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COMPANY REGISTRATION NUMBER: 5637006
SOAS Safety Boats Limited
Filleted Unaudited Financial Statements
31 March 2023
SOAS Safety Boats Limited
Financial Statements
Year ended 31 March 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
SOAS Safety Boats Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
192
257
Current assets
Debtors
5
7,952
7,859
Cash at bank and in hand
40,257
106,004
--------
---------
48,209
113,863
Creditors: amounts falling due within one year
6
( 5,631)
( 5,924)
--------
---------
Net current assets
42,578
107,939
--------
---------
Total assets less current liabilities
42,770
108,196
--------
---------
Capital and reserves
Called up share capital
7
3
1
Profit and loss account
42,767
108,195
--------
---------
Shareholders funds
42,770
108,196
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SOAS Safety Boats Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 23 October 2023 , and are signed on behalf of the board by:
Mr B Dilly
Director
Company registration number: 5637006
SOAS Safety Boats Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Poultry Farm, Hubberston, Milford Haven, Pembrokeshire, SA73 3PQ.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office Equipment
-
25% on a reducing balance basis
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Office Equipment
Total
£
£
Cost
At 1 April 2022 and 31 March 2023
456
456
----
----
Depreciation
At 1 April 2022
199
199
Charge for the year
65
65
----
----
At 31 March 2023
264
264
----
----
Carrying amount
At 31 March 2023
192
192
----
----
At 31 March 2022
257
257
----
----
5. Debtors
2023
2022
£
£
Other debtors
7,952
7,859
-------
-------
Other debtors include an amount of £nil (2022 - £nil) falling due after more than one year.
6. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
5,631
5,924
-------
-------
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
Ordinary A shares of £ 1 each
1
1
Ordinary B shares of £ 1 each
1
1
----
----
----
----
3
3
1
1
----
----
----
----
Share movements
No.
£
Ordinary A
At 1 April 2022
Issue of shares
1
1
----
----
At 31 March 2023
1
1
----
----
No.
£
Ordinary B
At 1 April 2022
Issue of shares
1
1
----
----
At 31 March 2023
1
1
----
----
8. Related party transactions
The company was under the control of Mr B Dilly , a director, and a member of his close family throughout the current and previous year by virtue of their combined interest in 100% of the issued ordinary share capital. During the year the company paid dividends totalling £64,700 (2022 - £44,100) to the shareholders.