Motupiti Ltd 05955728 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is to own a yacht for the private use of the stakeholders. It does not operate with a view to profit. Digita Accounts Production Advanced 6.30.9574.0 true true 05955728 2022-11-01 2023-10-31 05955728 2023-10-31 05955728 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 05955728 core:OfficeEquipment 2023-10-31 05955728 bus:SmallEntities 2022-11-01 2023-10-31 05955728 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 05955728 bus:FilletedAccounts 2022-11-01 2023-10-31 05955728 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 05955728 bus:RegisteredOffice 2022-11-01 2023-10-31 05955728 bus:Director1 2022-11-01 2023-10-31 05955728 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 05955728 core:OfficeEquipment 2022-11-01 2023-10-31 05955728 core:ShipsBoats 2022-11-01 2023-10-31 05955728 countries:EnglandWales 2022-11-01 2023-10-31 05955728 2022-10-31 05955728 core:OfficeEquipment 2022-10-31 05955728 2021-11-01 2022-10-31 05955728 2022-10-31 05955728 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 05955728 core:OfficeEquipment 2022-10-31 iso4217:GBP xbrli:pure

Registration number: 05955728

Motupiti Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Motupiti Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

Motupiti Ltd

(Registration number: 05955728)
Statement of Financial Position as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

-

720,000

Current assets

 

Cash at bank and in hand

 

299,488

11,631

Creditors: Amounts falling due within one year

5

(258,880)

(729,940)

Net current assets/(liabilities)

 

40,608

(718,309)

Net assets

 

40,608

1,691

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

40,508

1,591

Shareholders' funds

 

40,608

1,691

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 


Mantrust (UK) Limited
Director

 

Motupiti Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
First Floor Templeback
10 Temple Back
Bristol
BS1 6FL

Principal activity

The principal activity of the company is to own a yacht for the private use of the stakeholders. It does not operate with a view to profit.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Motupiti Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Yacht

Straight line over 15 years

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 

Motupiti Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Motupiti Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

4

Tangible assets

Yacht
£

Total
£

Cost or valuation

At 1 November 2022

1,981,444

1,981,444

Disposals

(1,981,444)

(1,981,444)

At 31 October 2023

-

-

Depreciation

At 1 November 2022

1,261,444

1,261,444

Eliminated on disposal

(1,261,444)

(1,261,444)

At 31 October 2023

-

-

Carrying amount

At 31 October 2023

-

-

At 31 October 2022

720,000

720,000

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

5,158

Accruals and deferred income

3,870

3,600

Other creditors

255,010

721,182

258,880

729,940

6

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Motupiti Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)

7

Related party transactions

All expenditure of the company has been funded by Mrs Maria Pia Bassani Antivari. Mrs Antivari has ultimate control of the parent company.

As at 31 October 2023 the company owed it's owner £83,423 (2022 - £263,844) which is included within current liabilities.

Included in creditors repayable in under one year is a loan of £171,588 (2022 - £457,338) owned to the owner.