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REGISTERED NUMBER: 07395291 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

PRESTON BOATHOUSE LIMITED

PRESTON BOATHOUSE LIMITED (REGISTERED NUMBER: 07395291)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 6


PRESTON BOATHOUSE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: M S Ambrose
O Ambrose
S Taylor





REGISTERED OFFICE: 5 Cross View Terrace
Ide
Exeter
Devon
EX2 9RZ





REGISTERED NUMBER: 07395291 (England and Wales)





ACCOUNTANTS: Sheppard Rockey & Williams Ltd
Sannerville Chase
Exminster
Exeter
Devon
EX6 8AT

PRESTON BOATHOUSE LIMITED (REGISTERED NUMBER: 07395291)

BALANCE SHEET
31 MAY 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 275,310 275,310

CURRENT ASSETS
Debtors 5 200 1,211
Cash at bank - 2,327
200 3,538
CREDITORS
Amounts falling due within one year 6 155,497 109,942
NET CURRENT LIABILITIES (155,297 ) (106,404 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

120,013

168,906

CREDITORS
Amounts falling due after more than one year 7 134,792 148,698
NET (LIABILITIES)/ASSETS (14,779 ) 20,208

CAPITAL AND RESERVES
Called up share capital 10 200 200
Retained earnings (14,979 ) 20,008
SHAREHOLDERS' FUNDS (14,779 ) 20,208

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

PRESTON BOATHOUSE LIMITED (REGISTERED NUMBER: 07395291)

BALANCE SHEET - continued
31 MAY 2024


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 Board of Directors and authorised for issue on 21 October 2024 and were signed on its behalf by:





O Ambrose - Director


PRESTON BOATHOUSE LIMITED (REGISTERED NUMBER: 07395291)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Preston Boathouse Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents rent received.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Going concern
The accounts have been prepared on a going concern basis. The directors have confirmed they will provide sufficient funding to enable the company to continue trading for at least one year from the date of the approval of these accounts.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

PRESTON BOATHOUSE LIMITED (REGISTERED NUMBER: 07395291)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 275,310
NET BOOK VALUE
At 31 May 2024 275,310
At 31 May 2023 275,310

The market value of the investment property has been assessed by the directors at the balance sheet date to be the same as its historical cost of £275,310.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Other debtors 200 1,211

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 17,439 15,166
Other creditors 138,058 94,776
155,497 109,942

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans 134,792 148,698

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 67,651 81,557

PRESTON BOATHOUSE LIMITED (REGISTERED NUMBER: 07395291)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.5.24 31.5.23
£    £   
Within one year 12,135 12,135
Between one and five years 48,540 48,540
In more than five years 1,310,580 1,322,715
1,371,255 1,383,390

9. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank loans 149,958 163,864

Bank borrowings are secured by a fixed and floating charge over the company's assets.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.21 31.5.20
value: £ £
50 A Ordinary Shares £1 50 50
50 B Ordinary Shares £1 50 50
50 C Ordinary Shares £1 50 50
50 D Ordinary Shares £1 50 50
200 200

11. RELATED PARTY DISCLOSURES

Included in other creditors is a loan from two of the directors of £100,176 (2023 - £82,672). The loan is interest free, unsecured and repayable on demand.