Acorah Software Products - Accounts Production 16.0.110 false true 30 June 2022 1 July 2021 false 1 July 2022 30 June 2023 30 June 2023 12650475 Infiniti Yachts Ltd A Lehtonen A. Linnervuo Investment OY Mr Arto Linnervuo true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 12650475 2022-06-30 12650475 2023-06-30 12650475 2022-07-01 2023-06-30 12650475 frs-core:CurrentFinancialInstruments 2023-06-30 12650475 frs-core:BetweenOneFiveYears 2023-06-30 12650475 frs-core:ComputerEquipment 2023-06-30 12650475 frs-core:ComputerEquipment 2022-07-01 2023-06-30 12650475 frs-core:ComputerEquipment 2022-06-30 12650475 frs-core:PlantMachinery 2023-06-30 12650475 frs-core:PlantMachinery 2022-07-01 2023-06-30 12650475 frs-core:PlantMachinery 2022-06-30 12650475 frs-core:WithinOneYear 2023-06-30 12650475 frs-core:ShareCapital 2023-06-30 12650475 frs-core:RetainedEarningsAccumulatedLosses 2023-06-30 12650475 frs-bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 12650475 frs-bus:FilletedAccounts 2022-07-01 2023-06-30 12650475 frs-bus:SmallEntities 2022-07-01 2023-06-30 12650475 frs-bus:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 12650475 frs-bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 12650475 1 2022-07-01 2023-06-30 12650475 frs-bus:Director1 2022-07-01 2023-06-30 12650475 frs-bus:Director2 2022-07-01 2023-06-30 12650475 frs-bus:Director3 2022-07-01 2023-06-30 12650475 frs-countries:EnglandWales 2022-07-01 2023-06-30 12650475 2021-06-30 12650475 2022-06-30 12650475 2021-07-01 2022-06-30 12650475 frs-core:CurrentFinancialInstruments 2022-06-30 12650475 frs-core:BetweenOneFiveYears 2022-06-30 12650475 frs-core:WithinOneYear 2022-06-30 12650475 frs-core:ShareCapital 2022-06-30 12650475 frs-core:RetainedEarningsAccumulatedLosses 2022-06-30
Registered number: 12650475
XTRA STÆRK INFINITI RACING LTD
Unaudited Financial Statements
For The Year Ended 30 June 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12650475
2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,600,357 1,763,543
1,600,357 1,763,543
CURRENT ASSETS
Debtors 5 104,299 87,088
Cash at bank and in hand 3,310 4,437
107,609 91,525
Creditors: Amounts Falling Due Within One Year 6 (3,066,882 ) (2,477,326 )
NET CURRENT ASSETS (LIABILITIES) (2,959,273 ) (2,385,801 )
TOTAL ASSETS LESS CURRENT LIABILITIES (1,358,916 ) (622,258 )
NET LIABILITIES (1,358,916 ) (622,258 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (1,359,016 ) (622,358 )
SHAREHOLDERS' FUNDS (1,358,916) (622,258)
Page 1
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For the year ending 30 June 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.
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
A. Linnervuo Investment OY
Director
8th November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
XTRA STÆRK INFINITI RACING LTD is a private company, limited by shares, incorporated in England & Wales, registered number 12650475 . The registered office is 15 Washington Road, Emsworth, Hampshire, PO10 7NN.
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:
Plant & Machinery 10% reducing balance and 25% straight line
Computer Equipment 33 % straight line
2.4. Foreign Currencies
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 rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 3 (2022: 4)
3 4
Page 3
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4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 July 2022 1,962,172 - 1,962,172
Additions - 2,919 2,919
As at 30 June 2023 1,962,172 2,919 1,965,091
Depreciation
As at 1 July 2022 198,629 - 198,629
Provided during the period 165,132 973 166,105
As at 30 June 2023 363,761 973 364,734
Net Book Value
As at 30 June 2023 1,598,411 1,946 1,600,357
As at 1 July 2022 1,763,543 - 1,763,543
5. Debtors
2023 2022
as restated
£ £
Due within one year
Trade debtors - 45,267
Prepayments and accrued income 47,845 1,205
VAT 56,454 34,965
Directors' loan accounts - 5,651
104,299 87,088
6. Creditors: Amounts Falling Due Within One Year
2023 2022
as restated
£ £
Trade creditors 72,406 85,923
Other creditors 2,991,471 2,389,938
Accruals and deferred income 3,005 1,465
3,066,882 2,477,326
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8. Share Capital
2023 2022
as restated
£ £
Allotted, Called up and fully paid 100 100
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
as restated
£ £
Not later than one year 145,417 126,685
Later than one year and not later than five years 1,144,192 1,268,121
1,289,609 1,394,806
Operating lease with St Julians Maritime converted from Euros to Sterling at the balance sheet exchange rates.
10. Related Party Transactions
During the year the company purchased goods, services and acquired finance totalling £615,738 from third parties on behalf of the company by entities with control or significant influence over the company (2022: £870,121). Repayments of £70,095 were made during the year (2022: £706,961).
As at the balance sheet date the company had outstanding loans of £2,376,232 payable to entities with significant control or significant influence over the company (2022: £1,799,892). Annual interest of 2% is payable on the loans. Interest charged for the year was £12,227 (2022: £30,685). The loans are repayable on demand.
11. Ultimate Parent Undertaking and Controlling Party
The company's immediate parent is A. Linnervuo Investment Oy . A. Linnervuo Investment Oy was incorporated in Finland. The ultimate controlling party is Mr Arto Linnervuo .
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