Registered number
08451232
Multihull Centre Limited
Filleted Accounts
31 March 2024
Multihull Centre Limited
Registered number: 08451232
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 14,283
Tangible assets 4 16,493 17,846
16,493 32,129
Current assets
Stocks 5,000 5,271
Debtors 5 121,805 159,508
Cash at bank and in hand 36,941 37,746
163,746 202,525
Creditors: amounts falling due within one year 6 (175,991) (188,855)
Net current (liabilities)/assets (12,245) 13,670
Total assets less current liabilities 4,248 45,799
Creditors: amounts falling due after more than one year 7 (12,500) (68,662)
Net liabilities (8,252) (22,863)
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (9,252) (23,863)
Shareholders' funds (8,252) (22,863)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
D Newton S Baker
Director Director
Approved by the board on 15 August 2024
Multihull Centre Limited
Notes to the Accounts
for the year ended 31 March 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 3 3
3 Intangible fixed assets £
leasehold premium
Cost
At 1 April 2023 215,000
At 31 March 2024 215,000
Amortisation
At 1 April 2023 200,717
At 31 March 2024 215,000
Net book value
At 31 March 2024 -
At 31 March 2023 14,283
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 - 119,896 119,896
At 31 March 2024 - 123,487 123,487
Depreciation
At 1 April 2023 - 102,050 102,050
Charge for the year - 4,944 4,944
On disposals - - -
At 31 March 2024 - 106,994 106,994
Net book value
At 31 March 2024 - 16,493 16,493
At 31 March 2023 - 17,846 17,846
5 Debtors 2024 2023
£ £
Trade debtors 76,484 73,554
Other debtors 45,321 85,954
121,805 159,508
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 153,947 158,393
Taxation and social security costs 3,654 18,485
Other creditors 8,390 1,977
175,991 188,855
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,500 22,500
Other creditors - 46,162
12,500 68,662
8 Other information
Multihull Centre Limited is a private company limited by shares and incorporated in England. Its registered office is:
4-5 Russell Court
Palace Street
Plymouth
PL1 2AS
Multihull Centre Limited 08451232 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 D Newton No description of principal activity 08451232 2022-04-01 2023-03-31 08451232 core:WithinOneYear 2023-03-31 08451232 core:AfterOneYear 2023-03-31 08451232 core:ShareCapital 2023-03-31 08451232 core:RetainedEarningsAccumulatedLosses 2023-03-31 08451232 2023-04-01 2024-03-31 08451232 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08451232 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08451232 bus:Director40 2023-04-01 2024-03-31 08451232 1 2023-04-01 2024-03-31 08451232 2 2023-04-01 2024-03-31 08451232 core:LandBuildings 2023-04-01 2024-03-31 08451232 core:PlantMachinery 2023-04-01 2024-03-31 08451232 countries:England 2023-04-01 2024-03-31 08451232 bus:FRS102 2023-04-01 2024-03-31 08451232 bus:FilletedAccounts 2023-04-01 2024-03-31 08451232 2024-03-31 08451232 core:WithinOneYear 2024-03-31 08451232 core:AfterOneYear 2024-03-31 08451232 core:ShareCapital 2024-03-31 08451232 core:RetainedEarningsAccumulatedLosses 2024-03-31 08451232 core:Goodwill 2024-03-31 08451232 core:LandBuildings 2024-03-31 08451232 core:PlantMachinery 2024-03-31 08451232 2023-03-31 08451232 core:Goodwill 2023-03-31 08451232 core:LandBuildings 2023-03-31 08451232 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure