Registration number:
Aghinver Boat Co. Limited
for the Year Ended 31 January 2024
Aghinver Boat Co. Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Aghinver Boat Co. Limited
(Registration number: NI009599)
Balance Sheet as at 31 January 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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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 liabilities |
( |
( |
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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 |
22,000 |
22,000 |
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Retained earnings |
191,429 |
371,007 |
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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:
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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. |
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
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Aghinver Boat Co. Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
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:
Northern Ireland
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
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
Aghinver Boat Co. Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Marine Base |
Plant and machinery |
Motor Cruisers |
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 |
( |
( |
( |
( |
At 31 January 2024 |
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Depreciation |
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At 1 February 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
( |
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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Aghinver Boat Co. Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 February 2023 |
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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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Stocks |
2024 |
2023 |
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Stock - finished goods |
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Debtors |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
- |
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Other debtors |
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Aghinver Boat Co. Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Trade creditors |
252,000 |
37,233 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
956,314 |
- |
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Taxation and social security |
- |
89,346 |
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Accruals and deferred income |
4,950 |
5,600 |
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Other creditors |
308 |
34,834 |
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Director current account |
852,725 |
875,965 |
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Creditors: amounts falling due after more than one year
2024 |
2023 |
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Non-current loans and borrowings |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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22,000 |
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22,000 |
Aghinver Boat Co. Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
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.
Ultimate controlling party |
No individual shareholding acting on their own behalf can exercise ultimate control over the company.