Lake District Boat Club Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 01091158 (England and Wales)

Lake District Boat Club Limited

Unaudited Financial Statements for the Year Ended 31 January 2018

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

Directors:

Mr J Inskip

Mr L Lansley

Ms J T Mcardle

Mr S H J Robinson

Mr A Salter

Mrs G P Twiss

Mrs C Anderson

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

Preston

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 2018 which comprise the Profit

and Loss Account, Balance Sheet, 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

Preston

Lancashire

PR3 6SJ

20 March 2018

Fixed assets

Tangible assets

4

272,059

279,347

Current assets

Stocks

1,432

1,035

Debtors

5

452

1,130

Cash at bank and in hand

13,697

8,252

15,581

10,417

Creditors

Amounts falling due within one year

6

12,524

14,928

Net current assets/(liabilities)

3,057

(4,511

)

Total assets less current liabilities

275,116

274,836

Creditors

Amounts falling due after more than one year

7

19,725

28,260

Net assets

255,391

246,576

Reserves

Revaluation reserve

9

157,450

159,495

Special reserve

720

720

Income and expenditure account

97,221

86,361

255,391

246,576

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 20 March 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Stocks

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

moving items.

3.	Employees and directors

The average number of employees during the year was 1 (2017 - 1 ) .

4.	Tangible fixed assets

Fixtures

Freehold

Committee

and

property

boat

fittings

Jetties

Totals

£

£

£

£

£

Cost or valuation

At 1 February 2017

and 31 January 2018

342,179

9,000

32,556

31,800

415,535

Depreciation

At 1 February 2017

74,532

8,034

30,090

23,532

136,188

Charge for year

3,422

193

493

3,180

7,288

At 31 January 2018

77,954

8,227

30,583

26,712

143,476

Net book value

At 31 January 2018

264,225

773

1,973

5,088

272,059

At 31 January 2017

267,647

966

2,466

8,268

279,347

Cost or valuation at 31 January 2018 is represented by:

Fixtures

Freehold

Committee

and

property

boat

fittings

Jetties

Totals

£

£

£

£

£

Valuation in 1996

335,000

-

-

-

335,000

Cost

7,179

9,000

32,556

31,800

80,535

342,179

9,000

32,556

31,800

415,535

If freehold land and buildings had not been revalued they would have been included at the following historical

cost:

2018

2017

£

£

Cost

137,694

137,694

Aggregate depreciation

30,922

29,545

5.

Debtors: amounts falling due within one year

2018

2017

£

£

Prepayments and accrued income

452

1,130

6.

Creditors: amounts falling due within one year

2018

2017

£

£

Bank loans and overdrafts

9,851

9,113

Trade creditors

(469

)

2,866

Corporation tax

1,041

836

Accruals and deferred income

2,101

2,113

12,524

14,928

7.

Creditors: amounts falling due after more than one year

2018

2017

£

£

Bank loans repayable after

1 year

19,725

28,260

19,725

28,260

8.	Secured debts

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

29,576

37,373

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 2017

159,495

Transfer

(2,045

)

At 31 January 2018

157,450