Company registration number 08277324 (England and Wales)
GLOBAL YACHT SALES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
GLOBAL YACHT SALES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
GLOBAL YACHT SALES LTD (REGISTERED NUMBER: 08277324)
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,892
5,081
Current assets
Stocks
130,000
200,000
Debtors
4
357,523
440,571
Cash at bank and in hand
858,585
1,222,724
1,346,108
1,863,295
Creditors: amounts falling due within one year
5
(690,710)
(1,353,059)
Net current assets
655,398
510,236
Total assets less current liabilities
658,290
515,317
Creditors: amounts falling due after more than one year
6
(72,583)
(113,583)
Net assets
585,707
401,734
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
585,706
401,733
Total equity
585,707
401,734

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

GLOBAL YACHT SALES LTD (REGISTERED NUMBER: 08277324)
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 30 August 2024
R Cottrell
Director
GLOBAL YACHT SALES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information

Global Yacht Sales Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 19/21 Swan Street, West Malling, United Kingdom, ME19 6JU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover is recognised at the fair value of consideration received or receivable for the goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The following criteria must also be met before turnover is recognised.

 

Turnover for the sale of goods and services is recognised when all of the following conditions are met:

 

  • The company has transferred the significant risks and rewards of ownership to the buyer;

  • The amount of turnover can be recognised reliably and;

  • It is probable that the company will receive the consideration due under the transaction

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Parts and equipment
15% straight line
Fixtures and fittings
25% straight line
Computer Equipment
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

GLOBAL YACHT SALES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.6
Taxation

The tax expense represents the sum of the tax currently payable.

 

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Parts and equipment
Fixtures and fittings
Computer Equipment
Total
£
£
£
£
Cost
At 1 September 2022 and 31 August 2023
8,589
5,216
8,829
22,634
Depreciation and impairment
At 1 September 2022
8,589
1,551
7,413
17,553
Depreciation charged in the year
-
0
1,304
885
2,189
At 31 August 2023
8,589
2,855
8,298
19,742
Carrying amount
At 31 August 2023
-
0
2,361
531
2,892
At 31 August 2022
-
0
3,665
1,416
5,081

 

 

GLOBAL YACHT SALES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
202,061
22,350
Other debtors
155,462
418,221
357,523
440,571
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
170,710
30,846
Taxation and social security
68,891
89,174
Other creditors
441,109
1,223,039
690,710
1,353,059
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
18,333
28,333
Other creditors
54,250
85,250
72,583
113,583
7
Financial commitments, guarantees and contingent liabilities

During the year 30 September 2020, the company borrowed £50,000 from its bankers for a Bounce Back Loan. As part of this loan scheme, the UK government has guaranteed the advance and paid the interest and fees due for the first 12 months. As at the balance sheet date, the balance outstanding to the company's bankers was £28,333 (2022: £38,333).

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