Company Registration No. 13039608 (England and Wales)
Horizon Boat Sales Ltd
Unaudited filleted accounts
for the year ended 31 May 2023
Horizon Boat Sales Ltd
Statement of financial position
as at 31 May 2023
Tangible assets
772,732
55,587
Inventories
169,440
429,753
Creditors: amounts falling due within one year
(1,019,125)
(163,212)
Net current assets
145,391
277,696
Total assets less current liabilities
918,123
333,283
Creditors: amounts falling due after more than one year
(635,892)
(193,267)
Provisions for liabilities
Net assets
219,347
140,016
Called up share capital
100
100
Revaluation reserve
150,000
-
Profit and loss account
69,247
139,916
Shareholders' funds
219,347
140,016
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2023 and were signed on its behalf by
Mr A Barton
Director
Company Registration No. 13039608
Horizon Boat Sales Ltd
Notes to the Accounts
for the year ended 31 May 2023
Horizon Boat Sales Ltd is a private company, limited by shares, registered in England and Wales, registration number 13039608. The registered office is 5 Lake Road, Bowness-on-Windermere, Windermere, Cumbria, LA23 3BP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost plus revaluation, less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
10% reducing balance / not provided if fair value > net book value
Fixtures & fittings
20% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Horizon Boat Sales Ltd
Notes to the Accounts
for the year ended 31 May 2023
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At valuation
At cost
At cost
At 1 June 2022
-
39,267
25,308
64,575
Additions
521,194
-
-
521,194
Revaluations
200,000
-
-
200,000
At 31 May 2023
721,194
39,267
25,308
785,769
At 1 June 2022
-
3,926
5,062
8,988
Charge for the year
-
-
4,049
4,049
At 31 May 2023
-
3,926
9,111
13,037
At 31 May 2023
721,194
35,341
16,197
772,732
At 31 May 2022
-
35,341
20,246
55,587
Carrying amount of plant & machinery on cost basis
521,194
-
On 31 May 2023 plant & machinery was revalued. The fair value was determined by the company directors, being experts in their field. The main input into the valuation was the market-based sales price of other similar plant & machinery items currently listed for sale.
Under the cost model, the carrying amount of plant & machinery would have been £521,194 (2022: £nil).
Depreciation is not currently provided due to the assets appreciating value.
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
721,194
-
- Motor vehicles
35,340
35,340
Horizon Boat Sales Ltd
Notes to the Accounts
for the year ended 31 May 2023
Amounts falling due within one year
Trade debtors
943,675
11,155
Accrued income and prepayments
42,833
-
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
122,967
62,211
Obligations under finance leases and hire purchase contracts
29,075
6,440
Trade creditors
824,535
3,280
Taxes and social security
2,072
-
The bank overdraft facility of £122,967 (2022: £62,211) is secured by way of a fixed and floating charge against the company assets along with a personal guarantee provided by Mr A Minogue, a company director.
The facility is not due for repayment until 25th February 2026.
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Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
327,992
5,367
Loans from directors
307,900
187,900
An unsecured working capital loan of £307,900 (2022: £187,900) is provided to the business by Mr A Minogue, a director of the company. There are no fixed terms of repayment.
The hire purchase facilities of £357,067 (2022: £11,807) are secured by way of a fixed charge against the asset financed, along with a personal guarantee provided by Mr A Minogue, a company director.
8
Operating lease commitments
2023
2022
At 31 May 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
17,200
17,200
Later than one year and not later than five years
28,667
45,867
Horizon Boat Sales Ltd
Notes to the Accounts
for the year ended 31 May 2023
9
Average number of employees
During the year the average number of employees was 1 (2022: 1).