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COMPANY REGISTRATION NUMBER: 02855981
Peter Nicholls Yacht Builders Limited
Filleted Unaudited Financial Statements
31 July 2023
Peter Nicholls Yacht Builders Limited
Financial Statements
Year ended 31 July 2023
Contents
Page
Balance sheet
1
Notes to the financial statements
3
Peter Nicholls Yacht Builders Limited
Balance Sheet
31 July 2023
2023
2022
Note
£
£
£
£
Current assets
Stocks
2,051
32,000
Debtors
4
420
280
Cash at bank and in hand
1,530
11,755
-------
--------
4,001
44,035
Creditors: amounts falling due within one year
5
( 23,000)
( 19,522)
--------
--------
Net current (liabilities)/assets
( 18,999)
24,513
--------
--------
Total assets less current liabilities
( 18,999)
24,513
Creditors: amounts falling due after more than one year
6
( 21,154)
( 28,333)
--------
--------
Net liabilities
( 40,153)
( 3,820)
--------
--------
Peter Nicholls Yacht Builders Limited
Balance Sheet (continued)
31 July 2023
2023
2022
Note
£
£
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 40,155)
( 3,822)
--------
-------
Shareholders deficit
( 40,153)
( 3,820)
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 22 April 2024 , and are signed on behalf of the board by:
Mr P J Nicholls
Director
Company registration number: 02855981
Peter Nicholls Yacht Builders Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Corunna Court, Corunna Road, Warwick, CV34 5HQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Going concern
The directors acknowledge the net liabilities of the company. In the opinion of the directors the company remains a going concern by virtue of continued financial support from the directors and shareholders.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences at the reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Debtors
2023
2022
£
£
Other debtors
420
280
----
----
5. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
11,538
10,000
Other creditors
11,462
9,522
--------
--------
23,000
19,522
--------
--------
6. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,154
28,333
--------
--------
7. Directors' advances, credits and guarantees
Cost of sales includes £190,699 (2022: £201,633) relating to goods and services purchased at market value from an unincorporated partnership in which a director of this company is a partner. Stocks includes £2,051 (2022: £32,000) for work in progress being undertaken by the unincorporated partnership at the year end. Included in other creditors is £2,726 (2022: £836) owed to the company by the unincorporated partnership. The loan is interest free and repayable on demand. During the prior year a management charge of £54,420 was charged to the company by the unincorporated partnership. There is no equivalent management charge this year. A director had an interest free loan during the year. The loan is repayable on demand. At the beginning of the year the company owed him £7,986 and at the end of the year the company owed him £7,986.