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2023-10-31
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No description of principal activities is disclosed
2022-11-01
Sage Accounts Production 23.0 - FRS102_2023
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xbrli:shares
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Company registration number:
SC358720
Loch Lomond Wakeboard Limited
Unaudited filleted financial statements
31 October 2023
Loch Lomond Wakeboard Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Loch Lomond Wakeboard Limited
Directors and other information
|
|
|
|
Directors |
Mr William Gordon Forsyth |
|
|
Mr Raymond Colquhoun |
|
|
|
|
|
|
|
Company number |
SC358720 |
|
|
|
|
|
|
|
Registered office |
16 Gordon Street |
|
|
Glasgow |
|
|
G1 3PT |
|
|
|
|
|
|
|
Business address |
Glenview |
|
|
Gartness Road |
|
|
Balfron Station |
|
|
G63 0NH |
|
|
|
|
|
|
|
Accountants |
Bissets Limited |
|
|
Chartered Accountants |
|
|
16 Gordon Street |
|
|
Glasgow |
|
|
G1 3PT |
|
|
|
Loch Lomond Wakeboard Limited
Statement of financial position
31 October 2023
|
|
|
31/10/23 |
|
|
|
31/10/22 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
538,942 |
|
|
|
386,700 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
538,942 |
|
|
|
386,700 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
1,644,254 |
|
|
|
1,565,225 |
|
|
Debtors |
|
6 |
178,161 |
|
|
|
185,567 |
|
|
Cash at bank and in hand |
|
|
208,304 |
|
|
|
313,982 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
2,030,719 |
|
|
|
2,064,774 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
1,633,330) |
|
|
|
(
1,511,886) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
397,389 |
|
|
|
552,888 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
936,331 |
|
|
|
939,588 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
8 |
|
|
(
82,743) |
|
|
|
(
85,298) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
129,132) |
|
|
|
(
85,074) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
724,456 |
|
|
|
769,216 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
20 |
|
|
|
20 |
Profit and loss account |
|
|
|
|
724,436 |
|
|
|
769,196 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
724,456 |
|
|
|
769,216 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 October 2023 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
29 August 2024
, and are signed on behalf of the board by:
Mr William Gordon Forsyth
Director
Company registration number:
SC358720
Loch Lomond Wakeboard Limited
Statement of changes in equity
Year ended 31 October 2023
|
|
Called up share capital |
|
Profit and loss account |
Total |
|
|
|
|
|
|
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 November 2021 |
|
20 |
|
529,213 |
529,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
354,983 |
354,983 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
354,983 |
354,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid and payable |
|
|
|
(
115,000) |
(
115,000) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total investments by and distributions to owners |
|
- |
|
(
115,000) |
(
115,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 31 October 2022 and 1 November 2022 |
|
20 |
|
769,196 |
769,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the year |
|
|
|
61,240 |
61,240 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
61,240 |
61,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid and payable |
|
|
|
(
106,000) |
(
106,000) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total investments by and distributions to owners |
|
- |
|
(
106,000) |
(
106,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 31 October 2023 |
|
20 |
|
724,436 |
724,456 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loch Lomond Wakeboard Limited
Notes to the financial statements
Year ended 31 October 2023
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 16 Gordon Street, Glasgow, G1 3PT.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or be recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Tangible assets
tangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
The directors have reviewed the valuation of boats held within the plant and equipment category and have concluded that for the year ended 30 April 2018 no depreciation was required.
|
|
|
|
|
|
Leasehold Improvements |
- |
10 % |
straight line |
|
Plant & equipment |
- |
25 % |
reducing balance |
|
Office equipment |
- |
50 % |
reducing balance |
|
Motor vehicles |
- |
25 % |
reducing balance |
|
Website |
- |
25 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts payable. Debt instruments that are payable within one year, typically trade creditors, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
8
(2022:
9
).
5.
Tangible assets
|
|
Short leasehold improvements |
Plant and equipment |
Office equipment |
Motor vehicles |
Website |
Total |
|
|
|
£ |
£ |
£ |
£ |
£ |
£ |
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 November 2022 |
10,000 |
274,025 |
5,275 |
237,283 |
3,800 |
530,383 |
|
|
Additions |
23,886 |
216,608 |
738 |
32,707 |
- |
273,939 |
|
|
Disposals |
- |
- |
- |
(
22,344) |
- |
(
22,344) |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
At 31 October 2023 |
33,886 |
490,633 |
6,013 |
247,646 |
3,800 |
781,978 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 November 2022 |
389 |
70,364 |
4,309 |
64,901 |
3,720 |
143,683 |
|
|
Charge for the year |
2,951 |
54,321 |
545 |
56,005 |
20 |
113,842 |
|
|
Disposals |
- |
- |
- |
(
14,489) |
- |
(
14,489) |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
At 31 October 2023 |
3,340 |
124,685 |
4,854 |
106,417 |
3,740 |
243,036 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 October 2023 |
30,546 |
365,948 |
1,159 |
141,229 |
60 |
538,942 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
At 31 October 2022 |
9,611 |
203,661 |
966 |
172,382 |
80 |
386,700 |
|
|
|
_______ |
_______ |
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
31/10/23 |
31/10/22 |
|
|
|
£ |
£ |
|
Trade debtors |
|
156,725 |
182,229 |
|
Other debtors |
|
21,436 |
3,338 |
|
|
|
_______ |
_______ |
|
|
|
178,161 |
185,567 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
31/10/23 |
31/10/22 |
|
|
|
£ |
£ |
|
Bank loans and overdrafts |
|
10,780 |
11,032 |
|
Trade creditors |
|
503,403 |
274,181 |
|
Corporation tax |
|
- |
7,476 |
|
Social security and other taxes |
|
212,568 |
64,923 |
|
Other creditors |
|
906,579 |
1,154,274 |
|
|
|
_______ |
_______ |
|
|
|
1,633,330 |
1,511,886 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due after more than one year
|
|
|
31/10/23 |
31/10/22 |
|
|
|
£ |
£ |
|
Other creditors |
|
82,743 |
85,298 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Directors' advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended 31/10/23 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr William Gordon Forsyth |
(
31,267) |
30,972 |
(
295) |
|
|
|
|
Mr Raymond Colquhoun |
(
47,618) |
12,627 |
(
34,991) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
(
78,885) |
43,599 |
(
35,286) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
Period ended 31/10/22 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr William Gordon Forsyth |
(
4,637) |
(
26,630) |
(
31,267) |
|
|
|
|
Mr Raymond Colquhoun |
(
17,466) |
(
30,152) |
(
47,618) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
(
22,103) |
(
56,782) |
(
78,885) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|