Registered number
07471240
L M Boat Sales Limited
Filleted Accounts
31 January 2023
L M Boat Sales Limited
Registered number: 07471240
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Current assets
Debtors 3 33,389 12,921
Cash at bank and in hand 111,049 226,543
144,438 239,464
Creditors: amounts falling due within one year 4 (65,653) (139,264)
Net current assets 78,785 100,200
Total assets less current liabilities 78,785 100,200
Creditors: amounts falling due after more than one year 5 (35,868) (42,500)
Net assets 42,917 57,700
Capital and reserves
Called up share capital 1 1
Profit and loss account 42,916 57,699
Shareholders' funds 42,917 57,700
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C F Reynolds
Director
Approved by the board on 18 October 2023
L M Boat Sales Limited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
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).
Turnover
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. 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.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Debtors 2023 2022
£ £
Other debtors 33,389 12,921
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 8,076 7,500
Trade creditors 12,500 86,830
Corporation tax 5,446 6,059
Other creditors 39,631 38,875
65,653 139,264
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 35,868 42,500
6 Director's loan account 2023 2022
£ £
The directors are related parties to the company
At 31 January, the company owed the related parties the following
short term, unsecured loans which are repayable upon demand:
Amount due to the related parties 38,731 38,026
38,731 38,026
7 Related party transactions
During the year the company purchased goods amounting to £1,043,710 (2022: £1,589,771) from Cheshire Narrowboats Limited, a company on which Mr C F Reynolds has a controlling interest. These goods were bought on an arms length basis. At the period end Cheshire Narrowboats Limited owed the company £32,482 (2022: £2,482).
8 Controlling party
The directors are the ulitmate controlling parties of the company by virtue of their 100% ownership of the issued share capital of the company.
9 Other information
L M Boat Sales Limited is a private company limited by shares and incorporated in England. Its registered office is:
Lymm Marina
Warrington Lane
Lymm Marina
Cheshire
WA13 0SN
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