Company Registration No. SC219439 (Scotland)
THE ROYAL YACHTING ASSOCIATION SCOTLAND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
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 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
71,271
59,281
Current assets
Debtors
5
16,358
6,409
Cash at bank and in hand
236,672
194,520
253,030
200,929
Creditors: amounts falling due within one year
6
(55,683)
(63,233)
Net current assets
197,347
137,696
Total assets less current liabilities
268,618
196,977
Deferred government grant
7
(1,699)
(3,398)
Net assets
266,919
193,579
Reserves
Income and expenditure account
266,919
193,579
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 2021 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 25 August 2021 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 2021
- 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.
THE ROYAL YACHTING ASSOCIATION SCOTLAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 3 -
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.
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.
THE ROYAL YACHTING ASSOCIATION SCOTLAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
25
22
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2020
138,039
Additions
25,262
Disposals
(47,330)
At 31 March 2021
115,971
Depreciation and impairment
At 1 April 2020
78,758
Depreciation charged in the year
13,272
Eliminated in respect of disposals
(47,330)
At 31 March 2021
44,700
Carrying amount
At 31 March 2021
71,271
At 31 March 2020
59,281
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1
60
Other debtors
16,357
6,349
16,358
6,409
THE ROYAL YACHTING ASSOCIATION SCOTLAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
5,985
2,404
Corporation tax
41
37
Other creditors and deferred income
49,657
60,792
55,683
63,233
7
Deferred government grant
2021
2020
£
£
Government grants
3,398
10,191
Amortisation in the year
(1,699)
(6,793)
1,699
3,398
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:
2021
2020
£
£
13,818
29,921