Lake District Boat Club Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01091158 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2022

FOR

LAKE DISTRICT BOAT CLUB LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr L Lansley

Mr S H J Robinson

Mr A Salter

Mrs C Anderson

Mr G Blythe

Mr S Hamer

Mr P Harkness

Mr A Taylor

Dr M A Sills

Mrs S E Taylor

Mr C Edwards

SECRETARY:

Mrs C Anderson

REGISTERED OFFICE:

Glebe Road

Bowness on Windermere

Cumbria

LA23 3HE

REGISTERED NUMBER:

01091158 (England and Wales)

ACCOUNTANTS:

RfM Fylde Limited

Summerdale

Head Dyke Lane

Pilling

Lancashire

PR3 6SJ

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lake District Boat Club Limited for the year ended 31 January 2022 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Lake District Boat Club Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lake District Boat Club Limited and state those matters that we have agreed to state to the Board of Directors of Lake District Boat Club Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lake District Boat Club Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lake District Boat Club Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Lake District Boat Club Limited. You consider that Lake District Boat Club Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lake District Boat Club Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

RfM Fylde Limited

Summerdale

Head Dyke Lane

Pilling

Lancashire

PR3 6SJ

14 September 2022

FIXED ASSETS

Tangible assets

4

772,089

783,982

CURRENT ASSETS

Stocks

1,930

604

Debtors

5

699

489

Cash at bank and in hand

50,198

43,495

52,827

44,588

CREDITORS

Amounts falling due within one year

6

10,101

9,114

NET CURRENT ASSETS

42,726

35,474

TOTAL ASSETS LESS CURRENT LIABILITIES

814,815

819,456

CREDITORS

Amounts falling due after more than one year

7

62,469

70,451

NET ASSETS

752,346

749,005

RESERVES

Revaluation reserve

9

605,339

615,762

Special reserve

720

720

Income and expenditure account

146,287

132,523

752,346

749,005

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 September 2022 and were signed on its behalf by:

Mrs C Anderson - Director

Mr L Lansley - Director

1.	STATUTORY INFORMATION

Lake District Boat Club Limited is a private company, limited by guarantee , 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 as modified by the revaluation of certain assets.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS

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

Freehold property

-

1% on cost

Committee boat

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Jetties

-

10% on cost

Land and buildings held and used in the Company's own activities are stated in the accounts at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the balance sheet date.

Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve.

GOVERNMENT GRANTS

Government grants which are revenue grants are accounted for on the performance model. A grant that does not impose specified future performance-related conditions is recognised in other income when the grant proceeds are received or receivable. A grant that imposes specified future performance-related conditions on the company is recognised in income only when the performance-related conditions are met.

STOCKS

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

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Committee

and

property

boat

fittings

Jetties

Totals

£

£

£

£

£

COST OR VALUATION

At 1 February 2021

624,000

9,000

36,146

156,000

825,146

Additions

8,118

-

-

3,007

11,125

At 31 January 2022

632,118

9,000

36,146

159,007

836,271

DEPRECIATION

At 1 February 2021

-

8,603

32,561

-

41,164

Charge for year

6,321

79

717

15,901

23,018

At 31 January 2022

6,321

8,682

33,278

15,901

64,182

NET BOOK VALUE

At 31 January 2022

625,797

318

2,868

143,106

772,089

At 31 January 2021

624,000

397

3,585

156,000

783,982

Cost or valuation at 31 January 2022 is represented by:

Fixtures

Freehold

Committee

and

property

boat

fittings

Jetties

Totals

£

£

£

£

£

Cost

632,118

9,000

36,146

159,007

836,271

If freehold properties & jetties had not been revalued they would have been included at the following historical cost:

2022

2021

£

£

Cost

249,217

238,092

Aggregate depreciation

85,653

73,855

Freehold properties & jetties were valued on a fair value basis on 4 November 2020 by Colliers International Property Advisers .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

699

489

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

7,670

6,663

Trade creditors

(973

)

(485

)

Taxation and social security

857

796

Other creditors

2,547

2,140

10,101

9,114

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

62,469

70,451

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

23,366

39,689

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

70,139

77,114

The bank loan is secured by a first legal mortgage on the company's freehold property and a fixed charge over all book and other debts dated 17th October 2008.

9.

RESERVES

Revaluation

reserve

£

At 1 February 2021

615,762

Transfer of realised profit

(10,423

)

At 31 January 2022

605,339