Company registration number SC219439 (Scotland)
THE ROYAL YACHTING ASSOCIATION SCOTLAND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
THE ROYAL YACHTING ASSOCIATION SCOTLAND
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE ROYAL YACHTING ASSOCIATION SCOTLAND
BALANCE SHEET
AS AT 31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
100,577
71,271
Current assets
Debtors
5
12,322
16,358
Cash at bank and in hand
561,661
236,672
573,983
253,030
Creditors: amounts falling due within one year
6
(388,124)
(55,683)
Net current assets
185,859
197,347
Total assets less current liabilities
286,436
268,618
Deferred government grant
7
(1,699)
Net assets
286,436
266,919
Reserves
Income and expenditure account
286,436
266,919
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 3 October 2022 and are signed on its behalf by:
Mr A Dearnley
Director
Company Registration No. SC219439
THE ROYAL YACHTING ASSOCIATION SCOTLAND
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
The Royal Yachting Association Scotland is a
private
company
limited by guarantee
incorporated in
Scotland
.
The registered office is
Caledonia House, 1 Redheughs Rigg, South Gyle, Edinburgh, EH12 9DQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
In their assessment of going concern,
t
he directors have
considered the implications of the Covid-19 pandemic. The
directors
believe
that
it does not have a material impact on the company's going concern status.
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
The company is mainly funded by grant income. Income is recognised at the date of entitlement.
1.4
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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Office equipment
Straight line over 4 years
Boats and equipment
Straight line over 6 years and 8 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
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
THE ROYAL YACHTING ASSOCIATION SCOTLAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors
Debtors with no stated interest rate or are receivable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Creditors
Creditors with no stated interest rate and payable within one year are recorded at transaction price.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
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
s
asset are consumed.
1.9
Government grants
Grants towards capital expenditure are released to the income and expenditure account over the expected useful life of the assets. Gains/(losses) on disposal are based on the net book value of the asset less its unamortised grant.
Grants towards revenue expenditure are released to the income and expenditure account as the related expenditure is incurred.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
26
25
THE ROYAL YACHTING ASSOCIATION SCOTLAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2021
115,971
Additions
43,927
At 31 March 2022
159,898
Depreciation and impairment
At 1 April 2021
44,700
Depreciation charged in the year
14,621
At 31 March 2022
59,321
Carrying amount
At 31 March 2022
100,577
At 31 March 2021
71,271
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
12,322
16,358
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
12,338
5,985
Corporation tax
41
Other creditors and deferred income
375,786
49,657
388,124
55,683
7
Deferred government grant
2022
2021
£
£
Government grants
1,699
3,398
Amortisation in the year
(1,699)
(1,699)
1,699
THE ROYAL YACHTING ASSOCIATION SCOTLAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
8
Members' liability
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.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
11,000
13,818