Registered number
01284413
Stalham Yacht Services Ltd
Filleted Accounts
31 October 2023
Stalham Yacht Services Ltd
Registered number: 01284413
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 970,456 974,633
Current assets
Stocks 9,000 9,000
Debtors 4 13,521 34,205
Investments held as current assets 5 7,539 7,539
Cash at bank and in hand 2,663 48,722
32,723 99,466
Creditors: amounts falling due within one year 6 (185,525) (210,671)
Net current liabilities (152,802) (111,205)
Total assets less current liabilities 817,654 863,428
Provisions for liabilities (77,726) (80,919)
Net assets 739,928 782,509
Capital and reserves
Called up share capital 3,501 3,501
Share premium 17,499 17,499
Revaluation reserve 7 683,468 683,468
Profit and loss account 35,460 78,041
Shareholders' funds 739,928 782,509
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P M T Simpson
Director
Approved by the board on 21 March 2024
Stalham Yacht Services Ltd
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Hire boats, plant, machinery, equipment and vehicles 15% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 8
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2022 875,227 210,415 1,085,642
Additions - 12,629 12,629
At 31 October 2023 875,227 223,044 1,098,271
Depreciation
At 1 November 2022 - 111,009 111,009
Charge for the year - 16,806 16,806
At 31 October 2023 - 127,815 127,815
Net book value
At 31 October 2023 875,227 95,229 970,456
At 31 October 2022 875,227 99,406 974,633
Freehold land and buildings: 2023 2022
£ £
Historical cost 140,278 140,278
Cumulative depreciation based on historical cost - -
140,278 140,278
4 Debtors 2023 2022
£ £
Trade debtors 10,275 34,205
Other debtors 3,246 -
13,521 34,205
5 Investments held as current assets 2023 2022
£ £
Fair value
Listed investments 4,339 4,339
Unlisted investments 3,200 3,200
7,539 7,539
If listed investments had not been revalued they would have been shown at a cost of £11,371
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 2,398 2,543
Trade creditors 5,908 8,819
Taxation and social security costs 6,866 5,625
Other creditors 170,353 193,684
185,525 210,671
7 Revaluation reserve 2023 2022
£ £
At 1 November 2022 683,468 683,468
At 31 October 2023 683,468 683,468
8 Other information
Stalham Yacht Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
8 The Old Mill
Wroxham
Norfolk
NR12 8RX
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