Registration Number: 04290807
England & Wales
HIGH POINT YACHTING LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
For the year ended 30 September 2023
HIGH POINT YACHTING LTD
BALANCE SHEET
As at 30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 3 3,211 2,630
Current assets
Debtors 4 1,260,897 1,179,340
Cash at bank and in hand 104,133 103,907
1,365,030 1,283,247
Creditors - amounts falling due within one year 5 (701,378) (523,741)
Net current assets 663,652 759,506
Total assets less current liabilities 666,863 762,136
Creditors - amounts falling due after more than one year 6 (11,283) (11,463)
Provisions for liabilities (610) (500)
Accruals and deferred income (732,259) (781,465)
Net liabilities (77,289) (31,292)
Capital and reserves
Called up share capital 30,100 30,100
Profit and loss account (107,389) (61,392)
Shareholders' deficit (77,289) (31,292)
The director confirms that the company is entitled to the exemption under section 477 of the Companies Act 2006 from the requirement to have its accounts audited.
Members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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 Register of Companies.
The financial statements were approved by the board on 29 February 2024 and signed on its behalf by:
Sasha King
Director
Page 1
HIGH POINT YACHTING LTD
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2023
1 Accounting policies
1.1 Basis of preparation
The financial statements 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).
1.2 Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Revenue 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.
1.3 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life as follows:
Plant and equipment etc 20% - 33.3% straight line
1.4 Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised in full in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The carrying amount of deferred tax assets is reviewed at the end of each accounting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
1.5 Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the profit and loss account.
1.6 Pension costs
The company operates a defined contribution pension scheme. Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.
1.7 Provisions
Provisions (i.e. 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.
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HIGH POINT YACHTING LTD
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2023
2. Employees 2023 2022
Number Number
Average number of persons employed by the company including directors 3 2
3. Tangible fixed assets
Plant and
Equipment
etc
£
Cost
At 1 October 2022 29,789
Additions 2,765
At 30 September 2023 32,554
Depreciation
At 1 October 2022 27,159
Charge for the year 2,184
At 30 September 2023 29,343
Net book value
At 30 September 2023 3,211
At 30 September 2022 2,630
4. Debtors 2023 2022
£ £
Trade debtors 467,628 530,960
Prepayments and accrued income 790,367 644,742
Other debtors 2,902 3,638
1,260,897 1,179,340
Page 3
HIGH POINT YACHTING LTD
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 30 September 2023
5. Creditors - amounts falling due within one year 2023 2022
£ £
Trade creditors 693,564 517,111
Taxation and social security costs 3,665 5,064
Other creditors 4,149 1,566
701,378 523,741
6. Creditors - amounts falling due within one year 2023 2022
£ £
Director's loan 11,283 11,463
11,283 11,463
7. Statutory information
The company is a private company limited by shares and incorporated in England. Its registered office is:
Prama House
Banbury Road
Oxford
OX2 7HT
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