Yacht Creations UK Ltd 07054200 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is Building and repairing of pleasure and sporting boats Digita Accounts Production Advanced 6.30.9574.0 true true 07054200 2023-02-01 2024-01-31 07054200 2024-01-31 07054200 core:CurrentFinancialInstruments 2024-01-31 07054200 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 07054200 core:FurnitureFittingsToolsEquipment 2024-01-31 07054200 core:MotorVehicles 2024-01-31 07054200 bus:SmallEntities 2023-02-01 2024-01-31 07054200 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 07054200 bus:FilletedAccounts 2023-02-01 2024-01-31 07054200 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 07054200 bus:RegisteredOffice 2023-02-01 2024-01-31 07054200 bus:Director1 2023-02-01 2024-01-31 07054200 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07054200 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 07054200 core:MotorVehicles 2023-02-01 2024-01-31 07054200 countries:EnglandWales 2023-02-01 2024-01-31 07054200 2023-01-31 07054200 core:FurnitureFittingsToolsEquipment 2023-01-31 07054200 core:MotorVehicles 2023-01-31 07054200 2022-02-01 2023-01-31 07054200 2023-01-31 07054200 core:CurrentFinancialInstruments 2023-01-31 07054200 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 07054200 core:FurnitureFittingsToolsEquipment 2023-01-31 07054200 core:MotorVehicles 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 07054200

Yacht Creations UK Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Yacht Creations UK Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Yacht Creations UK Ltd

Company Information

Director

Mr Andrew David Montague

Registered office

3 Marsh Court Farm
Romsey Road
Stockbridge
Hampshire
SO20 6DF

Accountants

Novus 24 Ltd
3 Marsh Court Farm
Romsey Road
Stockbridge
Hampshire
SO20 6DF

 

Yacht Creations UK Ltd

(Registration number: 07054200)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

29,224

14,799

Current assets

 

Debtors

5

12,628

6,933

Cash at bank and in hand

 

8,134

6

 

20,762

6,939

Creditors: Amounts falling due within one year

6

(13,731)

(25,685)

Net current assets/(liabilities)

 

7,031

(18,746)

Total assets less current liabilities

 

36,255

(3,947)

Provisions for liabilities

(6,146)

(6,146)

Net assets/(liabilities)

 

30,109

(10,093)

Capital and reserves

 

Called up share capital

2

1

Retained earnings

30,107

(10,094)

Shareholders' funds/(deficit)

 

30,109

(10,093)

For the financial year ending 31 January 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.

Approved and authorised by the director on 30 November 2024
 

.........................................
Mr Andrew David Montague
Director

 

Yacht Creations UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
3 Marsh Court Farm
Romsey Road
Stockbridge
Hampshire
SO20 6DF
United Kingdom

These financial statements were authorised for issue by the director on 30 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Yacht Creations UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tax

The tax expense for the period comprises current 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.

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:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Yacht Creations UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

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

 

Yacht Creations UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

66,359

-

66,359

Additions

-

24,167

24,167

At 31 January 2024

66,359

24,167

90,526

Depreciation

At 1 February 2023

51,560

-

51,560

Impairment

9,742

-

9,742

At 31 January 2024

61,302

-

61,302

Carrying amount

At 31 January 2024

5,057

24,167

29,224

At 31 January 2023

14,799

-

14,799

5

Debtors

Current

2024
£

2023
£

Other debtors

12,628

6,933

 

12,628

6,933

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

-

12,042

Taxation and social security

 

8,412

9,913

Accruals and deferred income

 

1,445

1,445

Other creditors

 

3,874

2,285

 

13,731

25,685