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REGISTERED NUMBER: 11619498 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

GT YACHTS LTD

GT YACHTS LTD (REGISTERED NUMBER: 11619498)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 October 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


GT YACHTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 October 2023







DIRECTOR: Mr W J Ramsdale





REGISTERED OFFICE: The Ivy House
1 Folly Lane
Petersfield
Hampshire
GU31 4AU





REGISTERED NUMBER: 11619498 (England and Wales)





ACCOUNTANTS: Wallis White & Co
Accountants and Tax Consultants
The Ivy House
1 Folly Lane
Petersfield
Hampshire
GU31 4AU

GT YACHTS LTD (REGISTERED NUMBER: 11619498)

BALANCE SHEET
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,694 6,250

CURRENT ASSETS
Stocks 5 900,277 601,133
Debtors 6 10,125 19,142
Cash at bank and in hand 44 5,664
910,446 625,939
CREDITORS
Amounts falling due within one year 7 920,026 641,606
NET CURRENT LIABILITIES (9,580 ) (15,667 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,886

)

(9,417

)

CAPITAL AND RESERVES
Called up share capital 8 8 8
Retained earnings (3,894 ) (9,425 )
SHAREHOLDERS' FUNDS (3,886 ) (9,417 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 November 2024 and were signed by:




Mr W J Ramsdale - Director


GT YACHTS LTD (REGISTERED NUMBER: 11619498)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 October 2023


1. STATUTORY INFORMATION

GT Yachts Ltd 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.

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 - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

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 5 (2022 - 6 ) .

GT YACHTS LTD (REGISTERED NUMBER: 11619498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 October 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 November 2022 129 6,737 649 7,515
Additions 450 - - 450
At 31 October 2023 579 6,737 649 7,965
DEPRECIATION
At 1 November 2022 19 1,010 236 1,265
Charge for year 84 860 62 1,006
At 31 October 2023 103 1,870 298 2,271
NET BOOK VALUE
At 31 October 2023 476 4,867 351 5,694
At 31 October 2022 110 5,727 413 6,250

5. STOCKS
31.10.23 31.10.22
£    £   
Work-in-progress 900,277 601,133

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 2,250 1,125
Other debtors 5,742 5,742
VAT 2,133 12,275
10,125 19,142

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade creditors 20,764 11,770
Amounts owed to associates 7,564 -
Social security and other taxes 13,904 6,576
Directors' current accounts 868,667 620,748
Accrued expenses 9,127 2,512
920,026 641,606

GT YACHTS LTD (REGISTERED NUMBER: 11619498)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 October 2023


8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
8 Ordinary £1 8 8