REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
FOR |
SUBAQUA PRO LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
FOR |
SUBAQUA PRO LIMITED |
SUBAQUA PRO LIMITED (REGISTERED NUMBER: 01348889) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
SUBAQUA PRO LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Bryndon House |
5/7 Berry Road |
Newquay |
Cornwall |
TR7 1AD |
SUBAQUA PRO LIMITED (REGISTERED NUMBER: 01348889) |
STATEMENT OF FINANCIAL POSITION |
30 NOVEMBER 2021 |
30.11.21 | 30.11.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 profit or loss 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. |
SUBAQUA PRO LIMITED (REGISTERED NUMBER: 01348889) |
STATEMENT OF FINANCIAL POSITION - continued |
30 NOVEMBER 2021 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
SUBAQUA PRO LIMITED (REGISTERED NUMBER: 01348889) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
1. | STATUTORY INFORMATION |
Subaqua Pro Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Plant and machinery | - |
Computer equipment | - |
Motor vehicles | - |
Museum collection | - |
The freehold property includes investment property and has not been depreciated. Although this represents a departure from the requirements of the Companies Act 2006, the property has not been depreciated on the grounds that the residual value is likely to at least equate to its historic cost, and any charge for depreciation would therefore be negligible. In the opinion of the directors, the accounting treatment does not therefore depart from the requirement of the accounts to show a true and fair view. The directors also believe that following the most recent revaluation the current market value of the investment property approximates to the value at which it is stated in the accounts, and that any further revaluation to market value at the Balance Sheet date would be negligible. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
SUBAQUA PRO LIMITED (REGISTERED NUMBER: 01348889) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Computer |
property | machinery | equipment |
£ | £ | £ |
COST OR VALUATION |
At 1 December 2020 |
Additions |
At 30 November 2021 |
DEPRECIATION |
At 1 December 2020 |
Charge for year |
At 30 November 2021 |
NET BOOK VALUE |
At 30 November 2021 |
At 30 November 2020 |
Motor | Museum |
vehicles | collection | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 December 2020 |
Additions |
At 30 November 2021 |
DEPRECIATION |
At 1 December 2020 |
Charge for year |
At 30 November 2021 |
NET BOOK VALUE |
At 30 November 2021 |
At 30 November 2020 |
Cost or valuation at 30 November 2021 is represented by: |
Freehold | Plant and | Computer |
property | machinery | equipment |
£ | £ | £ |
Valuation in 1999 | 342,567 | - | - |
Valuation in 2013 | 964,070 | - | - |
Cost | 641,718 | 34,489 | 16,206 |
1,948,355 | 34,489 | 16,206 |
SUBAQUA PRO LIMITED (REGISTERED NUMBER: 01348889) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
4. | TANGIBLE FIXED ASSETS - continued |
Motor | Museum |
vehicles | collection | Totals |
£ | £ | £ |
Valuation in 1999 | - | - | 342,567 |
Valuation in 2013 | - | - | 964,070 |
Cost | 44,231 | 9,906 | 746,550 |
44,231 | 9,906 | 2,053,187 |
On 30 May 2013 a revaluation of the company's Chiswick property was undertaken by Whitman and Co valuing the said property on an open market basis at £1,775,000. This resulted in an uplift of £964,070. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.21 | 30.11.20 |
£ | £ |
Other debtors |
Directors' current accounts | 31,279 | 4,181 |
Prepayments |
The directors' current accounts figure comprises amounts due to the company at the Balance Sheet date from Mr T A Smith £30,624, Mr G T Smith in the sum of £357, from Miss M D Smith in the sum of £299. These amounts were repaid to the company on 19 August 2022. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.21 | 30.11.20 |
£ | £ |
Trade creditors |
Corporation tax |
Social security and other taxes |
Other creditors |
Directors' current accounts | 3,343 | 443 |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.11.21 | 30.11.20 |
£ | £ |
Group undertakings | 287,824 | 304,824 |
SUBAQUA PRO LIMITED (REGISTERED NUMBER: 01348889) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2021 |
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 November 2021 and 30 November 2020: |
30.11.21 | 30.11.20 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
Balance outstanding at start of year | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) | ( |
) |
The company has charged interest at the official rate on amounts temporarily loaned to the directors (where the balance exceeded £10,000) during the year. |
9. | RELATED PARTY DISCLOSURES |
During the year the company was controlled by Mr T A Smith and Mrs K M Smith by virtue of the fact that they owned 100% of the issued share capital of the holding company, Taspro Limited. |