The Special Boat Property Company Ltd 13216651 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is property letting Digita Accounts Production Advanced 6.30.9574.0 true 13216651 2023-03-01 2024-02-29 13216651 2024-02-29 13216651 core:CurrentFinancialInstruments 2024-02-29 13216651 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 13216651 core:Non-currentFinancialInstruments 2024-02-29 13216651 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 13216651 core:FurnitureFittingsToolsEquipment 2024-02-29 13216651 bus:SmallEntities 2023-03-01 2024-02-29 13216651 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 13216651 bus:FullAccounts 2023-03-01 2024-02-29 13216651 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 13216651 bus:RegisteredOffice 2023-03-01 2024-02-29 13216651 bus:Director1 2023-03-01 2024-02-29 13216651 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13216651 core:FurnitureFittings 2023-03-01 2024-02-29 13216651 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 13216651 countries:EnglandWales 2023-03-01 2024-02-29 13216651 2023-02-28 13216651 core:FurnitureFittingsToolsEquipment 2023-02-28 13216651 2022-03-01 2023-02-28 13216651 2023-02-28 13216651 core:CurrentFinancialInstruments 2023-02-28 13216651 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 13216651 core:Non-currentFinancialInstruments 2023-02-28 13216651 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 13216651 core:FurnitureFittingsToolsEquipment 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 13216651

The Special Boat Property Company Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

The Special Boat Property Company Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

The Special Boat Property Company Ltd

Company Information

Director

Mr S R Bruce

Registered office

13 Westfield Close
Hamble
Southampton
Hampshire
SO31 4LG

Accountants

A J Wheeler Ltd - Trading as Howard Smith & Co
Chartered Certified Accountants
338 London Road
Portsmouth
Hampshire
PO2 9JY

 

The Special Boat Property Company Ltd

(Registration number: 13216651)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

190

237

Investment property

5

735,565

350,000

 

735,755

350,237

Current assets

 

Debtors

6

100

100

Cash at bank and in hand

 

10,587

1,365

 

10,687

1,465

Creditors: Amounts falling due within one year

7

(337,374)

(128,349)

Net current liabilities

 

(326,687)

(126,884)

Total assets less current liabilities

 

409,068

223,353

Creditors: Amounts falling due after more than one year

7

(355,612)

(176,745)

Provisions for liabilities

(7,650)

(7,641)

Net assets

 

45,806

38,967

Capital and reserves

 

Called up share capital

8

100

100

Other reserves

39,978

39,978

Retained earnings

5,728

(1,111)

Shareholders' funds

 

45,806

38,967

For the financial year ending 29 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

The Special Boat Property Company Ltd

(Registration number: 13216651)
Balance Sheet as at 29 February 2024

Approved and authorised by the director on 29 November 2024
 

.........................................
Mr S R Bruce
Director

 

The Special Boat Property Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
13 Westfield Close
Hamble
Southampton
Hampshire
SO31 4LG
England

These financial statements were authorised for issue by the director on 29 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

The Special Boat Property Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% on reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

The Special Boat Property Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

370

370

At 29 February 2024

370

370

Depreciation

At 1 March 2023

133

133

Charge for the year

47

47

At 29 February 2024

180

180

Carrying amount

At 29 February 2024

190

190

At 28 February 2023

237

237

5

Investment properties

2024
£

At 1 March

350,000

Additions

385,565

At 29 February

735,565

Investment property is shown at the most recent valuation.

6

Debtors

Current

2024
£

2023
£

Other debtors

100

100

 

100

100

 

The Special Boat Property Company Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

12,055

9,114

Taxation and social security

 

63,585

1,472

Accruals and deferred income

 

1,500

1,500

Other creditors

 

260,234

116,263

 

337,374

128,349

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

355,612

176,745

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

355,612

176,745

2024
£

2023
£

Current loans and borrowings

Bank borrowings

12,055

9,114