IRIS Accounts Production v23.3.0.418 01881755 director 30.4.23 1.5.22 30.4.23 30.4.23 true true false true false false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh018817552022-04-30018817552023-04-30018817552022-05-012023-04-30018817552021-04-30018817552021-05-012022-04-30018817552022-04-3001881755ns10:Originalns15:EnglandWales2022-05-012023-04-3001881755ns14:PoundSterlingns10:Original2022-05-012023-04-3001881755ns10:Originalns10:Director12022-05-012023-04-3001881755ns10:Original2022-05-012023-04-3001881755ns10:Originalns10:Consolidated2023-04-3001881755ns10:Original2023-04-3001881755ns10:Originalns10:ConsolidatedGroupCompanyAccounts2022-05-012023-04-3001881755ns10:Originalns10:PrivateLimitedCompanyLtd2022-05-012023-04-3001881755ns10:Originalns10:Consolidatedns10:SmallEntities2022-05-012023-04-3001881755ns10:Originalns10:Consolidatedns10:AuditExemptWithAccountantsReport2022-05-012023-04-3001881755ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-05-012023-04-3001881755ns10:SmallCompaniesRegimeForAccountsns10:Original2022-05-012023-04-3001881755ns10:Originalns10:Consolidatedns10:SmallCompaniesRegimeForDirectorsReport2022-05-012023-04-3001881755ns10:SmallCompaniesRegimeForAccountsns10:Originalns10:Consolidated2022-05-012023-04-3001881755ns10:Originalns10:FullAccounts2022-05-012023-04-3001881755ns10:Originalns5:Subsidiary12022-05-012023-04-3001881755ns10:Originalns10:OrdinaryShareClass12022-05-012023-04-3001881755ns10:Originalns10:Consolidated2022-05-012023-04-3001881755ns10:CompanySecretary1ns10:Original2022-05-012023-04-3001881755ns10:Originalns10:RegisteredOffice2022-05-012023-04-3001881755ns10:Originalns10:Consolidated2021-05-012022-04-3001881755ns10:Original2022-04-3001881755ns10:Originalns5:CurrentFinancialInstruments2023-04-3001881755ns10:Originalns5:CurrentFinancialInstruments2022-04-3001881755ns10:Originalns5:Non-currentFinancialInstruments2023-04-3001881755ns10:Originalns5:Non-currentFinancialInstruments2022-04-3001881755ns5:ShareCapitalns10:Original2023-04-3001881755ns5:ShareCapitalns10:Original2022-04-3001881755ns10:Originalns5:RevaluationReserve2023-04-3001881755ns10:Originalns5:RevaluationReserve2022-04-3001881755ns10:Originalns5:CapitalRedemptionReserve2023-04-3001881755ns10:Originalns5:CapitalRedemptionReserve2022-04-3001881755ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-04-3001881755ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-04-3001881755ns5:ShareCapitalns10:Original2021-04-3001881755ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-04-3001881755ns10:Originalns5:RevaluationReserve2021-04-3001881755ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-05-012022-04-3001881755ns10:Originalns5:RevaluationReserve2021-05-012022-04-3001881755ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-05-012023-04-3001881755ns10:Originalns5:RevaluationReserve2022-05-012023-04-3001881755ns10:Originalns5:CapitalRedemptionReserve2021-04-3001881755ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2021-04-3001881755ns10:Original2021-04-3001881755ns10:Original2021-05-012022-04-3001881755ns10:Originalns5:CapitalRedemptionReserve2021-05-012022-04-3001881755ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2021-05-012022-04-3001881755ns10:Originalns5:CapitalRedemptionReserve2022-05-012023-04-3001881755ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2022-05-012023-04-3001881755ns10:Originalns5:OwnedOrFreeholdAssetsns5:LandBuildings2022-05-012023-04-3001881755ns10:Originalns5:LeaseholdImprovements2022-05-012023-04-3001881755ns10:Originalns5:PlantMachinery2022-05-012023-04-3001881755ns10:Originalns5:FurnitureFittings2022-05-012023-04-3001881755ns10:Originalns5:MotorVehicles2022-05-012023-04-3001881755ns10:Originalns5:ComputerEquipment2022-05-012023-04-3001881755ns10:Originalns5:LandBuildings2022-04-3001881755ns10:Originalns5:PlantMachinery2022-04-3001881755ns10:Original2022-04-3001881755ns10:Originalns5:LandBuildings2022-05-012023-04-3001881755ns10:Originalns5:LandBuildings2023-04-3001881755ns10:Originalns5:PlantMachinery2023-04-3001881755ns10:Originalns5:LandBuildings2022-04-3001881755ns10:Originalns5:PlantMachinery2022-04-3001881755ns10:Originalns5:CostValuation2022-04-3001881755ns10:Originalns5:Subsidiary112022-05-012023-04-3001881755ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-04-3001881755ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-04-3001881755ns10:Originalns5:WithinOneYear2023-04-3001881755ns10:Originalns5:WithinOneYear2022-04-3001881755ns5:BetweenOneFiveYearsns10:Original2023-04-3001881755ns5:BetweenOneFiveYearsns10:Original2022-04-3001881755ns10:Originalns5:MoreThanFiveYears2023-04-3001881755ns10:Originalns5:MoreThanFiveYears2022-04-3001881755ns10:Originalns5:AllPeriods2023-04-3001881755ns10:Originalns5:AllPeriods2022-04-3001881755ns5:Securedns10:Original2023-04-3001881755ns5:Securedns10:Original2022-04-3001881755ns10:Originalns5:DeferredTaxation2022-04-3001881755ns10:Originalns5:DeferredTaxation2022-05-012023-04-3001881755ns10:Originalns5:DeferredTaxation2023-04-3001881755ns10:Originalns10:OrdinaryShareClass12023-04-3001881755ns10:Originalns5:RevaluationReserve2022-04-3001881755ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2022-04-3001881755ns10:Originalns5:FurtherSpecificReserve3ComponentTotalEquity2023-04-30
REGISTERED NUMBER: 01881755 (England and Wales)











Report of the Director and

Unaudited Consolidated Financial Statements

for the Year Ended 30 April 2023

for

Norfolk Yacht Agency Limited

Norfolk Yacht Agency Limited (Registered number: 01881755)






Contents of the Consolidated Financial Statements
for the Year Ended 30 April 2023




Page

Company Information 1

Report of the Director 2

Chartered Accountants' Report 3

Consolidated Income Statement 4

Consolidated Balance Sheet 5

Company Balance Sheet 7

Consolidated Statement of Changes in Equity 9

Company Statement of Changes in Equity 10

Notes to the Consolidated Financial Statements 11


Norfolk Yacht Agency Limited

Company Information
for the Year Ended 30 April 2023







DIRECTOR: Mr J H Fraser





SECRETARY: Mr J H Fraser





REGISTERED OFFICE: Brundall Bay Marina
Brundall
Norwich
Norfolk
NR13 5PN





REGISTERED NUMBER: 01881755 (England and Wales)





ACCOUNTANTS: Knights Lowe
Chartered Accountants
The Limes
32 Bridge Street
Thetford
Norfolk
IP24 3AG

Norfolk Yacht Agency Limited (Registered number: 01881755)

Report of the Director
for the Year Ended 30 April 2023

The director presents his report with the financial statements of the company and the group for the year ended 30 April 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the sale of new and used boats and the provision of ancillary services. The principal activity of the subsidiary was that of the management of a marina.

DIRECTOR
Mr J H Fraser held office during the whole of the period from 1 May 2022 to the date of this report.

CHARITABLE DONATIONS AND EXPENDITURE
Charitable donations were paid during the year totalling £3,448.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr J H Fraser - Director


20 October 2023

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Norfolk Yacht Agency Limited


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Norfolk Yacht Agency Limited for the year ended 30 April 2023 which comprise the Consolidated Income Statement, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity and the related notes from the company's and the group's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Norfolk Yacht Agency Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Norfolk Yacht Agency Limited and state those matters that we have agreed to state to the director of Norfolk Yacht Agency Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Norfolk Yacht Agency Limited the company and the group and the company's director for our work or for this report.

It is your duty to ensure that Norfolk Yacht Agency Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Norfolk Yacht Agency Limited. You consider that Norfolk Yacht Agency Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Norfolk Yacht Agency Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Knights Lowe
Chartered Accountants
The Limes
32 Bridge Street
Thetford
Norfolk
IP24 3AG


20 October 2023

Norfolk Yacht Agency Limited (Registered number: 01881755)

Consolidated
Income Statement
for the Year Ended 30 April 2023

2023 2022
Notes £    £   

TURNOVER 4,657,294 5,446,620

Cost of sales 2,993,872 3,490,202
GROSS PROFIT 1,663,422 1,956,418

Administrative expenses 1,157,548 1,065,886
505,874 890,532

Other operating income 84,382 86,582
OPERATING PROFIT 4 590,256 977,114

Interest receivable and similar income 10,674 -
600,930 977,114

Interest payable and similar expenses 60,735 40,271
PROFIT BEFORE TAXATION 540,195 936,843

Tax on profit 5 206,842 177,485
PROFIT FOR THE FINANCIAL YEAR 333,353 759,358

Profit attributable to:
Owners of the parent 333,353 759,358

Norfolk Yacht Agency Limited (Registered number: 01881755)

Consolidated Balance Sheet
30 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 3,054,077 2,802,963
Investments 9 - -
Investment property 10 400,000 400,000
3,454,077 3,202,963

CURRENT ASSETS
Stocks 1,464,606 869,318
Debtors 11 285,148 397,190
Cash at bank 332,502 1,200,894
2,082,256 2,467,402
CREDITORS
Amounts falling due within one year 12 775,774 1,193,720
NET CURRENT ASSETS 1,306,482 1,273,682
TOTAL ASSETS LESS CURRENT LIABILITIES 4,760,559 4,476,645

CREDITORS
Amounts falling due after more than one year 13 (955,516 ) (1,061,679 )

PROVISIONS FOR LIABILITIES 16 (506,855 ) (340,898 )
NET ASSETS 3,298,188 3,074,068

Norfolk Yacht Agency Limited (Registered number: 01881755)

Consolidated Balance Sheet - continued
30 April 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 17 50 50
Revaluation reserve 18 451,749 487,889
Capital redemption reserve 50 50
Fair value reserve 18 177,000 191,160
Retained earnings 2,669,339 2,394,919
SHAREHOLDERS' FUNDS 3,298,188 3,074,068

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company and the group to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a) ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 20 October 2023 and were signed by:





Mr J H Fraser - Director


Norfolk Yacht Agency Limited (Registered number: 01881755)

Company Balance Sheet
30 April 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 1,899,502 1,648,388
Investments 9 1,000 1,000
Investment property 10 400,000 400,000
2,300,502 2,049,388

CURRENT ASSETS
Stocks 1,464,606 869,318
Debtors 11 385,728 497,248
Cash at bank 147,610 1,028,540
1,997,944 2,395,106
CREDITORS
Amounts falling due within one year 12 656,522 1,069,015
NET CURRENT ASSETS 1,341,422 1,326,091
TOTAL ASSETS LESS CURRENT LIABILITIES 3,641,924 3,375,479

CREDITORS
Amounts falling due after more than one year 13 (438,201 ) (512,279 )

PROVISIONS FOR LIABILITIES 16 (436,409 ) (287,359 )
NET ASSETS 2,767,314 2,575,841

CAPITAL AND RESERVES
Called up share capital 17 50 50
Revaluation reserve 240,409 259,642
Capital redemption reserve 50 50
Fair value reserve 177,000 191,160
Retained earnings 2,349,805 2,124,939
SHAREHOLDERS' FUNDS 2,767,314 2,575,841

Company's profit for the financial year 300,706 696,692

Norfolk Yacht Agency Limited (Registered number: 01881755)

Company Balance Sheet - continued
30 April 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 20 October 2023 and were signed by:





Mr J H Fraser - Director


Norfolk Yacht Agency Limited (Registered number: 01881755)

Consolidated Statement of Changes in Equity
for the Year Ended 30 April 2023

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   

Balance at 1 May 2021 50 1,725,561 487,889

Changes in equity
Dividends - (90,000 ) -
Total comprehensive income - 759,358 -
Balance at 30 April 2022 50 2,394,919 487,889

Changes in equity
Dividends - (90,000 ) -
Total comprehensive income - 364,420 (36,140 )
Balance at 30 April 2023 50 2,669,339 451,749
Capital Fair
redemption value Total
reserve reserve equity
£    £    £   

Balance at 1 May 2021 50 191,160 2,404,710

Changes in equity
Dividends - - (90,000 )
Total comprehensive income - - 759,358
Balance at 30 April 2022 50 191,160 3,074,068

Changes in equity
Dividends - - (90,000 )
Total comprehensive income - (14,160 ) 314,120
Balance at 30 April 2023 50 177,000 3,298,188

Norfolk Yacht Agency Limited (Registered number: 01881755)

Company Statement of Changes in Equity
for the Year Ended 30 April 2023

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   

Balance at 1 May 2021 50 1,518,247 259,642

Changes in equity
Dividends - (90,000 ) -
Total comprehensive income - 696,692 -
Balance at 30 April 2022 50 2,124,939 259,642

Changes in equity
Dividends - (90,000 ) -
Total comprehensive income - 314,866 (19,233 )
Balance at 30 April 2023 50 2,349,805 240,409
Capital Fair
redemption value Total
reserve reserve equity
£    £    £   

Balance at 1 May 2021 50 191,160 1,969,149

Changes in equity
Dividends - - (90,000 )
Total comprehensive income - - 696,692
Balance at 30 April 2022 50 191,160 2,575,841

Changes in equity
Dividends - - (90,000 )
Total comprehensive income - (14,160 ) 281,473
Balance at 30 April 2023 50 177,000 2,767,314

Norfolk Yacht Agency Limited (Registered number: 01881755)

Notes to the Consolidated Financial Statements
for the Year Ended 30 April 2023

1. STATUTORY INFORMATION

Norfolk Yacht Agency Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The financial statements consolidate the financial statements of the Group and all its subsidiary undertakings.

Turnover
Turnover represents the total value, excluding value added tax, of sales made during the year. Sales of new boats are recognised when the customer accepts delivery of the new boat and legal title passes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - no depreciation is provided on land
Improvements to property - 10% on reducing balance and or over the life of the lease
Plant and machinery - 25% on reducing balance and 20% on reducing balance
Fixtures and fittings - 5% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Norfolk Yacht Agency Limited (Registered number: 01881755)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and other loans from banks or other related parties.

(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at market rate of interest.

(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at market rate of interest.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 12 ) .

Norfolk Yacht Agency Limited (Registered number: 01881755)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 96,103 78,153
Profit on disposal of fixed assets (10,413 ) (10,664 )

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 60,118 157,478

Deferred tax 146,724 20,007
Tax on profit 206,842 177,485

6. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


7. DIVIDENDS
2023 2022
£    £   
Interim 90,000 90,000

Norfolk Yacht Agency Limited (Registered number: 01881755)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

8. TANGIBLE FIXED ASSETS

Group
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2022 1,804,575 1,477,708 3,282,283
Additions - 437,304 437,304
Disposals - (106,125 ) (106,125 )
At 30 April 2023 1,804,575 1,808,887 3,613,462
DEPRECIATION
At 1 May 2022 - 479,320 479,320
Charge for year - 96,103 96,103
Eliminated on disposal - (16,038 ) (16,038 )
At 30 April 2023 - 559,385 559,385
NET BOOK VALUE
At 30 April 2023 1,804,575 1,249,502 3,054,077
At 30 April 2022 1,804,575 998,388 2,802,963

Company
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 May 2022 650,000 1,477,708 2,127,708
Additions - 437,304 437,304
Disposals - (106,125 ) (106,125 )
At 30 April 2023 650,000 1,808,887 2,458,887
DEPRECIATION
At 1 May 2022 - 479,320 479,320
Charge for year - 96,103 96,103
Eliminated on disposal - (16,038 ) (16,038 )
At 30 April 2023 - 559,385 559,385
NET BOOK VALUE
At 30 April 2023 650,000 1,249,502 1,899,502
At 30 April 2022 650,000 998,388 1,648,388

Norfolk Yacht Agency Limited (Registered number: 01881755)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

8. TANGIBLE FIXED ASSETS - continued

Company

Cost or valuation at 30 April 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2021 320,546 - 320,546
Cost 329,454 1,808,887 2,138,341
650,000 1,808,887 2,458,887

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 329,454 329,454

Value of land in freehold land and buildings 329,454 329,454

Freehold land and buildings were valued on an open market basis on 30 April 2023 by the director .

9. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 May 2022
and 30 April 2023 1,000
NET BOOK VALUE
At 30 April 2023 1,000
At 30 April 2022 1,000

Norfolk Yacht Agency Limited (Registered number: 01881755)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

9. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

NYA Moorings Limited
Registered office:
Nature of business: Mooring income
%
Class of shares: holding
Ordinary 100.00


10. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 May 2022
and 30 April 2023 400,000
NET BOOK VALUE
At 30 April 2023 400,000
At 30 April 2022 400,000

Company
Total
£   
FAIR VALUE
At 1 May 2022
and 30 April 2023 400,000
NET BOOK VALUE
At 30 April 2023 400,000
At 30 April 2022 400,000

Fair value at 30 April 2023 is represented by:
£   
Valuation in 2021 236,000
Cost 164,000
400,000

Norfolk Yacht Agency Limited (Registered number: 01881755)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

10. INVESTMENT PROPERTY - continued

Company

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 164,000 164,000

Investment property was valued on an open market basis on 30 April 2023 by the director .

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 88,379 68,372 70,610 51,916
Other debtors 196,769 328,818 315,118 445,332
285,148 397,190 385,728 497,248

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts 324,050 80,674 289,050 45,674
Payments on account 94,936 109,179 94,936 109,179
Trade creditors 95,496 611,736 92,113 611,490
Taxation and social security 167,121 269,127 155,123 254,428
Other creditors 94,171 123,004 25,300 48,244
775,774 1,193,720 656,522 1,069,015

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans 955,516 1,061,679 438,201 512,279

Norfolk Yacht Agency Limited (Registered number: 01881755)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

Amounts falling due in more than five years:

Group Company
2023 2022 2023 2022
£    £    £    £   
Repayable by instalments
Bank loans > 5 years 120,005 67,019 120,005 67,019

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 190,107 190,107
Between one and five years 467,248 467,248
In more than five years 467,248 584,060
1,124,603 1,241,415

Company
Non-cancellable operating leases
2023 2022
£    £   
Within one year 190,107 190,107
Between one and five years 467,248 467,248
In more than five years 467,248 584,060
1,124,603 1,241,415

15. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans 1,279,566 1,142,353 727,251 557,953

The bank loans are secured by fixed and floating charges against the group assets. In addition, the director has provided a personal guarantee in respect of the bank borrowings.

Norfolk Yacht Agency Limited (Registered number: 01881755)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

16. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax
Accelerated capital allowances 297,272 181,615 297,272 181,615
Deferred tax on revaluation
reserve 150,583 114,443 80,137 60,904
Deferred tax on fair
value reserve 59,000 44,840 59,000 44,840
506,855 340,898 436,409 287,359

Group
Deferred
tax
£   
Balance at 1 May 2022 340,898
Provided during year 165,957
Balance at 30 April 2023 506,855

Company
Deferred
tax
£   
Balance at 1 May 2022 287,359
Provided during year 149,050
Balance at 30 April 2023 436,409

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
50 Ordinary £1 50 50

Norfolk Yacht Agency Limited (Registered number: 01881755)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 April 2023

18. RESERVES

Group
Fair
Revaluation value
reserve reserve Totals
£    £    £   
At 1 May 2022 487,889 191,160 679,049
Reserve movements (36,140 ) - (36,140 )
Reserve movements - (14,160 ) (14,160 )

At 30 April 2023 451,749 177,000 628,749

Company
Fair
Revaluation value
reserve reserve Totals
£    £    £   
At 1 May 2022 259,642 191,160 450,802
Reserve movements (19,233 ) - (19,233 )
Reserve movements - (14,160 ) (14,160 )

At 30 April 2023 240,409 177,000 417,409


19. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J H Fraser.