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Registration number: 03297893

The World Of Yachts & Boats Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

The World Of Yachts & Boats Ltd

Company Information

Director

Mr Nabil Ibrahim Farhat

Registered office

9 Berners Place
London
W1T 3AD

Accountants

Mehta & Tengra
9 Berners Place
London
W1T 3AD

 

The World Of Yachts & Boats Ltd

(Registration number: 03297893)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

306

77

Current assets

 

Debtors

6

23,388

30,961

Cash at bank and in hand

 

1,321

6,711

 

24,709

37,672

Creditors: Amounts falling due within one year

7

(6,983)

(7,572)

Net current assets

 

17,726

30,100

Total assets less current liabilities

 

18,032

30,177

Creditors: Amounts falling due after more than one year

7

(4,500)

(4,500)

Provisions for liabilities

(71)

(15)

Net assets

 

13,461

25,662

Capital and reserves

 

Called up share capital

8

99

99

Retained earnings

13,362

25,563

Shareholders' funds

 

13,461

25,662

For the financial year ending 31 December 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 17 April 2024
 

.........................................
Mr Nabil Ibrahim Farhat
Director

 

The World Of Yachts & Boats Ltd

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

99

25,563

25,662

Loss for the year

-

(12,201)

(12,201)

At 31 December 2023

99

13,362

13,461

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

99

35,364

35,463

Loss for the year

-

(9,801)

(9,801)

At 31 December 2022

99

25,563

25,662

 

The World Of Yachts & Boats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
9 Berners Place
London
W1T 3AD
United Kingdom

These financial statements were authorised for issue by the director on 17 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

The World Of Yachts & Boats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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.

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

Fixtures & fittings

15% on cost

Computer equipment

33% on cost

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

The World Of Yachts & Boats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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 - 1).

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax adjustment to prior periods

(1,303)

(14)

Deferred taxation

Arising from origination and reversal of timing differences

56

(4)

Tax receipt in the income statement

(1,247)

(18)

Deferred tax

 

The World Of Yachts & Boats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

139

470

609

Additions

293

-

293

At 31 December 2023

432

470

902

Depreciation

At 1 January 2023

63

469

532

Charge for the year

64

-

64

At 31 December 2023

127

469

596

Carrying amount

At 31 December 2023

305

1

306

At 31 December 2022

76

1

77

6

Debtors

Current

2023
£

2022
£

Trade debtors

21,156

30,810

Rent deposit

455

140

Corporation tax

1,389

11

VAT

388

-

 

23,388

30,961

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

VAT

-

1,089

Accruals and deferred income

2,300

2,300

Director's current account

4,683

4,183

6,983

7,572

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Shareholders loan

9

4,500

4,500

 

The World Of Yachts & Boats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

99

99

99

99

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

4,500

4,500