Registered number
07248722
South Catamarans Ltd
Unaudited Filleted Accounts
30 November 2023
South Catamarans Ltd
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Chartered Accountants' report 3
Balance sheet 4
Notes to the accounts 5
South Catamarans Ltd
Company Information
Directors
Mrs A Jeffery
Mr C Jeffery
Accountants
Cochrane & Co Accountants Limited
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
Registered office
66 Greenlands Road
East Cowes
Isle of Wight
PO32 6HT
Registered number
07248722
South Catamarans Ltd
Registered number: 07248722
Directors' Report
The directors present their report and accounts for the year ended 30 November 2023.
Principal activities
The company's principal activity during the year continued to be that of the licensing of designs and consultancy relating to GRP and aluminium vessels.
Directors
The following persons served as directors during the year:
Mrs A Jeffery
Mr C Jeffery
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 20 August 2024 and signed on its behalf.
Mrs A Jeffery
Director
South Catamarans Ltd
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of South Catamarans Ltd for the year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of South Catamarans Ltd for the year ended 30 November 2023 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Cochrane & Co Accountants Limited
Chartered Accountants
38 Kings Road
Lee-on-the-Solent
Hampshire
PO13 9NU
20 August 2024
South Catamarans Ltd
Registered number: 07248722
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
As restated
Fixed assets
Tangible assets 3 - 164
Current assets
Cash at bank and in hand 245 745
Creditors: amounts falling due within one year 4 (94,459) (83,737)
Net current liabilities (94,214) (82,992)
Net liabilities (94,214) (82,828)
Capital and reserves
Called up share capital 1 1
Profit and loss account (94,215) (82,829)
Shareholder's funds (94,214) (82,828)
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 member has 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.
Mr C Jeffery
Director
Approved by the board on 20 August 2024
South Catamarans Ltd
Notes to the Accounts
for the year ended 30 November 2023
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, 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
Motor vehicles over 4 years
Moulds 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.
Going concern
Despite the current year loss and balance sheet deficit, the directors have prepared the accounts on a going concern basis. They believe that future income will address the shortfall in reserves.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2022 14,699
At 30 November 2023 14,699
Depreciation
At 1 December 2022 14,535
Charge for the year 164
At 30 November 2023 14,699
Net book value
At 30 November 2023 -
At 30 November 2022 164
4 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs (288) (184)
Other creditors 94,747 83,921
94,459 83,737
5 Prior year adjustment
A prior year adjustment has been made to remove the capitalisation of the van, which is actually held under a finance lease.
6 Controlling party
The company is controlled by Mr C Jeffery.
7 Other information
South Catamarans Ltd is a private company limited by shares and incorporated in England. Its registered office is:
66 Greenlands Road
East Cowes
Isle of Wight
PO32 6HT
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