Company Registration No. 01173152 (England and Wales)
CALCUTT BOATS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
CALCUTT BOATS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mrs A R Preen
Mr R Preen
Mr M Preen
Secretary
Mrs A R Preen
Company number
01173152
Registered office
Calcutt Boats Limited
Tomlow Road
Stockton
Southam
Warwickshire
CV47 8HX
Accountants
Grineaux Accountants Limited
20 Market Hill
Southam
Warwickshire
CV47 0HF
Business address
Calcutt Boats Limited
Tomlow Road
Stockton
Southam
Warwickshire
CV47 8HX
CALCUTT BOATS LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF CALCUTT BOATS LIMITED
- 2 -
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 January 2024.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the balance sheet, you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give “a true and fair view”.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the directors for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
Grineaux Accountants Limited
20 Market Hill
Southam
Warwickshire
CV47 0HF
15 October 2024
CALCUTT BOATS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 3 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
711,551
729,719
Current assets
Stocks
117,550
116,690
Debtors
4
68,073
60,223
Cash at bank and in hand
1,801,104
1,844,368
1,986,727
2,021,281
Creditors: amounts falling due within one year
5
(469,743)
(451,634)
Net current assets
1,516,984
1,569,647
Total assets less current liabilities
2,228,535
2,299,366
Provisions for liabilities
(18,574)
(18,034)
Deferred tax liability
18,574
18,034
Net assets
2,209,961
2,281,332
Capital and reserves
Called up share capital
560
560
Share premium account
(100,457)
(100,457)
Profit and loss reserves
2,309,858
2,381,229
Total equity
2,209,961
2,281,332
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 October 2024 and are signed on its behalf by:
Mr R Preen
Director
Company Registration No. 01173152
CALCUTT BOATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 4 -
1
Accounting policies
Company information
Calcutt Boats Limited is a private company limited by shares incorporated in England and Wales. The registered office is Calcutt Boats Limited, Tomlow Road, Stockton, Southam, Warwickshire, CV47 8HX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Straight line over fifty years
Plant and machinery
20% Reducing balance
Fleet boats
5% Reducing balance
Computer equipment
20% Reducing balance
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
CALCUTT BOATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks
Stocks are stated 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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current 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
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CALCUTT BOATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
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2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
24
23
3
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fleet boats
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2023
929,527
262,724
215,361
21,870
120,977
1,550,459
Additions
35,297
35,297
Disposals
(15,106)
(2,916)
(10,470)
(28,492)
At 31 January 2024
929,527
282,915
215,361
18,954
110,507
1,557,264
Depreciation and impairment
At 1 February 2023
364,157
187,007
171,448
17,889
80,239
820,740
Depreciation charged in the year
16,843
22,032
2,196
672
10,163
51,906
Eliminated in respect of disposals
(14,252)
(2,298)
(10,383)
(26,933)
At 31 January 2024
381,000
194,787
173,644
16,263
80,019
845,713
Carrying amount
At 31 January 2024
548,527
88,128
41,717
2,691
30,488
711,551
At 31 January 2023
565,370
75,717
43,913
3,981
40,738
729,719
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
51,099
41,402
Prepayments and accrued income
16,974
18,821
68,073
60,223
CALCUTT BOATS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
53,940
28,255
Taxation and social security
92,575
132,093
Other creditors
323,228
291,286
469,743
451,634