2021-01-012021-12-312021-12-31false08229286WILL IT MAKE THE BOAT GO FASTER? 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WILL IT MAKE THE BOAT GO FASTER? LTD

Registered Number
08229286
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2021

WILL IT MAKE THE BOAT GO FASTER? LTD
Company Information
for the year from 1 January 2021 to 31 December 2021

Directors

BARRY, Thomas Christopher Morris
HUNT-DAVIS, Francis Benedict
MARTIN, Christopher James

Registered Address

Unit 3 Cartwright Way
Bardon Hill
Coalville
LE67 1UE

Registered Number

08229286 (England and Wales)
WILL IT MAKE THE BOAT GO FASTER? LTD
Balance Sheet as at
31 December 2021

Notes

2021

2020

£

£

£

£

Fixed assets
Tangible assets615,45710,377
15,45710,377
Current assets
Debtors483,200274,419
Cash at bank and on hand528,898329,450
1,012,098603,869
Creditors amounts falling due within one year9(893,870)(609,473)
Net current assets (liabilities)118,228(5,604)
Total assets less current liabilities133,6854,773
Provisions for liabilities(2,937)(4,617)
Net assets130,748156
Capital and reserves
Profit and loss account130,748156
Shareholders' funds130,748156
The financial statements were approved and authorised for issue by the Board of Directors on 7 July 2022, and are signed on its behalf by:
BARRY, Thomas Christopher Morris
Director
Registered Company No. 08229286
WILL IT MAKE THE BOAT GO FASTER? LTD
Notes to the Financial Statements
for the year ended 31 December 2021

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
4.Accounting policies
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Fixtures and fittings25-
Vehicles-5
Office Equipment-5
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
5.Employee information

20212020
Average number of employees during the year1511
6.Property, plant and equipment

Total

£
Cost or valuation
At 01 January 2126,520
Additions7,144
At 31 December 2133,664
Depreciation and impairment
At 01 January 2116,142
Charge for year2,742
Other adjustments(677)
At 31 December 2118,207
Net book value
At 31 December 2115,457
At 31 December 2010,377
7.Dividends proposed and payable

2021

2020

££
Dividends Paid517,000432,000
Total517,000432,000
8.Debtors within one year

2021

2020

££
Trade debtors / trade receivables428,970255,934
Other debtors12,3421,735
Prepayments and accrued income41,88816,750
Total483,200274,419
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
9.Creditors within one year

2021

2020

££
Trade creditors / trade payables74,96738,572
Bank borrowings and overdrafts3,847-
Taxation and social security277,612269,659
Other creditors20,59214,329
Accrued liabilities and deferred income516,852286,913
Total893,870609,473
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.