Capital Pleasure Boats Limited 08050435 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is that of the hire of pleasure and work boats together with the operation of bar, catering and entertainment services. Digita Accounts Production Advanced 6.30.9574.0 true true 08050435 2023-02-01 2024-01-31 08050435 2024-01-31 08050435 core:RetainedEarningsAccumulatedLosses 2024-01-31 08050435 core:ShareCapital 2024-01-31 08050435 core:CurrentFinancialInstruments 2024-01-31 08050435 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 08050435 core:Non-currentFinancialInstruments 2024-01-31 08050435 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 08050435 core:FurnitureFittings 2024-01-31 08050435 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-31 08050435 core:LandBuildings core:ShortLeaseholdAssets 2024-01-31 08050435 core:MotorVehicles 2024-01-31 08050435 core:OfficeEquipment 2024-01-31 08050435 core:PlantMachinery 2024-01-31 08050435 1 2024-01-31 08050435 bus:SmallEntities 2023-02-01 2024-01-31 08050435 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 08050435 bus:FullAccounts 2023-02-01 2024-01-31 08050435 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 08050435 bus:RegisteredOffice 2023-02-01 2024-01-31 08050435 bus:Director1 2023-02-01 2024-01-31 08050435 bus:Director2 2023-02-01 2024-01-31 08050435 bus:Director3 2023-02-01 2024-01-31 08050435 bus:Director4 2023-02-01 2024-01-31 08050435 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 08050435 core:ComputerEquipment 2023-02-01 2024-01-31 08050435 core:FurnitureFittings 2023-02-01 2024-01-31 08050435 core:Land 2023-02-01 2024-01-31 08050435 core:LandBuildings 2023-02-01 2024-01-31 08050435 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 08050435 core:LandBuildings core:ShortLeaseholdAssets 2023-02-01 2024-01-31 08050435 core:MotorCars 2023-02-01 2024-01-31 08050435 core:MotorVehicles 2023-02-01 2024-01-31 08050435 core:OfficeEquipment 2023-02-01 2024-01-31 08050435 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 08050435 core:PlantMachinery 2023-02-01 2024-01-31 08050435 1 2023-02-01 2024-01-31 08050435 countries:EnglandWales 2023-02-01 2024-01-31 08050435 2023-01-31 08050435 core:FurnitureFittings 2023-01-31 08050435 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 08050435 core:LandBuildings core:ShortLeaseholdAssets 2023-01-31 08050435 core:MotorVehicles 2023-01-31 08050435 core:OfficeEquipment 2023-01-31 08050435 core:PlantMachinery 2023-01-31 08050435 2022-02-01 2023-01-31 08050435 2023-01-31 08050435 core:RetainedEarningsAccumulatedLosses 2023-01-31 08050435 core:ShareCapital 2023-01-31 08050435 core:CurrentFinancialInstruments 2023-01-31 08050435 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 08050435 core:Non-currentFinancialInstruments 2023-01-31 08050435 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 08050435 core:FurnitureFittings 2023-01-31 08050435 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 08050435 core:LandBuildings core:ShortLeaseholdAssets 2023-01-31 08050435 core:MotorVehicles 2023-01-31 08050435 core:OfficeEquipment 2023-01-31 08050435 core:PlantMachinery 2023-01-31 08050435 1 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 08050435

Capital Pleasure Boats Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Capital Pleasure Boats Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Capital Pleasure Boats Limited

Company Information

Directors

N Neicho

J Spanswick

SM Neicho

MD Spanswick

Registered office

Downe House
303 High Street
Orpington
Kent
BR6 0NN

 

Capital Pleasure Boats Limited

(Registration number: 08050435)
Balance Sheet as at 31 January 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

5,891,857

 

5,458,823

Current assets

   

 

Stocks

160,343

 

113,367

 

Debtors

5

549,604

 

593,922

 

Cash at bank and in hand

 

1,232,030

 

765,416

 

 

1,941,977

 

1,472,705

 

Creditors: Amounts falling due within one year

6

(1,175,385)

 

(998,460)

 

Net current assets

   

766,592

 

474,245

Total assets less current liabilities

   

6,658,449

 

5,933,068

Creditors: Amounts falling due after more than one year

6

 

(944,907)

 

(1,256,977)

Provisions for liabilities

 

(1,008,016)

 

(990,165)

Net assets

   

4,705,526

 

3,685,926

Capital and reserves

 

Called up share capital

4

4

Profit and loss account

4,705,522

3,685,922

Total equity

 

4,705,526

3,685,926

For the financial year ending 31 January 2024 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.

 

Capital Pleasure Boats Limited

(Registration number: 08050435)
Balance Sheet as at 31 January 2024 (continued)

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 July 2024 and signed on its behalf by:
 


N Neicho
Director


J Spanswick
Director

 

Capital Pleasure Boats Limited

Notes to the Financial Statements for the Year Ended 31 January 2024

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:
Downe House
303 High Street
Orpington
Kent
BR6 0NN

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.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration 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 as follows:
- Non-returnable deposits, received for the hire of the pleasure boats are accounted for when invoiced, representing work carried out in order to secure the hire.
- The balance of the hire rental and income generated from the provision of bar, catering and entertainment services is accounted for in accordance with the period of hire.
- Income received from the hire of work boats is accounted for in accordance with the period of hire.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Capital Pleasure Boats Limited

Notes to the Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of timing differences.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

At each reporting date, assets are reviewed to determine whether there is an indication that they may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Depreciation

Depreciation is charged so as to write off the cost of assets less estimated residual value over useful life as follows:

Asset class

Depreciation method and rate

Boats - Long life assets

2% on cost, ceasing when residual value is assessed as being at least equal to its carrying amount.

Boats - Short life assets

5% and 10% on cost

Temple Pier short lease

Over the remaining term of the lease

Fixtures and fittings

20% on cost

Plant and machinery

20% on cost

Computer equipment

20% on cost

Motor vehicles

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

 

Capital Pleasure Boats Limited

Notes to the Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks comprise fuel for boats, bar stock and consumables including staff uniforms. Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Capital Pleasure Boats Limited

Notes to the Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 56 (2023 - 49).

 

Capital Pleasure Boats Limited

Notes to the Financial Statements for the Year Ended 31 January 2024 (continued)

4

Tangible assets

Boats
£

Temple Pier
£

Fixtures and fittings
£

Plant and machinery
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

5,976,135

-

2,490

186,296

33,735

44,620

6,243,276

Additions

8,250

458,246

-

18,225

2,765

-

487,486

Disposals

(5,000)

-

-

-

(5,500)

-

(10,500)

At 31 January 2024

5,979,385

458,246

2,490

204,521

31,000

44,620

6,720,262

Depreciation

At 1 February 2023

610,330

-

2,005

135,571

32,085

4,462

784,453

Charge for the year

-

22,173

330

23,757

1,230

4,462

51,952

Eliminated on disposal

(2,500)

-

-

-

(5,500)

-

(8,000)

At 31 January 2024

607,830

22,173

2,335

159,328

27,815

8,924

828,405

Carrying amount

At 31 January 2024

5,371,555

436,073

155

45,193

3,185

35,696

5,891,857

At 31 January 2023

5,365,805

-

485

50,725

1,650

40,158

5,458,823

 

Capital Pleasure Boats Limited

Notes to the Financial Statements for the Year Ended 31 January 2024 (continued)

5

Debtors

Current

2024
£

2023
£

Trade debtors

282,340

370,789

Other debtors

119,632

8,779

Prepayments

147,632

214,354

 

549,604

593,922

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

206,207

193,319

Trade creditors

 

180,407

193,711

Taxation and social security

 

429,366

139,557

Other creditors

 

171,998

376,372

Accruals and deferred income

 

187,407

95,501

 

1,175,385

998,460

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

944,907

1,151,113

Other creditors

 

-

105,864

 

944,907

1,256,977

 

Capital Pleasure Boats Limited

Notes to the Financial Statements for the Year Ended 31 January 2024 (continued)

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

944,907

1,151,113

2024
£

2023
£

Current loans and borrowings

Bank borrowings

206,207

193,319

Bank borrowings

The carrying amount of boat loans at year end is £1,151,114 (2023 - £1,344,432).

The bank loans are secured on the pleasure boats, Golden Jubilee, Golden Sunrise and Golden Flame, and the work boat, MV Sea Dog. A £100,000 guarantee is also provided by the directors.

The total carrying amount of the secured boats is £1,619,539 (2023 - £1,619,539).

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £7,873 (2023 - £23,619).

The total amount of financial commitments not included in the balance sheet concerning pensions is £28,800 (2023 - £28,800). This is an annual commitment in respect of the directors' pension scheme. In addition, the company has a current annual commitment in respect of the staff scheme equal to 3% of qualifying earnings of those employees who elect to join the scheme. This is currently equivalent to an annual commitment of approximately £30,160 (2023 - £29,700).