The Special Boat Service Limited 07010542 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is the sale of marine boats and engines; and the brokerage of yachts Digita Accounts Production Advanced 6.30.9574.0 true true 07010542 2022-12-01 2023-11-30 07010542 2023-11-30 07010542 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-11-30 07010542 core:CurrentFinancialInstruments 2023-11-30 07010542 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 07010542 core:Non-currentFinancialInstruments 2023-11-30 07010542 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 07010542 core:ConstructionInProgressAssetsUnderConstruction 2023-11-30 07010542 core:MotorVehicles 2023-11-30 07010542 core:PlantMachinery 2023-11-30 07010542 core:OtherRelatedParties 2023-11-30 07010542 bus:SmallEntities 2022-12-01 2023-11-30 07010542 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 07010542 bus:FullAccounts 2022-12-01 2023-11-30 07010542 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 07010542 bus:RegisteredOffice 2022-12-01 2023-11-30 07010542 bus:Director1 2022-12-01 2023-11-30 07010542 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 07010542 core:CommercialMotorVehicles 2022-12-01 2023-11-30 07010542 core:ConstructionInProgressAssetsUnderConstruction 2022-12-01 2023-11-30 07010542 core:MotorVehicles 2022-12-01 2023-11-30 07010542 core:PlantMachinery 2022-12-01 2023-11-30 07010542 core:OtherRelatedParties 2022-12-01 2023-11-30 07010542 countries:EnglandWales 2022-12-01 2023-11-30 07010542 2022-11-30 07010542 core:ConstructionInProgressAssetsUnderConstruction 2022-11-30 07010542 core:MotorVehicles 2022-11-30 07010542 core:PlantMachinery 2022-11-30 07010542 2021-12-01 2022-11-30 07010542 2022-11-30 07010542 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-11-30 07010542 core:CurrentFinancialInstruments 2022-11-30 07010542 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 07010542 core:Non-currentFinancialInstruments 2022-11-30 07010542 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 07010542 core:ConstructionInProgressAssetsUnderConstruction 2022-11-30 07010542 core:MotorVehicles 2022-11-30 07010542 core:PlantMachinery 2022-11-30 iso4217:GBP xbrli:pure

Registration number: 07010542

The Special Boat Service Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

The Special Boat Service Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

The Special Boat Service Limited

Company Information

Director

Mr S R Bruce

Registered office

6 Mitchell Point
Ensign Way
Hamble-Le-Rice
Southampton
SO31 4RF

Accountants

A J Wheeler Ltd - Trading as Howard Smith & Co
Chartered Certified Accountants
338 London Road
Portsmouth
Hampshire
PO2 9JY

 

The Special Boat Service Limited

(Registration number: 07010542)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

22,489

21,902

Current assets

 

Stocks

5

250,000

735,104

Debtors

6

389,099

217,252

Cash at bank and in hand

 

83,321

74,495

 

722,420

1,026,851

Creditors: Amounts falling due within one year

7

(491,966)

(614,404)

Net current assets

 

230,454

412,447

Total assets less current liabilities

 

252,943

434,349

Creditors: Amounts falling due after more than one year

7

(14,985)

(24,975)

Provisions for liabilities

(2,084)

(2,697)

Net assets

 

235,874

406,677

Capital and reserves

 

Called up share capital

100

100

Retained earnings

235,774

406,577

Shareholders' funds

 

235,874

406,677

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 August 2024
 

 

The Special Boat Service Limited

(Registration number: 07010542)
Balance Sheet as at 30 November 2023

.........................................
Mr S R Bruce
Director

 

The Special Boat Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
6 Mitchell Point
Ensign Way
Hamble-Le-Rice
Southampton
SO31 4RF

These financial statements were authorised for issue by the director on 30 August 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

The company recognises 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

The Special Boat Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Plant and machinery

20% on reducing balance

Motor vehicles

25% on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

The Special Boat Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 6).

 

The Special Boat Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Properties under construction
 £

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

-

9,231

29,288

38,519

Additions

11,511

-

-

11,511

At 30 November 2023

11,511

9,231

29,288

50,030

Depreciation

At 1 December 2022

-

4,960

19,208

24,168

Charge for the year

-

853

2,520

3,373

At 30 November 2023

-

5,813

21,728

27,541

Carrying amount

At 30 November 2023

11,511

3,418

7,560

22,489

At 30 November 2022

7,708

4,114

10,080

21,902

5

Stocks

2023
£

2022
£

Other inventories

250,000

735,104

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

61,811

94,446

Amounts owed by related parties

9

198,697

-

Prepayments

 

3,036

2,414

Other debtors

 

125,555

120,392

   

389,099

217,252

 

The Special Boat Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans

8

10,438

10,475

Trade creditors

 

452,903

433,095

Taxation and social security

 

16,176

159,530

Accruals and deferred income

 

8,720

8,507

Other creditors

 

3,729

2,797

 

491,966

614,404

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

14,985

24,975

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

14,985

24,975

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,990

9,990

Bank overdrafts

448

-

Hire purchase contracts

-

485

10,438

10,475

 

The Special Boat Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

2,274

9,004

Summary of transactions with other related parties

Loan to The Special Boat Property Company Limited for deposit.
 

Loans to related parties

2023

Other related parties
£

Total
£

Advanced

198,697

198,697

At end of period

198,697

198,697