Tranquility Yachts Limited 13936892 false 2022-02-24 2023-02-28 2023-02-28 The principal activity of the company is that of other holiday and other collective accommodation Digita Accounts Production Advanced 6.30.9574.0 true true 13936892 2022-02-24 2023-02-28 13936892 2023-02-28 13936892 bus:Original 2023-02-28 13936892 core:CurrentFinancialInstruments 2023-02-28 13936892 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 13936892 core:FurnitureFittings 2023-02-28 13936892 core:PlantMachinery 2023-02-28 13936892 1 2023-02-28 13936892 bus:SmallEntities 2022-02-24 2023-02-28 13936892 bus:AuditExemptWithAccountantsReport 2022-02-24 2023-02-28 13936892 bus:FullAccounts 2022-02-24 2023-02-28 13936892 bus:SmallCompaniesRegimeForAccounts 2022-02-24 2023-02-28 13936892 bus:RegisteredOffice 2022-02-24 2023-02-28 13936892 bus:Director2 2022-02-24 2023-02-28 13936892 bus:PrivateLimitedCompanyLtd 2022-02-24 2023-02-28 13936892 core:FurnitureFittings 2022-02-24 2023-02-28 13936892 core:FurnitureFittingsToolsEquipment 2022-02-24 2023-02-28 13936892 core:PlantMachinery 2022-02-24 2023-02-28 13936892 countries:UnitedKingdom 2022-02-24 2023-02-28 13936892 1 2022-02-24 2023-02-28 13936892 1 2022-02-23 iso4217:GBP xbrli:pure

Registration number: 13936892

Tranquility Yachts Limited

Unaudited Filleted Financial Statements

for the Period from 24 February 2022 to 28 February 2023

 

Tranquility Yachts Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Tranquility Yachts Limited

(Registration number: 13936892)
Statement of Financial Position as at 28 February 2023

Note

2023
£

Fixed assets

 

Tangible assets

4

129,344

Current assets

 

Debtors

5

109

Cash at bank and in hand

 

2,055

 

2,164

Creditors: Amounts falling due within one year

6

(152,092)

Net current liabilities

 

(149,928)

Net liabilities

 

(20,584)

Capital and reserves

 

Called up share capital

20

Profit and loss account

(20,604)

Shareholders' deficit

 

(20,584)

For the financial period ending 28 February 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 22 November 2023 and signed on its behalf by:
 

.........................................
Mrs E L Foster
Director

 

Tranquility Yachts Limited

Notes to the Unaudited Financial Statements for the Period from 24 February 2022 to 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Westcotts
Plym House, 3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is that of other holiday and other collective accommodation

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The directors are of the opinion that the business is a going concern due to their continued support.

 

Tranquility Yachts Limited

Notes to the Unaudited Financial Statements for the Period from 24 February 2022 to 28 February 2023 (continued)

2

Accounting policies (continued)

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

25% reducing balance or 2% straight line

Fixtures and Fittings

25% reducing balance

Impairment

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Tranquility Yachts Limited

Notes to the Unaudited Financial Statements for the Period from 24 February 2022 to 28 February 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

 

Tranquility Yachts Limited

Notes to the Unaudited Financial Statements for the Period from 24 February 2022 to 28 February 2023 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

Additions

1,668

130,925

132,593

At 28 February 2023

1,668

130,925

132,593

Depreciation

Charge for the period

418

2,831

3,249

At 28 February 2023

418

2,831

3,249

Carrying amount

At 28 February 2023

1,250

128,094

129,344

5

Debtors

2023
£

Prepayments

109

109

6

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Accruals and deferred income

1,800

Other creditors

150,292

152,092

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Tranquility Yachts Limited

Notes to the Unaudited Financial Statements for the Period from 24 February 2022 to 28 February 2023 (continued)

8

Related party transactions

During the year the directors entered into the following transactions:

Transactions with directors

2023

At 24 February 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

The Directors

-

20

(150,312)

(150,292)