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Registration number: 11591862

Essex Power Boat School Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Essex Power Boat School Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 11

 

Essex Power Boat School Ltd

Company Information

Director

Mr Peter Fairbrother

Company secretary

Cobat Secretarial Services Limited

Registered office

1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

Accountants

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

 

Essex Power Boat School Ltd

Director's Report for the Year Ended 30 September 2023

The director presents his report and the financial statements for the year ended 30 September 2023.

Director of the company

The director who held office during the year was as follows:

Mr Peter Fairbrother

Principal activity

The principal activity of the company is Power boat tuition

Small companies provision statement

This report has 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.

Approved and authorised by the director on 16 April 2024
 

.........................................
Mr Peter Fairbrother
Director

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Essex Power Boat School Ltd
for the Year Ended 30 September 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Essex Power Boat School Ltd for the year ended 30 September 2023 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Essex Power Boat School Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of the Company and state those matters that we have agreed to state to the Board of Directors of the Company, as a body, in this report in accordance with
the requirements of the Association of Chartered Certified Accountants as detailed at
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet
-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Essex Power Boat School Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of the Company. You consider that Essex Power Boat School Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of the Company. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

16 April 2024

 

Essex Power Boat School Ltd

(Registration number: 11591862)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

145,574

149,862

Current assets

 

Debtors

5

219

318

Cash at bank and in hand

 

15,761

6,237

 

15,980

6,555

Creditors: Amounts falling due within one year

6

(94,794)

(99,301)

Net current liabilities

 

(78,814)

(92,746)

Total assets less current liabilities

 

66,760

57,116

Creditors: Amounts falling due after more than one year

6

(42,596)

(40,304)

Net assets

 

24,164

16,812

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

24,163

16,811

Shareholders' funds

 

24,164

16,812

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 April 2024
 

 

Essex Power Boat School Ltd

(Registration number: 11591862)
Balance Sheet as at 30 September 2023

.........................................
Mr Peter Fairbrother
Director

 

Essex Power Boat School Ltd

Statement of Changes in Equity for the Year Ended 30 September 2023

Share capital
£

Retained earnings
£

Total
£

At 1 October 2022

1

16,811

16,812

Profit for the year

-

7,352

7,352

At 30 September 2023

1

24,163

24,164

Share capital
£

Retained earnings
£

Total
£

At 1 October 2021

1

29,175

29,176

Loss for the year

-

(12,364)

(12,364)

At 30 September 2022

1

16,811

16,812

 

Essex Power Boat School Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

These financial statements were authorised for issue by the director on 16 April 2024.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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 balance sheet 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.

 

Essex Power Boat School Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

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

Vehicles, plant and machinery

20% Straight Line

Plant

20% Straight Line

Fitures and Fittings

20% Straight Line

Office Equipment

20% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Essex Power Boat School Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 2).

 

Essex Power Boat School Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2022

3,570

153,001

8,999

165,570

Additions

2,049

-

-

2,049

Disposals

-

(7,500)

(8,999)

(16,499)

At 30 September 2023

5,619

145,501

-

151,120

Depreciation

At 1 October 2022

2,508

6,000

7,200

15,708

Charge for the year

1,038

500

-

1,538

Eliminated on disposal

-

(4,500)

(7,200)

(11,700)

At 30 September 2023

3,546

2,000

-

5,546

Carrying amount

At 30 September 2023

2,073

143,501

-

145,574

At 30 September 2022

1,062

147,001

1,799

149,862

5

Debtors

Current

2023
£

2022
£

Prepayments

219

318

 

219

318

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

-

14

Other creditors

94,794

99,287

94,794

99,301

Creditors: amounts falling due after more than one year

 

Essex Power Boat School Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

42,596

40,304

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

42,596

40,304