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COMPANY REGISTRATION NUMBER: 00477942
County Yachts Limited
Filleted Unaudited Financial Statements
31 December 2023
County Yachts Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
County Yachts Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
14,052
18,736
Current assets
Cash at bank and in hand
413,878
340,704
Creditors: amounts falling due within one year
7
53,417
51,173
---------
---------
Net current assets
360,461
289,531
---------
---------
Total assets less current liabilities
374,513
308,267
---------
---------
Net assets
374,513
308,267
---------
---------
Capital and reserves
Called up share capital
2,000
2,000
Capital redemption reserve
1,150
1,150
Profit and loss account
371,363
305,117
---------
---------
Shareholders funds
374,513
308,267
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 4 April 2024 , and are signed on behalf of the board by:
V B Hewett
Director
Company registration number: 00477942
County Yachts Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have considered the basis of the preparation of the accounts and are satisfied that the accounts should be prepared on a going concern basis.
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. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
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.
Financial instruments
Financial instruments are classified according to the substance of the contractual arrangement entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The total number of people employed by the company during the year was 2 (2022: 2).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
9,697
26,055
35,752
-------
--------
--------
Depreciation
At 1 January 2023
9,581
7,435
17,016
Charge for the year
29
4,655
4,684
-------
--------
--------
At 31 December 2023
9,610
12,090
21,700
-------
--------
--------
Carrying amount
At 31 December 2023
87
13,965
14,052
-------
--------
--------
At 31 December 2022
116
18,620
18,736
-------
--------
--------
6. Investments
Other investments other than loans
£
Cost
At 1 January 2023 and 31 December 2023
165
----
Impairment
At 1 January 2023 and 31 December 2023
165
----
Carrying amount
At 31 December 2023
----
At 31 December 2022
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
21,711
13,901
Other creditors
31,706
37,272
--------
--------
53,417
51,173
--------
--------
8. Directors' advances, credits and guarantees
At the year end the company owed a Director £1,335 (2022: £1,335).