Registration number:
Capital Pleasure Boats Limited
for the Year Ended 31 January 2024
Capital Pleasure Boats Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Capital Pleasure Boats Limited
Company Information
Directors |
N Neicho J Spanswick SM Neicho MD Spanswick |
Registered office |
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Capital Pleasure Boats Limited
(Registration number: 08050435)
Balance Sheet as at 31 January 2024
Note |
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2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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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:
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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
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Capital Pleasure Boats Limited
Notes to the Financial Statements for the Year Ended 31 January 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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)
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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)
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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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Capital Pleasure Boats Limited
Notes to the Financial Statements for the Year Ended 31 January 2024 (continued)
Tangible assets |
Boats |
Temple Pier |
Fixtures and fittings |
Plant and machinery |
Computer equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 February 2023 |
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Additions |
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- |
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Disposals |
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- |
- |
- |
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- |
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At 31 January 2024 |
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Depreciation |
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At 1 February 2023 |
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- |
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Charge for the year |
- |
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Eliminated on disposal |
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- |
- |
- |
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- |
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At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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- |
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Capital Pleasure Boats Limited
Notes to the Financial Statements for the Year Ended 31 January 2024 (continued)
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Other debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Other creditors |
- |
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944,907 |
1,256,977 |
Capital Pleasure Boats Limited
Notes to the Financial Statements for the Year Ended 31 January 2024 (continued)
Loans and borrowings |
2024 |
2023 |
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Non-current loans and borrowings |
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Bank borrowings |
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2024 |
2023 |
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Current loans and borrowings |
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Bank borrowings |
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Bank borrowings
The carrying amount of boat loans at year end is £ 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.
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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 £
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).