Tollesbury Cruising Club Limited Company Accounts
Tollesbury Cruising Club Limited Company Accounts
COMPANY REGISTRATION NUMBER:
00996247
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Financial Statements |
Year ended 31 January 2017
Contents |
Page |
Statement of financial position |
1 |
Notes to the financial statements |
3 |
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Statement of Financial Position |
2017 |
2016 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
5 |
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Current assets
Stocks |
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Debtors |
6 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
7 |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
8 |
– |
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Net assets |
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Capital and reserves
Called up share capital |
9 |
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Profit and loss account |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
18 October 2017
, and are signed on behalf of the board by:
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Director |
Company registration number:
00996247
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Notes to the Financial Statements |
Year ended 31 January 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Yacht Harbour, Tollesbury, Maldon, Essex, CM9 8SE.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Revenue recognition
Income tax
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tennis Courts |
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Fixtures and Fittings |
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12.5% straight line |
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Swimming Pool |
- |
10% straight line |
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Club House |
- |
10% and 20% straight line
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2016:
5
).
5.
Tangible assets
Tennis court |
Fixtures and fittings |
Swimming pool |
Club house |
Total |
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£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 February 2016 |
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25,501 |
25,551 |
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Additions |
– |
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– |
– |
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At 31 January 2017 |
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25,501 |
25,551 |
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Depreciation |
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At 1 February 2016 |
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23,341 |
16,367 |
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Charge for the year |
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721 |
1,513 |
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At 31 January 2017 |
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24,062 |
17,880 |
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Carrying amount |
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At 31 January 2017 |
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1,439 |
7,671 |
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At 31 January 2016 |
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2,160 |
9,184 |
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6.
Debtors
2017 |
2016 |
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£ |
£ |
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Trade debtors |
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– |
Other debtors |
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7.
Creditors:
amounts falling due within one year
2017 |
2016 |
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£ |
£ |
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Bank loans and overdrafts |
– |
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Trade creditors |
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Accruals and deferred income |
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Corporation tax |
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Social security and other taxes |
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Director loan accounts |
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Other creditors |
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– |
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8.
Creditors:
amounts falling due after more than one year
2017 |
2016 |
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£ |
£ |
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Bank loans and overdrafts |
– |
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9.
Called up share capital
Authorised share capital
2017 |
2016 |
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No. |
£ |
No. |
£ |
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400 |
100 |
400 |
100 |
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Issued, called up and fully paid
2017 |
2016 |
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No. |
£ |
No. |
£ |
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78 |
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78 |
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10.
Related party transactions
The directors are designated members of Tollesbury Marina LLP, which provides management services and boatyard facilities to the company. During the year Tollesbury Marina LLP recharged expenses amounting to £4,268 (2016 - £5,121) and was recharged £34,500 (2016 - £41,400) for subscriptions which were due to
Tollesbury Cruising Club Limited
. The company also received £25,000 (2016 - £20,000) from Tollesbury Marina LLP in respect of directors time. At the year end the company was owed £55,324 (2016 - £53,952)by Tollesbury Marina LLP, under normal commercial terms. At the year end the company owed a director £23,082 (2016 - £15,942) by way of a directors loan account.
11.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2015.
No transitional adjustments were required in equity or profit or loss for the year.