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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)
_______ _______ _______