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UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

REID BOATS LTD

REID BOATS LTD (REGISTERED NUMBER: 12560568)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


REID BOATS LTD

COMPANY INFORMATION
For The Year Ended 30 April 2024







DIRECTOR: P J Reid





REGISTERED OFFICE: 5th Floor
Waverley House
115 - 119 Holdenhurst Road
Bournemouth
Dorset
BH8 8DY





REGISTERED NUMBER: 12560568 (England and Wales)






REID BOATS LTD (REGISTERED NUMBER: 12560568)

BALANCE SHEET
30 April 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 8,271 9,649
Tangible assets 5 - 305
8,271 9,954

CURRENT ASSETS
Stocks 99,855 54,124
Debtors 6 26,987 36,361
Cash at bank 12,599 14,419
139,441 104,904
CREDITORS
Amounts falling due within one year 7 (48,365 ) (31,627 )
NET CURRENT ASSETS 91,076 73,277
TOTAL ASSETS LESS CURRENT
LIABILITIES

99,347

83,231

CREDITORS
Amounts falling due after more than one year 8 (2,500 ) (5,000 )

PROVISIONS FOR LIABILITIES - (58 )
NET ASSETS 96,847 78,173

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 96,747 78,073
SHAREHOLDERS' FUNDS 96,847 78,173

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 September 2024 and were signed by:




P J Reid - Director


REID BOATS LTD (REGISTERED NUMBER: 12560568)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 April 2024

1. STATUTORY INFORMATION

Reid Boats Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. 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.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

REID BOATS LTD (REGISTERED NUMBER: 12560568)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 April 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 13,783
AMORTISATION
At 1 May 2023 4,134
Amortisation for year 1,378
At 30 April 2024 5,512
NET BOOK VALUE
At 30 April 2024 8,271
At 30 April 2023 9,649

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 May 2023
and 30 April 2024 1,217
DEPRECIATION
At 1 May 2023 912
Charge for year 305
At 30 April 2024 1,217
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 305

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 7,215 16,202
Other debtors 19,772 20,159
26,987 36,361

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 534 367
Taxation and social security 4,762 7,324
Other creditors 43,069 23,936
48,365 31,627

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 2,500 5,000

REID BOATS LTD (REGISTERED NUMBER: 12560568)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 April 2024

9. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Other loans 5,000 5,000

Amounts falling due between one and two years:
Other loans - 1-2 years 2,500 2,500

Amounts falling due between two and five years:
Other loans - 2-5 years - 2,500

Loans totalling £7,500 (2023: £10,000) are unsecured and interest free.

The Director has provided a personal guarantee in respect of the loan.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
P J Reid
Balance outstanding at start of year - 22,083
Amounts advanced - 5,885
Amounts repaid - (27,968 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Loans to the Director during the comparative period were unsecured and repayable on demand. Interest was charged at a rate of 2% per annum on that outstanding balance.The loan was fully discharged in the comparative period. No loans with the Directors were entered into during the year under review.