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Registered Number: 05225310
England and Wales

 

 

 

GBR YACHTS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
Director Kevin Mulligan
Registered Number 05225310
Registered Office 22 Dumville Drive
Godstone
Surrey
RH9 8NY
Accountants Field Green Consulting
28 Highridge Close
Weavering
Maidstone
ME14 5XQ
1
Director's report and financial statements
The director presents his/her/their annual report and the financial statements for the year ended 30 November 2023.
Principal activities
Principal activity of the company during the financial year was of yacht chartering
Director
The director who served the company throughout the year was as follows:
Kevin Mulligan
Statement of director's responsibilities
The director is responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
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 (Financial Reporting Standard 102). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company 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
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions
Additional Notes
The Director estimates that the current realisable value of the company's main asset, the MV Yacht 'Wolverine' is around £120,000. It is expected that this asset will be sold and replaced in 2025.

On behalf of the board.


----------------------------------
Kevin Mulligan
Director

Date approved: 03 April 2024
2
Accountant’s report
You consider that the company is exempt from an audit for the year ended 30 November 2023 . You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
Field Green Consulting
30 November 2023



....................................................
Field Green Consulting
28 Highridge Close
Weavering
Maidstone
ME14 5XQ
03 April 2024
3
 
 
Notes
 
2023
£
  2022
£
Turnover 42,639    22,164 
Cost of sales (27,646)   (13,856)
Gross profit 14,993    8,308 
Administrative expenses (6,809)   (8,200)
Operating profit 8,184    108 
Profit/(Loss) on ordinary activities before taxation 8,184    108 
Tax on profit on ordinary activities  
Profit/(Loss) for the financial year 8,184    108 
 
4
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 112,738    113,013 
112,738    113,013 
Current assets      
Debtors 4 31,439    (4,120)
Cash at bank and in hand 80,595    101,107 
112,034    96,987 
Creditors: amount falling due within one year 5 (51,435)   (44,847)
Net current assets 60,599    52,140 
 
Total assets less current liabilities 173,337    165,153 
Net assets 173,337    165,153 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 173,237    165,053 
Shareholder's funds 173,337    165,153 
 


For the year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 03 April 2024 and were signed by:


-------------------------------
Kevin Mulligan
Director
5
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 December 2021 100  164,945  165,045 
Profit for the year 108  108 
Total comprehensive income for the year 108  108 
Total investments by and distributions to owners
At 30 November 2022 100  165,053  165,153 
At 01 December 2022 100  165,053  165,153 
Profit for the year 8,184  8,184 
Total comprehensive income for the year 8,184  8,184 
Total investments by and distributions to owners
At 30 November 2023 100  173,237  173,337 
6
General Information
GBR Yachts Limited is a private company, limited by shares, registered in England and Wales, registration number 05225310, registration address 22 Dumville Drive, Godstone, Surrey, RH9 8NY.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Fixtures and Fittings 25 Straight Line
Computer Equipment 25 Straight Line
2.

Average number of employees

Average number of employees during the year was 1 (2022 : 1).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 December 2022 210,916    1,300    1,100    213,316 
Additions      
Disposals      
At 30 November 2023 210,916    1,300    1,100    213,316 
Depreciation
At 01 December 2022 98,178    1,300    825    100,303 
Charge for year     275    275 
On disposals      
At 30 November 2023 98,178    1,300    1,100    100,578 
Net book values
Closing balance as at 30 November 2023 112,738        112,738 
Opening balance as at 01 December 2022 112,738      275    113,013 


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 24,194   
Prepayments & Accrued Income 7,245   
Accrued Income   (5,000)
VAT   880 
31,439    (4,120)

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 633    193 
Accrued Expenses 400    300 
Other Creditors   (1)
Directors' Current Accounts 48,323    44,355 
VAT 2,079   
51,435    44,847 

7