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REGISTERED NUMBER: SC066331 (Scotland)
















Unaudited Financial Statements

for the Year Ended 30 September 2023

for

Boat Electrics & Electronics Limited

Boat Electrics & Electronics Limited (Registered number: SC066331)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Boat Electrics & Electronics Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: L A Cairns
S C H Coleman





REGISTERED OFFICE: Unit 4
Ailsa Business Park
Kyle Road
Irvine
Ayrshire
KA12 8LE





REGISTERED NUMBER: SC066331 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
147 Bath Street
Glasgow
G2 4SN

Boat Electrics & Electronics Limited (Registered number: SC066331)

Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 333,041 262,224

CURRENT ASSETS
Stocks 83,099 71,994
Debtors 5 1,225,052 737,309
Cash at bank 308,931 276,060
1,617,082 1,085,363
CREDITORS
Amounts falling due within one year 6 1,725,120 1,174,539
NET CURRENT LIABILITIES (108,038 ) (89,176 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

225,003

173,048

PROVISIONS FOR LIABILITIES 55,079 41,969
NET ASSETS 169,924 131,079

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Retained earnings 164,924 126,079
SHAREHOLDERS' FUNDS 169,924 131,079

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Boat Electrics & Electronics Limited (Registered number: SC066331)

Balance Sheet - continued
30 September 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by:





S C H Coleman - Director


Boat Electrics & Electronics Limited (Registered number: SC066331)

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

1. STATUTORY INFORMATION

Boat Electrics & Electronics Limited is a private company, limited by shares , registered in Scotland. 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The director reviews the working capital requirements of the business on a regular basis to ensure the company has sufficient resources to meet commitments as they fall due. This review takes account of the trading performance and the current financial strength of the company and planned future expenditure. Having carried out this review the director is satisfied that the company has sufficient resources to remain in business for the next year and beyond and on that basis the accounts have been prepared on a going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with its parent company Boat Electrics & Electronics (Holdings) Limited, registered number SC516316.

Turnover/revenue recognition
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts.

The company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the company's activities are met.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 20% on cost
Workshop, shed and fittings - 20% on reducing balance
Equipment and test gear - 15% on reducing balance
Office equipment, fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less depreciation.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Boat Electrics & Electronics Limited (Registered number: SC066331)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Government grants
Grants considered to be revenue in nature are credited to the profit and loss account in the period to which they relate. Grants of a capital nature are reflected as deferred income in the balance sheet and released to the profit and loss account over the estimated useful life of the assets to which they relate.

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost consists of purchase invoice costs and, where appropriate, attributable overheads. Work in progress is valued at the lower of cost and realisable value. Cost consists of direct materials, labour and attributable overheads. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Boat Electrics & Electronics Limited (Registered number: SC066331)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

Operating lease commitments
Annual rents are charged to the profit and loss account on a straight line basis over the terms of the lease.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 23 ) .

4. TANGIBLE FIXED ASSETS
Workshop, Equipment
Leasehold shed and and test
improvements fittings gear
£    £    £   
COST
At 1 October 2022 73,357 7,918 8,961
Additions - - -
At 30 September 2023 73,357 7,918 8,961
DEPRECIATION
At 1 October 2022 29,344 6,688 7,862
Charge for year 14,672 185 165
At 30 September 2023 44,016 6,873 8,027
NET BOOK VALUE
At 30 September 2023 29,341 1,045 934
At 30 September 2022 44,013 1,230 1,099

Boat Electrics & Electronics Limited (Registered number: SC066331)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

4. TANGIBLE FIXED ASSETS - continued

Office
equipment,
fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 October 2022 44,168 343,305 477,709
Additions 15,313 129,915 145,228
At 30 September 2023 59,481 473,220 622,937
DEPRECIATION
At 1 October 2022 31,121 140,470 215,485
Charge for year 3,287 56,102 74,411
At 30 September 2023 34,408 196,572 289,896
NET BOOK VALUE
At 30 September 2023 25,073 276,648 333,041
At 30 September 2022 13,047 202,835 262,224

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 834,349 428,894
Amounts owed by associates 247,692 276,192
Other debtors 143,011 32,223
1,225,052 737,309

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 435,871 302,741
Amounts owed to group undertakings 865,790 416,390
Taxation and social security 37,279 234,415
Other creditors 386,180 220,993
1,725,120 1,174,539

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 23,129 23,330
Between one and five years 9,309 13,865
32,438 37,195

Boat Electrics & Electronics Limited (Registered number: SC066331)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

8. LOANS AND TRANSACTIONS CONCERNING DIRECTORS OF THE COMPANY

The following advances and credits to a director subsisted during the years ended 30 September 2023 and 30 September 2022:

2023 2022
£    £   
S C H Coleman
Balance outstanding at start of year (20,197 ) (2,497 )
Amounts advanced 28,500 10,800
Amounts repaid - (28,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,303 (20,197 )

9. RELATED PARTY DISCLOSURES

Raleigh Properties Ltd, a company in which one of directors' has a 50% interest in its ordinary share capital is therefore a related party. At the year end, the amount due to the company by Raleigh Properties Ltd was £247,692 (2022: £276,192). This amount is unsecured, interest free,and has no fixed repayment terms.

10. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr S C H Coleman by virtue of his shareholding in Boat Electrics & Electronics (Holdings) Limited.