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REGISTERED NUMBER: 02475833 (England and Wales)















YACHTING SPORTS (U.K.) LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024






YACHTING SPORTS (U.K.) LIMITED (REGISTERED NUMBER: 02475833)

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










Page

Company Information 1

Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 4


YACHTING SPORTS (U.K.) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mr J Morland





REGISTERED OFFICE: Unit 1A, Old Fitting Out Shop
Spearfish Road
Hamble Point Marina, Hamble
Southampton
Hampshire
SO31 4NB





REGISTERED NUMBER: 02475833 (England and Wales)





ACCOUNTANTS: Rothmans CF Limited
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
YACHTING SPORTS (U.K.) LIMITED


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Yachting Sports (U.K.) Limited for the year ended 31 March 2024 on page nil from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Yachting Sports (U.K.) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Yachting Sports (U.K.) Limited and state those matters that we have agreed to state to the director of Yachting Sports (U.K.) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Yachting Sports (U.K.) Limited and its director for our work or for this report.

It is your duty to ensure that Yachting Sports (U.K.) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Yachting Sports (U.K.) Limited. You consider that Yachting Sports (U.K.) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Yachting Sports (U.K.) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Rothmans CF Limited
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR


8 November 2024

YACHTING SPORTS (U.K.) LIMITED (REGISTERED NUMBER: 02475833)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 6,946 8,649

CURRENT ASSETS
Stocks 9,500 22,000
Debtors 5 46,605 29,512
Cash at bank 8,187 10,000
64,292 61,512
CREDITORS
Amounts falling due within one year 6 137,124 162,221
NET CURRENT LIABILITIES (72,832 ) (100,709 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(65,886

)

(92,060

)

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (65,888 ) (92,062 )
SHAREHOLDERS' FUNDS (65,886 ) (92,060 )

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

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

The director acknowledges his 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 November 2024 and were signed by:





Mr J Morland - Director


YACHTING SPORTS (U.K.) LIMITED (REGISTERED NUMBER: 02475833)

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


1. STATUTORY INFORMATION

Yachting Sports (U.K.) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02475833 and it's registered office address is Unit 1a Old Fitting Out Shop, Spearfish Road, Hamble Point Marina, Hamble, Southampton, Hampshire, SO31 4NB.

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.

The presentation currency is £ sterling.

Going concern
The company is reliant on the continued support from the director who has loaned the company sufficient funds to enable the company to continue to operate. The director has confirmed that this support will continue and the accounts have therefore been prepared on a going concern basis.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The director does not consider there to be any significant judgements or estimates.

Turnover
Turnover is derived from the provision of yacht maintenance and repair services, and is recognised once the service is provided.

Turnover represents amounts invoiced during the year (excluding value added tax) adjusted for accrued and deferred income where applicable.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets
All tangible fixed assets are initially recognised at cost.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery- 25% on reducing balance
Motor vehicles- 25% on reducing balance

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Income Statement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost.

YACHTING SPORTS (U.K.) LIMITED (REGISTERED NUMBER: 02475833)

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


2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the Income Statement over the relevant period. The capital element of the future payments is treated as a liability.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.

Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

YACHTING SPORTS (U.K.) LIMITED (REGISTERED NUMBER: 02475833)

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


4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£ £ £
COST
At 1 April 2023 8,614 34,286 42,900
Additions 525 - 525
At 31 March 2024 9,139 34,286 43,425
DEPRECIATION
At 1 April 2023 5,453 28,798 34,251
Charge for year 856 1,372 2,228
At 31 March 2024 6,309 30,170 36,479
NET BOOK VALUE
At 31 March 2024 2,830 4,116 6,946
At 31 March 2023 3,161 5,488 8,649

The net book value of tangible fixed assets includes £nil (2023 - £4,674) in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 46,368 29,512
Prepayments and accrued income 237 -
46,605 29,512

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 15,813 24,154
Hire purchase contracts (see note 7) - 1,073
Trade creditors 14,476 16,995
Social security and other taxes 3,457 4,351
VAT 12,906 16,928
Other creditors 1,726 4,623
Directors' current accounts 85,446 90,797
Accruals and deferred income 3,300 3,300
137,124 162,221

7. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year - 1,073

YACHTING SPORTS (U.K.) LIMITED (REGISTERED NUMBER: 02475833)

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


7. LEASING AGREEMENTS - continued

Non-cancellable
operating leases
2024 2023
£ £
Within one year 8,220 8,220

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank overdrafts 15,813 24,154
Hire purchase contracts - 1,073
15,813 25,227