Silverfin false false 31/10/2023 01/11/2022 31/10/2023 C Warwick 17/08/2007 M Warwick 17/08/2007 19 February 2024 The principal activity of the Company during the financial year was that of yacht retail. 06346725 2023-10-31 06346725 bus:Director1 2023-10-31 06346725 bus:Director2 2023-10-31 06346725 2022-10-31 06346725 core:CurrentFinancialInstruments 2023-10-31 06346725 core:CurrentFinancialInstruments 2022-10-31 06346725 core:Non-currentFinancialInstruments 2023-10-31 06346725 core:Non-currentFinancialInstruments 2022-10-31 06346725 core:ShareCapital 2023-10-31 06346725 core:ShareCapital 2022-10-31 06346725 core:RetainedEarningsAccumulatedLosses 2023-10-31 06346725 core:RetainedEarningsAccumulatedLosses 2022-10-31 06346725 core:PlantMachinery 2022-10-31 06346725 core:Vehicles 2022-10-31 06346725 core:OfficeEquipment 2022-10-31 06346725 core:PlantMachinery 2023-10-31 06346725 core:Vehicles 2023-10-31 06346725 core:OfficeEquipment 2023-10-31 06346725 2022-11-01 2023-10-31 06346725 bus:FilletedAccounts 2022-11-01 2023-10-31 06346725 bus:SmallEntities 2022-11-01 2023-10-31 06346725 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 06346725 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 06346725 bus:Director1 2022-11-01 2023-10-31 06346725 bus:Director2 2022-11-01 2023-10-31 06346725 core:PlantMachinery 2022-11-01 2023-10-31 06346725 core:Vehicles 2022-11-01 2023-10-31 06346725 core:OfficeEquipment 2022-11-01 2023-10-31 06346725 core:OfficeEquipment core:TopRangeValue 2022-11-01 2023-10-31 06346725 2021-11-01 2022-10-31 06346725 core:Non-currentFinancialInstruments 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure

Company No: 06346725 (England and Wales)

UNIVERSAL YACHTING LTD

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

UNIVERSAL YACHTING LTD

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

UNIVERSAL YACHTING LTD

BALANCE SHEET

As at 31 October 2023
UNIVERSAL YACHTING LTD

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 127,102 104,434
127,102 104,434
Current assets
Stocks 885,664 226,389
Debtors 4 274,086 135,963
Cash at bank and in hand 219,449 372,049
1,379,199 734,401
Creditors: amounts falling due within one year 5 ( 111,368) ( 187,698)
Net current assets 1,267,831 546,703
Total assets less current liabilities 1,394,933 651,137
Creditors: amounts falling due after more than one year 6 ( 646,422) ( 66,864)
Net assets 748,511 584,273
Capital and reserves
Called-up share capital 100 100
Profit and loss account 748,411 584,173
Total shareholders' funds 748,511 584,273

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Universal Yachting Ltd (registered number: 06346725) were approved and authorised for issue by the Board of Directors on 19 February 2024. They were signed on its behalf by:

C Warwick
Director
UNIVERSAL YACHTING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
UNIVERSAL YACHTING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Universal Yachting Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Mercury Yacht Harbour Satchell Lane, Hamble, Southampton, SO31 4HQ, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance
3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 November 2022 48,380 96,153 40,051 184,584
Additions 0 52,990 13,538 66,528
Disposals 0 ( 22,000) 0 ( 22,000)
At 31 October 2023 48,380 127,143 53,589 229,112
Accumulated depreciation
At 01 November 2022 20,344 35,022 24,784 80,150
Charge for the financial year 7,009 23,434 8,196 38,639
Disposals 0 ( 16,779) 0 ( 16,779)
At 31 October 2023 27,353 41,677 32,980 102,010
Net book value
At 31 October 2023 21,027 85,466 20,609 127,102
At 31 October 2022 28,036 61,131 15,267 104,434

4. Debtors

2023 2022
£ £
Trade debtors 253,828 128,414
Other debtors 20,258 7,549
274,086 135,963

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,635 10,383
Trade creditors 18,443 43,348
Corporation tax 65,926 51,451
Other taxation and social security 3,297 35,327
Obligations under finance leases and hire purchase contracts 8,889 8,889
Other creditors 4,178 38,300
111,368 187,698

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 613,897 25,451
Obligations under finance leases and hire purchase contracts 32,525 41,413
646,422 66,864

There are no amounts included above in respect of which any security has been given by the small entity.