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Registered number: 03211724
Quay Lane Boatyard Limited
Financial Statements
For The Year Ended 31 March 2024
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03211724
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 78,939 94,005
78,939 94,005
CURRENT ASSETS
Debtors 5 8,454 10,304
Cash at bank and in hand 124,548 55,805
133,002 66,109
Creditors: Amounts Falling Due Within One Year 6 (39,756 ) (22,168 )
NET CURRENT ASSETS (LIABILITIES) 93,246 43,941
TOTAL ASSETS LESS CURRENT LIABILITIES 172,185 137,946
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,999 ) (17,861 )
NET ASSETS 157,186 120,085
CAPITAL AND RESERVES
Called up share capital 7 210 210
Profit and Loss Account 156,976 119,875
SHAREHOLDERS' FUNDS 157,186 120,085
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Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Victoria Richmond
Director
19th September 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Quay Lane Boatyard Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03211724 . The registered office is Quay Lane Boatyard Quay Lane , Hardway, Gosport, England, PO12 4LJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Over 10 years
Plant & Machinery 15% Reducing balance
Motor Vehicles 20% Reducing Balance
Fixtures & Fittings 25% Reducing balance
Computer Equipment Over 3 years
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2023 6,158 223,815 11,268 11,201
As at 31 March 2024 6,158 223,815 11,268 11,201
Depreciation
As at 1 April 2023 6,158 142,283 939 10,465
Provided during the period - 12,230 2,066 184
As at 31 March 2024 6,158 154,513 3,005 10,649
Net Book Value
As at 31 March 2024 - 69,302 8,263 552
As at 1 April 2023 - 81,532 10,329 736
Computer Equipment Total
£ £
Cost
As at 1 April 2023 1,758 254,200
As at 31 March 2024 1,758 254,200
Depreciation
As at 1 April 2023 350 160,195
Provided during the period 586 15,066
As at 31 March 2024 936 175,261
Net Book Value
As at 31 March 2024 822 78,939
As at 1 April 2023 1,408 94,005
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,906 4,020
Other debtors 6,548 6,284
8,454 10,304
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 636 1,804
Other creditors 1,894 1,605
Taxation and social security 37,226 18,759
39,756 22,168
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 210 210
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