Company registration number 14076623 (England and Wales)
LUXURY BOAT RETREATS LTD (FORMERLY KNOWN AS DRAGONCOM PRODUCTS LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
LUXURY BOAT RETREATS LTD (FORMERLY KNOWN AS DRAGONCOM PRODUCTS LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
LUXURY BOAT RETREATS LTD (FORMERLY KNOWN AS DRAGONCOM PRODUCTS LIMITED)
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
35,819
10,580
Current assets
Stocks
44,250
62,028
Debtors
4
166
12,719
Cash at bank and in hand
3,198
5,142
47,614
79,889
Creditors: amounts falling due within one year
5
(109,469)
(118,070)
Net current liabilities
(61,855)
(38,181)
Net liabilities
(26,036)
(27,601)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(26,136)
(27,701)
Total equity
(26,036)
(27,601)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 and signed by the director and authorised for issue on 6 November 2024
Mr R Turner
Director
Company registration number 14076623 (England and Wales)
LUXURY BOAT RETREATS LTD (FORMERLY KNOWN AS DRAGONCOM PRODUCTS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Luxury Boat Retreats Ltd (formerly known as Dragoncom Products Limited) is a private company limited by shares incorporated in England and Wales. The registered office is 46 Nathaniel Walk, Tring, Herts, HP23 5DG.
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. 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 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. Sales are recognised when the goods are despatched.
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:
Plant and equipment
20% SL
Fixtures and fittings
20% SL
Computers
33% SL
Motor vehicles
20% SL
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
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.
1.5
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.
LUXURY BOAT RETREATS LTD (FORMERLY KNOWN AS DRAGONCOM PRODUCTS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
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.
1.8
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
LUXURY BOAT RETREATS LTD (FORMERLY KNOWN AS DRAGONCOM PRODUCTS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
13,871
Additions
29,365
At 30 April 2024
43,236
Depreciation and impairment
At 1 May 2023
3,291
Depreciation charged in the year
4,126
At 30 April 2024
7,417
Carrying amount
At 30 April 2024
35,819
At 30 April 2023
10,580
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
166
12,719
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,861
10,437
Taxation and social security
10,608
Other creditors
95,000
107,633
109,469
118,070
LUXURY BOAT RETREATS LTD (FORMERLY KNOWN AS DRAGONCOM PRODUCTS LIMITED)
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024