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REGISTERED NUMBER: 07252397 (England and Wales)















MARINE BOATHOUSE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






MARINE BOATHOUSE LIMITED (REGISTERED NUMBER: 07252397)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 6


MARINE BOATHOUSE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: D Gillison



SECRETARY: Miss P L Winn



REGISTERED OFFICE: The Marine Boathouse
Lumley Road
Skegness
Lincolnshire
PE25 3NA



REGISTERED NUMBER: 07252397 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
5 Resolution Close
Endeavour Park
Boston
Lincolnshire
PE21 7TT



BANKERS: National Westminster Bank Plc
97 Lumley Road
Skegness
Lincolnshire
PE25 3LY



SOLICITORS: Chattertons
5 South Street
Horncastle
Lincoln
LN9 6DS

MARINE BOATHOUSE LIMITED (REGISTERED NUMBER: 07252397)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 118,751 137,501
Tangible assets 5 347,516 389,360
466,267 526,861

CURRENT ASSETS
Stocks 62,939 19,533
Debtors 6 15,264 19,030
Cash at bank and in hand 317,901 415,955
396,104 454,518
CREDITORS
Amounts falling due within one year 7 217,082 328,201
NET CURRENT ASSETS 179,022 126,317
TOTAL ASSETS LESS CURRENT LIABILITIES 645,289 653,178

CREDITORS
Amounts falling due after more than one year 8 (51,325 ) (105,900 )

PROVISIONS FOR LIABILITIES (58,977 ) (58,257 )
NET ASSETS 534,987 489,021

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Retained earnings 533,987 488,021
SHAREHOLDERS' FUNDS 534,987 489,021

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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.

MARINE BOATHOUSE LIMITED (REGISTERED NUMBER: 07252397)

STATEMENT OF FINANCIAL POSITION - continued
29 FEBRUARY 2024


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 20 November 2024 and were signed by:





D Gillison - Director


MARINE BOATHOUSE LIMITED (REGISTERED NUMBER: 07252397)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Marine Boathouse 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents sales of goods, net of value added tax. Revenue is recognised on the completion of a sale.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and at varying rates on cost

Tangible fixed assets are stated at cost less accumulated depreciation.

Stocks
Stocks are included at valuation based on an internal valuation.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 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 statement of financial position date.


MARINE BOATHOUSE LIMITED (REGISTERED NUMBER: 07252397)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 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 statement of financial position 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.

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 profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 27 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 375,001
AMORTISATION
At 1 March 2023 237,500
Charge for year 18,750
At 29 February 2024 256,250
NET BOOK VALUE
At 29 February 2024 118,751
At 28 February 2023 137,501

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023 996,919
Additions 26,931
Disposals (13,235 )
At 29 February 2024 1,010,615
DEPRECIATION
At 1 March 2023 607,559
Charge for year 60,079
Eliminated on disposal (4,539 )
At 29 February 2024 663,099
NET BOOK VALUE
At 29 February 2024 347,516
At 28 February 2023 389,360

MARINE BOATHOUSE LIMITED (REGISTERED NUMBER: 07252397)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,711 -
Other debtors 12,553 19,030
15,264 19,030

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 40,000 40,000
Hire purchase contracts 15,900 14,575
Trade creditors 61,899 147,244
Taxation and social security 38,539 14
Other creditors 60,744 126,368
217,082 328,201

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 50,000 90,000
Hire purchase contracts 1,325 15,900
51,325 105,900

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 17,225 30,475

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 1,000 1,000

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
D Gillison
Balance outstanding at start of year (101,903 ) 398,855
Amounts advanced 61,286 210,244
Amounts repaid (279 ) (711,002 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (40,896 ) (101,903 )

The loan made to the director is unsecured, interest free and repayable on demand.