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

REGISTERED NUMBER: 01238153 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

CHICHESTER YACHT CLUB LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

H L Green

D M Pearce

S D Benson

K L J Cheeseman

S J Cray

P D Ladds

J A Lake

A L Moore

M J Willard

D R Armstrong

J C O'Connell

R L Varley

REGISTERED OFFICE:

Chichester Marina

Birdham

Chichester

Sussex

PO20 7EJ

REGISTERED NUMBER:

01238153 (England and Wales)

AUDITORS:

Lewis Brownlee (Chichester) Limited

Chartered Accountants

Statutory Auditors

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

FIXED ASSETS

Tangible assets

5

1,248,199

1,195,377

CURRENT ASSETS

Stocks

16,657

11,349

Debtors

6

31,489

42,404

Cash at bank and in hand

239,735

222,790

287,881

276,543

CREDITORS

Amounts falling due within one year

7

260,006

204,013

NET CURRENT ASSETS

27,875

72,530

TOTAL ASSETS LESS CURRENT LIABILITIES

1,276,074

1,267,907

CREDITORS

Amounts falling due after more than one year

8

-

44,444

NET ASSETS

1,276,074

1,223,463

RESERVES

Income and expenditure account

1,276,074

1,223,463

1,276,074

1,223,463

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 23 July 2022 and were signed on its behalf by:

P D Ladds - Director

1.	STATUTORY INFORMATION

Chichester Yacht Club is a private company, limited by guarantee, registered in England and Wales. The Company's registration number is 01238153 and its registered office is Chichester Marina, Birdham, Chichester, Sussex, PO20 7EJ.

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.

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 £.

Going concern

The directors have considered the ability of the company to continue as a going concern notwithstanding the continued uncertainties arising from COVID 19 and have a reasonable expectation that the company will have adequate cash resources barring unforeseen material adverse events. Therefore they have continued to adopt the going concern basis of accounting.

Turnover

Turnover represents amounts receivable from members and non members in respect of subscriptions, fees and bar and catering sales net of Value Added Tax.

Subscription income received is deferred until the period in which the membership is provided.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Components of an asset are separated where their value is significant in relation to the total value of the asset and where those components have different useful lives to the remainder of the asset for depreciation purposes. (see note 6)

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives. Depreciation is provided on the following bases:

Short leasehold

Over remaining term of lease

Short leasehold components

Between 10 and 25 years

Fixtures and fittings

Between 3 and 10 years

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price.

Financial instruments

Financial instruments are classified by the director as basic or advanced following the conditions in FRS102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method. The company has no advanced financial instruments.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income 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 lease asset are consumed.

Pension costs and other post-retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Government grants

Capital grants are credited to deferred revenue. Grants towards capital expenditure are released to the income and expenditure account over the expected useful life of the assets. Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 50 (2021 - 62 ) .

4.	AUDITORS' REMUNERATION

Period

1/1/20

Year Ended

to

31/3/22

31/3/21

£

£

Fees payable to the company's auditors for the audit of the company's financial statements

5,900

3,975

5.	TANGIBLE FIXED ASSETS

Short

leasehold

and

Fixtures

leasehold

and

improvements

fittings

Totals

£

£

£

COST

At 1 April 2021

1,838,237

292,938

2,131,175

Additions

81,525

40,833

122,358

Disposals

(5,019

)

(26,660

)

(31,679

)

At 31 March 2022

1,914,743

307,111

2,221,854

DEPRECIATION

At 1 April 2021

676,738

259,060

935,798

Charge for year

49,919

19,370

69,289

Eliminated on disposal

(4,772

)

(26,660

)

(31,432

)

At 31 March 2022

721,885

251,770

973,655

NET BOOK VALUE

At 31 March 2022

1,192,858

55,341

1,248,199

At 31 March 2021

1,161,499

33,878

1,195,377

The lease on the company's premises expires in 2062.

The bank held a charge over the property on the banks standard form dated 1 November 2005.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

7,690

7,628

Other debtors

23,799

34,776

31,489

42,404

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

-

5,556

Trade creditors

39,563

15,569

Taxation and social security

22,620

30,779

Other creditors

197,823

152,109

260,006

204,013

The company had a Bounce Back Loan (BBL) which was repaid in full during the year. In the prior year, this was showing in creditors due within one year of £5,556 and creditors due after more than one year of £44,444.

The term of the loan was interest free for 12 months then a rate of 2.5% per annum. The loan was repayable within 6 years from the date of the drawdown of the loan. The loan was guaranteed by the government.

Included within other creditors are loans from members totalling £Nil (2020 - £136). The balance was reduced by way of crediting subscriptions at a 5% discount each year until the loan was fully utilised. These loans were interest free.

Included within other creditors are provisions for qualifying members for one month subscription fee payment credited back to them for future purchases in recognition of their continued support during COVID 19 of £Nil (2020 - £30,000).

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

-

44,444

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

34,436

32,430

Between one and five years

129,993

129,720

In more than five years

1,140,455

1,172,885

1,304,884

1,335,035

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

The Report of the Auditors was unqualified.

Sam Ede BFP FCA FCCA (Senior Statutory Auditor)

for and on behalf of Lewis Brownlee (Chichester) Limited

11.	GOVERNMENT GRANTS

Included in other creditors are two deferred government grants from Sport England totalling £2,750 (2020 - £4,538). The first was received in 2015 towards the cost of two Laser 1 dinghies. The second grant was received in 2015 towards the cost of two Argo dinghies.

12.	CAPITAL COMMITMENTS

2022

2021

£

£

Contracted but not provided for in the

financial statements

15,512

-

At the balance sheet date capital commitments included a rigid inflatable boat, and noise reduction and ambiance improvement in the restaurant and quarter deck.

13.	LIMITED BY GUARANTEE

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.