,844

At 30th September 2019

9,969

5.	TANGIBLE FIXED ASSETS

Buildings

Vessels,

and

Assets

pontoons,

reclaimed

under

buoys and

land

construction

jetties

£

£

£

COST

At 1st October 2019

165,806

1,066,486

248,723

Additions

-

2,344,271

362,462

Disposals

-

-

(248,723

)

At 30th September 2020

165,806

3,410,757

362,462

DEPRECIATION

At 1st October 2019

66,310

-

248,723

Charge for year

3,316

-

1,350

Eliminated on disposal

-

-

(248,723

)

At 30th September 2020

69,626

-

1,350

NET BOOK VALUE

At 30th September 2020

96,180

3,410,757

361,112

At 30th September 2019

99,496

1,066,486

-

Vehicles,

Pay and

Furniture

boatswains

play

and other

equipment

equipment

equipment

and tools

Totals

£

£

£

£

COST

At 1st October 2019

-

33,122

234,526

1,748,663

Additions

5,328

22,405

2,568

2,737,034

Disposals

-

(33,122

)

-

(281,845

)

At 30th September 2020

5,328

22,405

237,094

4,203,852

DEPRECIATION

At 1st October 2019

-

33,122

223,580

571,735

Charge for year

293

306

3,945

9,210

Eliminated on disposal

-

(33,122

)

-

(281,845

)

At 30th September 2020

293

306

227,525

299,100

NET BOOK VALUE

At 30th September 2020

5,035

22,099

9,569

3,904,752

At 30th September 2019

-

-

10,946

1,176,928

6.	FIXED ASSET INVESTMENTS

Shares in

SYC (Bar

& Catering)

Ltd

£

COST

At 1st October 2019

and 30th September 2020

100

NET BOOK VALUE

At 30th September 2020

100

At 30th September 2019

100

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

19,092

34,430

Amounts owed by group undertakings

20,500

20,500

Other debtors

-

6,399

VAT

48,730

79,882

Accrued income

-

770

Prepayments

2,674

6,650

90,996

148,631

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other loans

50,000

-

Trade creditors

17,093

1,225

Social security and other taxes

6,950

11,936

Other creditors

7,674

9,530

Accrued expenses

99,530

68,464

181,247

91,155

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

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 2020 was £Nil (2019: £16,002).