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COMPANY REGISTRATION NUMBER: 09416155
Cambridge Outboards Ltd
Unaudited financial statements
26 February 2024
Cambridge Outboards Ltd
Statement of financial position
26 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
149,673
190,616
Current assets
Stocks
1,162,891
1,055,601
Debtors
6
154,057
108,103
Cash at bank and in hand
6,384
4,794
-----------
-----------
1,323,332
1,168,498
Creditors: Amounts falling due within one year
7
( 1,022,440)
( 845,917)
-----------
-----------
Net current assets
300,892
322,581
---------
---------
Total assets less current liabilities
450,565
513,197
Creditors: Amounts falling due after more than one year
8
( 179,857)
( 236,289)
Provisions
Taxation including deferred tax
( 36,495)
( 46,529)
---------
---------
Net assets
234,213
230,379
---------
---------
Capital and reserves
Called up share capital
100
1
Profit and loss account
234,113
230,378
---------
---------
Shareholders funds
234,213
230,379
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 26 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Cambridge Outboards Ltd
Statement of financial position (continued)
26 February 2024
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
D K Cooper
Director
Company registration number: 09416155
Cambridge Outboards Ltd
Notes to the financial statements
Year ended 26 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 131 Mereside, Soham, Ely, CB7 5EG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences. Deferred tax assets in respect of tax losses are only recognised to the extent that there will be sufficient future profits to enable the utilisation of such losses.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 7 (2023: 8 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Computer equipment
Total
£
£
£
£
Cost
At 27 February 2023
154,248
126,264
10,506
291,018
Additions
3,692
3,075
2,151
8,918
---------
---------
-------
---------
At 26 February 2024
157,940
129,339
12,657
299,936
---------
---------
-------
---------
Depreciation
At 27 February 2023
69,098
25,221
6,083
100,402
Charge for the year
21,714
25,838
2,309
49,861
---------
---------
-------
---------
At 26 February 2024
90,812
51,059
8,392
150,263
---------
---------
-------
---------
Carrying amount
At 26 February 2024
67,128
78,280
4,265
149,673
---------
---------
-------
---------
At 26 February 2023
85,150
101,043
4,423
190,616
---------
---------
-------
---------
6. Debtors
2024
2023
£
£
Trade debtors
47,274
11,443
Amounts owed by group undertakings and undertakings in which the company has a participating interest
106,543
96,531
Other debtors
240
129
---------
---------
154,057
108,103
---------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
68,871
44,073
Trade creditors
466,184
387,391
Amounts owed to group undertakings and undertakings in which the company has a participating interest
299,809
259,991
Social security and other taxes
145,593
108,851
Other creditors
41,983
45,611
-----------
---------
1,022,440
845,917
-----------
---------
The following liabilities disclosed under creditors falling due within one year are secured by the company: Hire purchase - £30,359 (2023 - £38,093)
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
154,434
180,507
Other creditors
25,423
55,782
---------
---------
179,857
236,289
---------
---------
The following liabilities disclosed under creditors falling due after one year are secured by the company: Hire purchase - £25,423 (2023 - £55,782)