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Company No: 10390436 (England and Wales)

MAKO BOARDSPORTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

MAKO BOARDSPORTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

MAKO BOARDSPORTS LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
MAKO BOARDSPORTS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR G B N Cardozo MBE
REGISTERED OFFICE 9 Chaldicott Barns
Semley
Shaftesbury
SP7 9AW
England
United Kingdom
COMPANY NUMBER 10390436 (England and Wales)
MAKO BOARDSPORTS LIMITED

BALANCE SHEET

As at 31 December 2023
MAKO BOARDSPORTS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Tangible assets 4 0 138
0 138
Current assets
Stocks 0 5,585
Debtors 5 0 10,692
Cash at bank and in hand 6,904 67,331
6,904 83,608
Creditors: amounts falling due within one year 6 ( 14,750) ( 72,083)
Net current (liabilities)/assets (7,846) 11,525
Total assets less current liabilities (7,846) 11,663
Creditors: amounts falling due after more than one year 7 ( 26,667) ( 36,667)
Provision for liabilities 8 0 ( 15,000)
Net liabilities ( 34,513) ( 40,004)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 34,613 ) ( 40,104 )
Total shareholder's deficit ( 34,513) ( 40,004)

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 financial statements of Mako Boardsports Limited (registered number: 10390436) were approved and authorised for issue by the Director on 08 August 2024. They were signed on its behalf by:

G B N Cardozo MBE
Director
MAKO BOARDSPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
MAKO BOARDSPORTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mako Boardsports Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 9 Chaldicott Barns, Semley, Shaftesbury, SP7 9AW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Prior year adjustment

[Disclose the nature of the prior period adjustment, and (if practicable);
(i) for each prior period presented, the amount of the correction for each financial statement line item affected; and
(ii) the amount of the correction at the beginning of the earliest prior period presented; or an explanation if it is not practicable to disclose these amounts for (i) and (ii).]

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Turnover from the sale of goods is recognised when all of the following conditions are satisfied: the Company has transferred the significant risks and rewards of ownership to the buyer; the amount of turnover can be measured reliably; it is probable that the Company will receive the consideration due under the transaction; and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Taxation

Current tax
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

· The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
· Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and Laws that have been enacted or substantively enacted by the balance sheet date

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 15 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

The amounts classified as capital redemption reserves in the original 2022 accounts have been reclassified as a loan write off.

As previously reported Adjustment As restated
Year ended 31 December 2022 £ £ £
Connected party loan write off 0 2,674,766 2,674,766
Capital Redemption reserve 2,674,766 (2,674,766) 0

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 217 217
Disposals ( 217) ( 217)
At 31 December 2023 0 0
Accumulated depreciation
At 01 January 2023 79 79
Charge for the financial year 6 6
Disposals ( 85) ( 85)
At 31 December 2023 0 0
Net book value
At 31 December 2023 0 0
At 31 December 2022 138 138

5. Debtors

2023 2022
£ £
Trade debtors 0 8,468
Other debtors 0 2,224
0 10,692

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 0 1,819
Amounts owed to Group undertakings (note 9) 0 42,654
Accruals 4,750 7,444
Other creditors 0 10,166
14,750 72,083

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 26,667 36,667

There are no amounts included above in respect of which any security has been given by the small entity.

8. Provision for liabilities

2023 2022
£ £
Product warranty provision 0 15,000

9. Related party transactions

The Company has taken advantage of the exemption not to disclose transactions with wholly owned group entities.

10. Ultimate controlling party

The Company's immediate parent undertaking is Gilo Holdings Limited, a company registered in England and Wales. The registered office of the parent is Unit 9 Chaldicott Barns, Tokes Lane, Semley, Dorset, United Kingdom, SP7 9AW.