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Registration number: NI009599

Aghinver Boat Co. Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Aghinver Boat Co. Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Aghinver Boat Co. Limited

(Registration number: NI009599)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

880,302

652,824

Investments

5

73

73

 

880,375

652,897

Current assets

 

Stocks

6

35,000

44,800

Debtors

7

137,670

813,083

Cash at bank and in hand

 

1,345,274

355

 

1,517,944

858,238

Creditors: Amounts falling due within one year

8

(2,066,297)

(1,042,978)

Net current liabilities

 

(548,353)

(184,740)

Total assets less current liabilities

 

332,022

468,157

Creditors: Amounts falling due after more than one year

8

(30,400)

(30,400)

Provisions for liabilities

(88,193)

(44,750)

Net assets

 

213,429

393,007

Capital and reserves

 

Called up share capital

9

22,000

22,000

Retained earnings

191,429

371,007

Shareholders' funds

 

213,429

393,007

 

Aghinver Boat Co. Limited

(Registration number: NI009599)
Balance Sheet as at 31 January 2024

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.

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.

Approved and authorised by the Board on 22 August 2024 and signed on its behalf by:
 

John Patrick McCaldin
Director

 

Aghinver Boat Co. Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The Company Registration Number is: NI009599

The address of its registered office is:
167 Crevinish Road
Aghinver
Lisnarick
Enniskillen
County Fermanagh
BT94 1JY
Northern Ireland

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.

The presentation currency is £ Sterling.

The level of rounding is to the nearest £ Sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Revenue derived from hiring charges is recognised at the point it becomes non-refundable rather than at the time of booking.

The company recognises other revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity; and
specific criteria have been met for each of the company's activities.

 

Aghinver Boat Co. Limited

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

Other grants

Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching them and the grants will be received using the accrual model.

Tax

The tax expense for the period comprises current and deferred 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.

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 on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have
been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

20% Reducing Balance

Plant & Machinery

15% Reducing Balance

Marine Base

2% Straight Line

Motor Cruisers

7.5% Reducing Balance

 

Aghinver Boat Co. Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.

Debtors

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

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 and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs. Work-in progress is reflected in accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Creditors

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.

Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Financial instruments

Classification
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
 

 

Aghinver Boat Co. Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

4

Tangible assets

Marine Base
£

Plant and machinery
£

Motor Cruisers
£

Total
£

Cost or valuation

At 1 February 2023

463,379

407,882

156,563

1,027,824

Additions

51,052

252,511

-

303,563

Disposals

(264)

(2,772)

(62,196)

(65,232)

At 31 January 2024

514,167

657,621

94,367

1,266,155

Depreciation

At 1 February 2023

125,037

163,330

86,601

374,968

Charge for the year

10,191

41,636

3,739

55,566

Eliminated on disposal

(20)

(2,573)

(42,088)

(44,681)

At 31 January 2024

135,208

202,393

48,252

385,853

Carrying amount

At 31 January 2024

378,959

455,228

46,115

880,302

At 31 January 2023

338,310

244,552

69,962

652,824

 

Aghinver Boat Co. Limited

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

5

Investments

2024
£

2023
£

Investments in subsidiaries

73

73

Subsidiaries

£

Cost or valuation

At 1 February 2023

73

Carrying amount

At 31 January 2024

73

At 31 January 2023

73

6

Stocks

2024
£

2023
£

Stock - finished goods

35,000

44,800

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

95,452

82,191

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

-

724,236

Other debtors

 

42,218

6,656

 

137,670

813,083

 

Aghinver Boat Co. Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

252,000

37,233

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

956,314

-

Taxation and social security

 

-

89,346

Accruals and deferred income

 

4,950

5,600

Other creditors

 

308

34,834

Director current account

 

852,725

875,965

 

2,066,297

1,042,978

Creditors: amounts falling due after more than one year

2024
£

2023
£

Non-current loans and borrowings

Accruals and deferred income

30,400

30,400

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Allotted, Called Up and Paid of £1 each

22,000

22,000

22,000

22,000

         
 

Aghinver Boat Co. Limited

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

10

Related party transactions

Amounts owed by Subsidiaries

The company has availed of the exemption under FRS102 in relation to transactions with group companies.

Loans to/(from) the directors

At 1 February 2023

Advances to directors

Repayments by directors

At 31 January 2024

£

£

£

£

John Patrick McCaldin

(280,169)

118,805

(45,228)

(206,592)

Michael McCaldin

(203,674)

38,347

(32,290)

(199,473)

Elizabeth McCaldin

(145,316)

5,490

(28,950)

(168,776)

Carolyn McCaldin

(246,806)

5,382

(38,316)

(277,882)

Total

(875,964)

168,024

(144,784)

(852,723)

The above loans are unsecured, interest free and repayable on demand.

11

Ultimate controlling party

No individual shareholding acting on their own behalf can exercise ultimate control over the company.