Registered number
SC303012
Clyde Outboard Services Limited
Filleted Accounts
31 January 2024
Clyde Outboard Services Limited
Registered number: SC303012
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 28,388 21,015
Current assets
Stocks 80,809 127,378
Debtors 4 6,631 8,154
Cash at bank and in hand 45,919 32,986
133,359 168,518
Creditors: amounts falling due within one year 5 (63,523) (78,941)
Net current assets 69,836 89,577
Total assets less current liabilities 98,224 110,592
Creditors: amounts falling due after more than one year 6 (20,746) (30,493)
Net assets 77,478 80,099
Capital and reserves
Called up share capital 500 500
Profit and loss account 76,978 79,599
Shareholder's funds 77,478 80,099
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Cameron Radford
Director
Approved by the board on 13 August 2024
Clyde Outboard Services Limited
Notes to the Accounts
for the year ended 31 January 2024
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.
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 15% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 31,222 13,794 45,016
Additions 1,767 12,500 14,267
At 31 January 2024 32,989 26,294 59,283
Depreciation
At 1 February 2023 13,726 10,275 24,001
Charge for the year 2,889 4,005 6,894
At 31 January 2024 16,615 14,280 30,895
Net book value
At 31 January 2024 16,374 12,014 28,388
At 31 January 2023 17,496 3,519 21,015
4 Debtors 2024 2023
£ £
Trade debtors 6,631 8,154
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 31,841 33,154
Corporation tax 9,078 12,022
Other taxes and social security costs 11,366 22,644
Other creditors 1,238 1,121
63,523 78,941
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,746 30,493
7 Controlling party
The controlling party is Cameron Radford who owns 100% of the issued share capital of the company.
8 Other information
Clyde Outboard Services Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Units 3a/3b/4
Ardgowan Street Kingston Industrial Estate
PORT GLASGOW
PA14 5DG
Clyde Outboard Services Limited SC303012 false 2023-02-01 2024-01-31 2024-01-31 VT Final Accounts April 2024 Cameron Radford No description of principal activity SC303012 2022-02-01 2023-01-31 SC303012 core:WithinOneYear 2023-01-31 SC303012 core:AfterOneYear 2023-01-31 SC303012 core:ShareCapital 2023-01-31 SC303012 core:RetainedEarningsAccumulatedLosses 2023-01-31 SC303012 2023-02-01 2024-01-31 SC303012 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 SC303012 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 SC303012 bus:Director40 2023-02-01 2024-01-31 SC303012 1 2023-02-01 2024-01-31 SC303012 2 2023-02-01 2024-01-31 SC303012 core:PlantMachinery 2023-02-01 2024-01-31 SC303012 core:Vehicles 2023-02-01 2024-01-31 SC303012 countries:England 2023-02-01 2024-01-31 SC303012 bus:FRS102 2023-02-01 2024-01-31 SC303012 bus:FilletedAccounts 2023-02-01 2024-01-31 SC303012 2024-01-31 SC303012 core:WithinOneYear 2024-01-31 SC303012 core:AfterOneYear 2024-01-31 SC303012 core:ShareCapital 2024-01-31 SC303012 core:RetainedEarningsAccumulatedLosses 2024-01-31 SC303012 core:PlantMachinery 2024-01-31 SC303012 core:Vehicles 2024-01-31 SC303012 2023-01-31 SC303012 core:PlantMachinery 2023-01-31 SC303012 core:Vehicles 2023-01-31 iso4217:GBP xbrli:pure