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REGISTERED NUMBER: 11664613 (England and Wales)












IOS Boat Co Ltd

Unaudited Financial Statements

for the Year Ended 31st May 2023






IOS Boat Co Ltd (Registered number: 11664613)






Contents of the Financial Statements
for the Year Ended 31st May 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


IOS Boat Co Ltd

Company Information
for the Year Ended 31st May 2023







DIRECTOR: J Fielding





SECRETARY: J Fielding





REGISTERED OFFICE: Porth Mellon
St Marys
Isles of Scilly
TR21 0JY





REGISTERED NUMBER: 11664613 (England and Wales)





ACCOUNTANTS: Hodgsons
Chartered Accountants
48 Arwenack Street
Falmouth
Cornwall
TR11 3JH

IOS Boat Co Ltd (Registered number: 11664613)

Statement of Financial Position
31st May 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 6,831 9,322

CURRENT ASSETS
Debtors 5 275 575
Cash at bank 479 170
754 745
CREDITORS
Amounts falling due within one year 6 (95,838 ) (58,830 )
NET CURRENT LIABILITIES (95,084 ) (58,085 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(88,253

)

(48,763

)

CREDITORS
Amounts falling due after more than one
year

7

(34,357

)

(39,542

)

PROVISIONS FOR LIABILITIES (54 ) (102 )
NET LIABILITIES (122,664 ) (88,407 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (122,665 ) (88,408 )
(122,664 ) (88,407 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

IOS Boat Co Ltd (Registered number: 11664613)

Statement of Financial Position - continued
31st May 2023


The 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.

The financial statements were approved by the director and authorised for issue on 23rd April 2024 and were signed by:





J Fielding - Director


IOS Boat Co Ltd (Registered number: 11664613)

Notes to the Financial Statements
for the Year Ended 31st May 2023

1. STATUTORY INFORMATION

IOS Boat Co Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Over the remaining life of the lease
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Going concern
The company has net liabilities and is reliant upon the continued supports of its director and parent company. The director believes the going concern basis for preparing the financial statements to be appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

IOS Boat Co Ltd (Registered number: 11664613)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings Totals
£    £    £    £   
COST
At 1st June 2022
and 31st May 2023 450 1,264 10,746 12,460
DEPRECIATION
At 1st June 2022 180 727 2,231 3,138
Charge for year 90 252 2,149 2,491
At 31st May 2023 270 979 4,380 5,629
NET BOOK VALUE
At 31st May 2023 180 285 6,366 6,831
At 31st May 2022 270 537 8,515 9,322

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
VAT 275 575

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,281 5,229
Trade creditors 3,728 3,467
Amounts owed to group undertakings 85,454 49,069
Accrued expenses 1,375 1,065
95,838 58,830

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 2-5 years 34,357 39,542

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 15,083 12,417
Between one and five years - 15,083
15,083 27,500