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REGISTERED NUMBER:
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SOVEREIGN HARBOUR YACHT CLUB LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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REGISTERED NUMBER:
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SOVEREIGN HARBOUR YACHT CLUB LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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SOVEREIGN HARBOUR YACHT CLUB LTD (REGISTERED NUMBER: 05146502) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Balance Sheet | 3 |
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Notes to the Financial Statements | 5 |
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SOVEREIGN HARBOUR YACHT CLUB LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
5 Cornfield Terrace |
Eastbourne |
East Sussex |
BN21 4NN |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
SOVEREIGN HARBOUR YACHT CLUB LTD |
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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. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Sovereign Harbour Yacht Club Ltd for the year ended 30 September 2019 which comprise the |
Income Statement, Balance Sheet and the related notes from the company's accounting records and from information |
and explanations you have given us. |
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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. |
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This report is made solely to the Board of Directors of Sovereign Harbour Yacht Club Ltd, as a body, in accordance with the terms of our engagement letter dated 13 August 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Sovereign Harbour Yacht Club Ltd and state those matters that we have agreed to state to the Board of Directors of Sovereign Harbour Yacht Club Ltd, 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 Sovereign Harbour Yacht Club Ltd and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Sovereign Harbour Yacht Club Ltd 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 Sovereign Harbour Yacht Club Ltd. You consider that Sovereign Harbour Yacht Club Ltd is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Sovereign Harbour Yacht Club Ltd. 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. |
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Chartered Accountants |
5 Cornfield Terrace |
Eastbourne |
East Sussex |
BN21 4NN |
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SOVEREIGN HARBOUR YACHT CLUB LTD (REGISTERED NUMBER: 05146502) |
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BALANCE SHEET |
30 SEPTEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS/(LIABILITIES) |
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( |
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RESERVES |
Income and expenditure account |
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( |
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( |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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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. |
SOVEREIGN HARBOUR YACHT CLUB LTD (REGISTERED NUMBER: 05146502) |
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BALANCE SHEET - continued |
30 SEPTEMBER 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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SOVEREIGN HARBOUR YACHT CLUB LTD (REGISTERED NUMBER: 05146502) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Sovereign Harbour Yacht Club Ltd is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Income represents amounts receivable for membership fees, goods and services, net of VAT. |
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Non refundable membership fees are recognised as and when they are received. Lifetime membership fees are |
initially shown as deferred income in the balance sheet and are credited to the profit and loss account over a |
ten year period. |
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Tangible fixed assets |
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Long leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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Taxation |
Taxation represents the sum of the tax currently payable and deferred tax. |
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The company's liability to tax is calculated using the tax rates that have been enacted or substantively enacted |
by the end of the reporting period. |
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Deferred tax is recognised on all timing differences between the carrying amounts of the assets and liabilities |
in the financial statements and the corresponding tax bases used in the computation of taxable profit. |
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Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period to |
which the liability is settled or the asset realised, based on tax rates and laws that have been enacted or |
substantively enacted by the end of the reporting period. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's |
pension scheme are charged to profit or loss in the period to which they relate. |
SOVEREIGN HARBOUR YACHT CLUB LTD (REGISTERED NUMBER: 05146502) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 October 2018 |
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Additions |
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At 30 September 2019 |
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DEPRECIATION |
At 1 October 2018 |
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Charge for year |
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At 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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SOVEREIGN HARBOUR YACHT CLUB LTD (REGISTERED NUMBER: 05146502) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
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Other creditors |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank loans |
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Debentures |
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The bank loan is secured by a first charge against the assets of the company. Repayments are made on a |
monthly basis, interest being charged to the income and expenditure account as it arises. |
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The debentures are secured by a second charge against the assets of the company. The debentures are |
redeemable at £1 per unit, based on a yield of 4.75% on a continual compounding basis. Interest is now being |
paid to debenture holders at a new rate of 1.5% per annum, since 30 September 2015. All debenture holders |
have agreed to extend their redeemable date to 30 September 2021. |