2022-09-012023-08-312023-08-31false12142269ELITE YACHT COVERS 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ELITE YACHT COVERS LTD

Registered Number
12142269
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2023

ELITE YACHT COVERS LTD
Company Information
for the year from 1 September 2022 to 31 August 2023

Directors

GRAY, Paul
HANSEN, Stig Valdermar
PEAT, Joseph

Company Secretary

PEAT, Christopher

Registered Address

13 Commerce Way
Lawford
Manningtree
CO11 1UT

Registered Number

12142269 (England and Wales)
ELITE YACHT COVERS LTD
Balance Sheet as at
31 August 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets538,98042,617
38,98042,617
Current assets
Stocks732,19234,173
Debtors837,61831,339
Cash at bank and on hand332,507257,790
402,317323,302
Creditors amounts falling due within one year9(242,020)(194,376)
Net current assets (liabilities)160,297128,926
Total assets less current liabilities199,277171,543
Provisions for liabilities10(8,908)(7,155)
Net assets190,369164,388
Capital and reserves
Called up share capital100100
Profit and loss account190,269164,288
Shareholders' funds190,369164,388
The financial statements were approved and authorised for issue by the Board of Directors on 30 December 2023, and are signed on its behalf by:
HANSEN, Stig Valdermar
Director
Registered Company No. 12142269
ELITE YACHT COVERS LTD
Notes to the Financial Statements
for the year ended 31 August 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery4
Fixtures and fittings5
Vehicles3
Office Equipment4
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
4.Employee information

20232022
Average number of employees during the year97
5.Property, plant and equipment

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 September 2243,5336,50016,43010,96777,430
Additions4,23011,000--15,230
At 31 August 2347,76317,50016,43010,96792,660
Depreciation and impairment
At 01 September 2217,5196,5006,2604,53434,813
Charge for year11,2361,6043,2852,74218,867
At 31 August 2328,7558,1049,5457,27653,680
Net book value
At 31 August 2319,0089,3966,8853,69138,980
At 31 August 2226,014-10,1706,43342,617
6.Directors advances, credits and guarantees
No guarantees have been given or received during the year.
7.Stocks

2023

2022

££
Raw materials and consumables32,19234,173
Total32,19234,173
8.Debtors

2023

2022

££
Trade debtors / trade receivables24,66821,949
Other debtors2,2082,208
Prepayments and accrued income10,7427,182
Total37,61831,339
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables20,99327,359
Taxation and social security74,50370,619
Other creditors579624
Accrued liabilities and deferred income145,94595,774
Total242,020194,376
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
10.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)8,9087,155
Total8,9087,155