Registered number
04618879
Cheshire Narrowboats Limited
Filleted Accounts
31 January 2024
Cheshire Narrowboats Limited
Registered number: 04618879
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 5,253 5,754
Investments 5 584,236 1,016,129
589,489 1,021,883
Current assets
Stocks 262,433 501,667
Debtors 6 - 15,335
Cash at bank and in hand 916,502 110,231
1,178,935 627,233
Creditors: amounts falling due within one year 7 (178,358) (276,670)
Net current assets 1,000,577 350,563
Total assets less current liabilities 1,590,066 1,372,446
Provisions for liabilities (998) (1,093)
Net assets 1,589,068 1,371,353
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 1,588,068 1,370,353
Shareholder's funds 1,589,068 1,371,353
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C F Reynolds
Director
Approved by the board on 21 October 2024
Cheshire Narrowboats Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 30,000
At 31 January 2024 30,000
Amortisation
At 1 February 2023 30,000
At 31 January 2024 30,000
Net book value
At 31 January 2024 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 63,969
Additions 812
At 31 January 2024 64,781
Depreciation
At 1 February 2023 58,215
Charge for the year 1,313
At 31 January 2024 59,528
Net book value
At 31 January 2024 5,253
At 31 January 2023 5,754
Freehold land and buildings: 2024 2023
£ £
Historical cost 584,236 1,016,129
Cumulative depreciation based on historical cost - -
584,236 1,016,129
5 Investments
Other
investments
£
Cost
At 1 February 2023 1,016,129
Disposals (431,893)
At 31 January 2024 584,236
6 Debtors 2024 2023
£ £
Other debtors - 15,335
7 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 99,040 28,530
Other creditors 79,318 248,140
178,358 276,670
8 Related party transactions 2024 2023
The director is a related party to the company £ £
At 31 January, the company owed the related party the following
unsecured loans which are repayable upon demand:
Amount due to the related party 9,736 200,237
9 Controlling party
During the year the company sold goods amounting to £1,142,673 (2023: £1,030,388) to L M Boat Sales Limited, a company of which Mr C F Reynolds has a controlling interest. These goods were sold on an arms length basis. At the period end the company owed L M Boat Sales Limited £67,481 (2023: £32,482).
10 Other information
Cheshire Narrowboats Limited is a private company limited by shares and incorporated in England. Its registered office is:
Lymm Marina
Warrington Lane
Lymm Marina
Cheshire
WA13 0SW
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