Waveney And Oulton Broad Yacht Club Limited
Waveney And Oulton Broad Yacht Club Limited
Registered number: 01534009
Unaudited Financial Statements
For The Year Ended
30 September 2020
Waveney And Oulton Broad Yacht Club Limited
Unaudited Financial Statements
For The Year Ended
30 September 2020
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
Waveney And Oulton Broad Yacht Club Limited
Balance Sheet
As at
30 September 2020
Balance Sheet
Registered number:
01534009
For the year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Stocks | 4 |
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| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Balcony Project Fund |
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| Jetty Fund |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 220,343 | 185,996 | |||
Page 1
Waveney And Oulton Broad Yacht Club Limited
Balance Sheet (continued)
As at
30 September 2020
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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Director
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
Waveney And Oulton Broad Yacht Club Limited
Notes to the Financial Statements
For The Year Ended
30 September 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Jetties |
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| Short Leasehold |
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| Boats & Outboards |
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| Fixtures & Fittings |
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| Crane |
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1.4.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.5.
Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Waveney And Oulton Broad Yacht Club Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 September 2020
1.6.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2019: 2)
Page 4
Waveney And Oulton Broad Yacht Club Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 September 2020
3.
Tangible Assets
| Land & Property | ||||
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| Jetties | Short Leasehold | Boats & Outboards | Fixtures & Fittings | |
| £ | £ | £ | £ | |
| Cost | ||||
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| Additions |
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| Depreciation | ||||
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| Provided during the period |
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| Net Book Value | ||||
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| Crane | Total | |
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| £ | £ | |
| Cost | ||
| As at
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| Additions |
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| Depreciation | ||
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| Provided during the period |
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| Net Book Value | ||
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4.
Stocks
| 2020 | 2019 | ||
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| £ | £ | ||
| Stock |
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Page 5
Waveney And Oulton Broad Yacht Club Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 September 2020
5.
Debtors
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
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6.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
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| £ | £ | ||
| Corporation tax |
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| Accruals and deferred income |
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7.
Capital Grants
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Balance at
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42,944 | 46,480 | |
| Increase / (Decrease) in the year | (3,404) | (3,536) | |
| Balance at
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39,540 | 42,944 | |
8.
Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as shown below. The payments are increased on an annual basis in line with inflation.
| Land and buildings | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Within 1 year | 5,712 | 5,568 |
| Between 1 and 5 years | 22,848 | 22,272 |
| After 5 years | 108,528 | 111,360 |
| 137,088 | 139,200 | |
9.
Reserves
Jetty Fund
The monies held in the jetty fund of £69,000 are held in the company's deposit accounts with Manchester Building Society and separate from the accounts used for the day to day running of the club.
Balcony Project Fund
The monies held in the balcony project reserve are held for the purpose of completing the proposed balcony project.
Page 6
Waveney And Oulton Broad Yacht Club Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 September 2020
10.
General Information
Waveney And Oulton Broad Yacht Club Limited
is a private company, limited by guarantee without share capital, incorporated in England & Wales, registered number
01534009
. The registered office is 3a Quay View Business Park, Barnards Way, Lowestoft, Suffolk, NR32 2HD.
In the event of the company being wound up, each member guarantees to contribute a maximum sum of £5 for payment of the debts and liabilities.
Page 7