Registered number
13465321
Prometheus Sailing Yacht Ownership Co Limited
Filleted Accounts
31 October 2023
Prometheus Sailing Yacht Ownership Co Limited
Registered number: 13465321
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 (552,000) (648,000)
Tangible assets 4 1,995,313 2,093,500
1,443,313 1,445,500
Current assets
Debtors 5 85,940 19,930
Cash at bank and in hand 51,198 38,934
137,138 58,864
Creditors: amounts falling due within one year 6 (1,125) -
Net current assets 136,013 58,864
Total assets less current liabilities 1,579,326 1,504,364
Creditors: amounts falling due after more than one year 7 (1,318,779) (1,370,353)
Net assets 260,547 134,011
Capital and reserves
Called up share capital 3 3
Profit and loss account 260,544 134,008
Shareholders' funds 260,547 134,011
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. Simon Boulding
Director
Approved by the board on 24 June 2024
Prometheus Sailing Yacht Ownership Co Limited
Notes to the Accounts
for the period from 1 July 2022 to 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
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss over its estimated economic life of 10 years. Goodwill is negative as purchase price was lower than that of fair value.
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:
Plant and machinery 10 years straight-line basis
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets
Goodwill
£
Cost
At 1 July 2022 (720,000)
At 31 October 2023 (720,000)
Amortisation
At 1 July 2022 (72,000)
Provided during the period (96,000)
At 31 October 2023 (168,000)
Net book value
At 31 October 2023 (552,000)
At 30 June 2022 (648,000)
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 2,220,000
Additions 97,263
At 31 October 2023 2,317,263
Depreciation
At 1 July 2022 126,500
Charge for the period 195,450
At 31 October 2023 321,950
Net book value
At 31 October 2023 1,995,313
At 30 June 2022 2,093,500
5 Debtors 2023 2022
£ £
Amounts due from related parties 34,353 -
Prepayments and accrued income 51,587 19,930
85,940 19,930
6 Creditors: amounts falling due within one year 2023 2022
£ £
Accruals and deferred income 1,125 -
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 1,318,779 1,370,353
8 Controlling party
The parent company of Prometheus Sailing Yacht Ownership Co Ltd during the reporting period was Prometheus Sailing Holding Limited, which held a registered office at Port Solent Marina Office Lock Approach, Port Solent, Portsmouth, England, PO6 4TJ.
9 Other information
Prometheus Sailing Yacht Ownership Co Limited is a private company limited by shares and incorporated in England. Its registered office is:
Prometheus Sunsail, The Marina Lock Approach
Port Solent
Portsmouth
England
PO6 4TJ
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