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

REGISTERED NUMBER: 01238153 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

CHICHESTER YACHT CLUB LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R M J Marshall

P A Brown

Ms H L Green

J A Johnston

Dr N R McCarthy

Dr A J Mobbs

D M Pearce

D J Roberts

Ms C J Williamson

M W Green

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

4

1,108,803

1,132,433

CURRENT ASSETS

Stocks

13,100

12,287

Debtors

5

60,449

44,061

Cash at bank and in hand

222,013

179,685

295,562

236,033

CREDITORS

Amounts falling due within one year

6

232,294

205,264

NET CURRENT ASSETS

63,268

30,769

TOTAL ASSETS LESS CURRENT LIABILITIES

1,172,071

1,163,202

CREDITORS

Amounts falling due after more than one year

7

44,280

75,883

NET ASSETS

1,127,791

1,087,319

RESERVES

Income and expenditure account

1,127,791

1,087,319

1,127,791

1,087,319

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 29 September 2018 and were signed on its behalf by:

R M J Marshall - 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 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.

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 £.

Turnover

Turnover represents amounts receivable from 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 5)

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 less costs to complete and sell. Cost comprises

direct materials and, where applicable, direct labour costs and those overheads that have been incurred in

bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over

its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.

Reversals of impairment losses are also recognised in profit or loss.

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

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 towards revenue expenditure are released

to the income and expenditure account as the related expenditure is incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 73 (2016 - 66 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

leasehold

fittings

Totals

£

£

£

COST

At 1 January 2017

1,583,646

240,740

1,824,386

Additions

8,570

28,548

37,118

Disposals

(5,000

)

(14,739

)

(19,739

)

At 31 December 2017

1,587,216

254,549

1,841,765

DEPRECIATION

At 1 January 2017

499,639

192,314

691,953

Charge for year

34,178

22,570

56,748

Eliminated on disposal

(1,000

)

(14,739

)

(15,739

)

At 31 December 2017

532,817

200,145

732,962

NET BOOK VALUE

At 31 December 2017

1,054,399

54,404

1,108,803

At 31 December 2016

1,084,007

48,426

1,132,433

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

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

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

as restated

£

£

Trade debtors

14,668

11,907

Other debtors

45,781

32,154

60,449

44,061

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

as restated

£

£

Bank loans and overdrafts

29,629

28,817

Trade creditors

36,904

37,032

Taxation and social security

29,399

31,611

Other creditors

136,362

107,804

232,294

205,264

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

as restated

£

£

Bank loans

41,460

71,285

Other creditors

2,820

4,598

44,280

75,883

Bank loans and overdrafts are secured by a bank charge over the Company's leasehold property, on the banks

standard form dated 1 November 2005. The bank loan is repayable over a 15 year period commencing in

September 2006. Repayment will be by equal monthly instalments, comprising interest and capital.

Included within other creditors are loans from members totalling £3,983 (2016 - £4,598). This balance will be

reduced by way of crediting subscriptions at a 5% discount each year until the loan has been fully utilised. These

loans are interest free.

8.	LEASING AGREEMENTS

At the reporting end date the company had outstanding commitments for future minimum lease payments under

non-cancellable operating leases of £1,197,416 (2016: £1,224,630.)

Lease commitments are under a lease with an annual rent of £27,214 and 44 years remaining on the term.

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

The Report of the Auditors was unqualified.

William Neville BSc FCA (Senior Statutory Auditor)

for and on behalf of Lewis Brownlee (Chichester) Limited

10.	GOVERNMENT GRANTS

Included in other creditors are two deferred government grants from Sport England totalling £11,038 (2016

£13,038). 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.

11.	CAPITAL COMMITMENTS

2017

2016

as restated

£

£

Contracted but not provided for in the

financial statements

45,550

-

12.	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.