Company Registration No. 05146901 (England and Wales)
Performance Nautique Limited
Unaudited accounts
for the year ended 31 December 2023
Performance Nautique Limited
Unaudited accounts
Contents
Performance Nautique Limited
Company Information
for the year ended 31 December 2023
Directors
Jordan Potter
Josh Potter
Company Number
05146901 (England and Wales)
Registered Office
Unit 9 Langham Park
Lows Lane
Stanton By Dale, Derby
Derbyshire
DE7 4RJ
Accountants
Litchfield Financial Services Ltd
1 Gladstone Avenue
Gotham
Nottingham
NG11 0HN
Performance Nautique Limited
Statement of financial position
as at 31 December 2023
Tangible assets
842,552
859,211
Inventories
883,774
863,774
Cash at bank and in hand
4,105,971
3,446,272
Creditors: amounts falling due within one year
(1,535,800)
(1,421,122)
Net current assets
3,998,298
3,266,872
Total assets less current liabilities
4,840,850
4,126,083
Creditors: amounts falling due after more than one year
(3,485)
(24,059)
Provisions for liabilities
Other provisions
(59,682)
(75,569)
Net assets
4,777,683
4,026,455
Called up share capital
100
100
Profit and loss account
4,777,583
4,026,355
Shareholders' funds
4,777,683
4,026,455
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by
Josh Potter
Director
Company Registration No. 05146901
Performance Nautique Limited
Notes to the Accounts
for the year ended 31 December 2023
Performance Nautique Limited is a private company, limited by shares, registered in England and Wales, registration number 05146901. The registered office is Unit 9 Langham Park, Lows Lane, Stanton By Dale, Derby, Derbyshire, DE7 4RJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
5% straight line
Plant & machinery
15 % on cost
Motor vehicles
25% reducing balance
Fixtures & fittings
20% on cost
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable , direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Inventories held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Performance Nautique Limited
Notes to the Accounts
for the year ended 31 December 2023
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues' of FRS102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt , are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective rate of interest method.
The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Performance Nautique Limited
Notes to the Accounts
for the year ended 31 December 2023
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange gains and losses arising on translation are included in the profit and loss account for the period.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Performance Nautique Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2023
1,089,630
51,567
72,586
114,702
1,328,485
Additions
-
9,629
31,995
9,123
50,747
Disposals
-
-
(72,586)
-
(72,586)
At 31 December 2023
1,089,630
61,196
31,995
123,825
1,306,646
At 1 January 2023
320,349
28,468
30,280
90,177
469,274
Charge for the year
-
10,729
7,998
12,441
31,168
On disposals
-
-
(36,348)
-
(36,348)
At 31 December 2023
320,349
39,197
1,930
102,618
464,094
At 31 December 2023
769,281
21,999
30,065
21,207
842,552
At 31 December 2022
769,281
23,099
42,306
24,525
859,211
Amounts falling due within one year
Trade debtors
501,944
336,147
Amounts falling due after more than one year
Other debtors
42,409
41,801
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,660
10,660
Obligations under finance leases and hire purchase contracts
-
6,367
Trade creditors
784,929
665,079
Taxes and social security
343,579
352,486
Loans from directors
-
2,714
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
1,592
Loans from directors
(10,804)
-
Performance Nautique Limited
Notes to the Accounts
for the year ended 31 December 2023
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loans made during the Year
35,851
2,767
37,260
1,358
Loans made during the Year
44,635
27,821
63,009
9,446
80,486
30,588
100,269
10,804
9
Average number of employees
During the year the average number of employees was 6 (2022: 6).