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REGISTERED NUMBER: 02560316 (England and Wales)















Financial Statements for the Year Ended 30 September 2024

for

Boating Mania Limited

Boating Mania Limited (Registered number: 02560316)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Boating Mania Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: M P Watkins
Mrs C S Watkins
Mrs B V Watkins
J A J Watkins





SECRETARY: Mrs C S Watkins





REGISTERED OFFICE: 43-46 Lichfield Terrace
Upminster
Essex
RM14 3JX





REGISTERED NUMBER: 02560316 (England and Wales)





ACCOUNTANTS: Burnbecks Limited
Chartered Certified Accountants
2B Haddo Street
Greenwich
London
SE10 9RN

Boating Mania Limited (Registered number: 02560316)

Abridged Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 680,474 694,881

CURRENT ASSETS
Stocks 147,065 133,094
Debtors 3,278 661
Cash at bank and in hand 103 103
150,446 133,858
CREDITORS
Amounts falling due within one year 257,502 222,260
NET CURRENT LIABILITIES (107,056 ) (88,402 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

573,418

606,479

PROVISIONS FOR LIABILITIES 179,774 179,505
NET ASSETS 393,644 426,974

CAPITAL AND RESERVES
Called up share capital 3,000 3,000
Fair value reserve 6 538,491 538,491
Retained earnings (147,847 ) (114,517 )
SHAREHOLDERS' FUNDS 393,644 426,974

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Boating Mania Limited (Registered number: 02560316)

Abridged Balance Sheet - continued
30 September 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 September 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 November 2024 and were signed on its behalf by:





M P Watkins - Director


Boating Mania Limited (Registered number: 02560316)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Boating Mania Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 20% on reducing balance
Fixtures, fittings & equipment - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

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

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

Current or deferred taxation assets and liabilities are not discounted.

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.


Boating Mania Limited (Registered number: 02560316)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
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 profits.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 October 2023 843,626
Additions 1,820
At 30 September 2024 845,446
DEPRECIATION
At 1 October 2023 148,745
Charge for year 16,227
At 30 September 2024 164,972
NET BOOK VALUE
At 30 September 2024 680,474
At 30 September 2023 694,881

Boating Mania Limited (Registered number: 02560316)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 September 2024 is represented by:

Improvements Fixtures,
Freehold to fittings
property property & equipment
£    £    £   
Valuation in 2014 117,988 - -
Valuation in 2015 60,000 - -
Valuation in 2016 20,000 - -
Valuation in 2017 520,000 - -
Cost 82,012 7,520 18,817
800,000 7,520 18,817

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2014 - - 117,988
Valuation in 2015 - - 60,000
Valuation in 2016 - - 20,000
Valuation in 2017 - - 520,000
Cost 17,595 1,514 127,458
17,595 1,514 845,446

If freehold property had not been revalued it would have been included at the following historical cost:

30.9.24 30.9.23
£    £   
Cost 82,012 82,012
Aggregate depreciation 1,099 1,099

Value of land in freehold land and buildings 27,040 27,040

Boating Mania Limited (Registered number: 02560316)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

5. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Bank overdrafts 30,912 12,018

Bank borrowings are secured by a fixed charge over the property known as 43-46 Lichfield Terrace, Upminster, Essex, RM14 3JX and a floating charge over the company's assets. Both these charges are in favour of the company's bankers, Lloyds Bank PLC.

6. RESERVES
Fair
value
reserve
£   
At 1 October 2023
and 30 September 2024 538,491