Waveney & Oulton Broad Yacht Club Ltd - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 01534009 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 2014

FOR

WAVENEY & OULTON BROAD

YACHT CLUB LIMITED

(A COMPANY LIMITED BY GUARANTEE)

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr P A Large

Mr I R Colby

Mr A Cone

Mr J C Wells

Mr D P Gooch

Mr J K Pickering

SECRETARY:

Mr J C Wells

REGISTERED OFFICE:

Hazel Grove

Loddon Road

Toft Monks

Beccles

Norfolk

NR34 0EU

REGISTERED NUMBER:

01534009 (England and Wales)

ACCOUNTANTS:

Sexty & Co

Chartered Certified Accountants

2a Church Street

North Walsham

Norfolk

NR28 9DA

FIXED ASSETS

Tangible assets

2

95,761

22,578

CURRENT ASSETS

Stocks

3,209

2,366

Debtors

427

546

Cash at bank and in hand

136,671

144,281

140,307

147,193

CREDITORS

Amounts falling due within one year

4,292

2,485

NET CURRENT ASSETS

136,015

144,708

TOTAL ASSETS LESS CURRENT LIABILITIES

231,776

167,286

ACCRUALS AND DEFERRED INCOME

71,455

11,642

NET ASSETS

160,321

155,644

RESERVES

Jetty Fund

57,000

67,000

Income and expenditure account

103,321

88,644

160,321

155,644

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 5 December 2014 and were signed on its behalf by:

Mr P A Large - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents the income derived from sales and services provided during the year.

Tangible fixed assets

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

Short leasehold

-

5% on cost

Jetties

-

5% on cost

Fixtures & fittings

-

12% on reducing balance

Boats & outboard motors

-

20% on reducing balance

Crane

-

15% on reducing balance

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 the income and expenditure account on a straight

line basis over the period of the lease.

Government grants

Government grants in respect of capital expenditure are treated as deferred income and are credited

to the income and expenditure account over the estimated useful life of the assets to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2013

140,940

Additions

85,160

At 30 September 2014

226,100

DEPRECIATION

At 1 October 2013

118,362

Charge for year

11,977

At 30 September 2014

130,339

NET BOOK VALUE

At 30 September 2014

95,761

At 30 September 2013

22,578

3.	LEGAL STATUS

The company is limited by guarantee not having a share capital. This means that in the event of the

company being wound up, each member guarantees to contribute to the company a maximum sum of

£5 for payment of the debts and liabilities.