Registered number: 00436154
CHELSEA YACHT & BOAT COMPANY LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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CHELSEA YACHT & BOAT COMPANY LTD
REGISTERED NUMBER: 00436154
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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CHELSEA YACHT & BOAT COMPANY LTD
REGISTERED NUMBER: 00436154
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2022
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
Andrew Moffat
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The notes on pages 4 to 15 form part of these financial statements.
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CHELSEA YACHT & BOAT COMPANY LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Comprehensive income for the year
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Surplus on revaluation of intangible fixed assets
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Depreciation of revalued assets
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Comprehensive income for the year
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Surplus on revaluation of intangible fixed assets
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Depreciation of revalued assets
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The notes on pages 4 to 15 form part of these financial statements.
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CHELSEA YACHT & BOAT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
Chelsea Yacht and Boat Company is a private company limited by shares incorporated in England and Wales in the United Kingdom. The address of the registered office is 41 Paradise Walk, London, England, SW3 4JL.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The financial statements are prepared in pounds sterling (£), the functional currency and rounded to the nearest £1.
The financial statements include a prior year adjustment in respect of the figures at 30 September 2021. The figures for 30 September 2021 have therefore been restated, see note 13.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Interest income is recognised in profit or loss using the effective interest method.
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CHELSEA YACHT & BOAT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
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CHELSEA YACHT & BOAT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
Intangible assets are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Long-term leasehold property
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Over the lease term of 32 years
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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CHELSEA YACHT & BOAT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
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CHELSEA YACHT & BOAT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
2.Accounting policies (continued)
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Financial instruments (continued)
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Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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The average monthly number of employees, including directors, during the year was 9 (2021 - 9).
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CHELSEA YACHT & BOAT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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At 1 October 2021 - As restated
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At 30 September 2021 - As restated
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CHELSEA YACHT & BOAT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Long-term leasehold property
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CHELSEA YACHT & BOAT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Due after more than one year
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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CHELSEA YACHT & BOAT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance leases
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Accruals and deferred income
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Bank loans of £38,059 (2021 - £47,637) are secured on the assets of the company.
Obligations under finance leases of £751 (2021 - £597) are secured on the assets of the company.
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Creditors: Amounts falling due after more than one year
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Obligations under finance leases
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Amounts owed to group undertakings
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Accruals and deferred income
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Obligations under finance leases of £128,588 (2021 - £129,399) are secured on the assets of the company.
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CHELSEA YACHT & BOAT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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At the balance sheet date the total finance lease creditor was £129,339 (2021 - £129,995). The difference between the creditor and the minimum lease payments is due to the payments being discounted to their present value and the future interest payable.
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CHELSEA YACHT & BOAT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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Charged to other comprehensive income
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The provision for deferred taxation is made up as follows:
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CHELSEA YACHT & BOAT COMPANY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
The financial statements of Chelsea Yacht and Boat Company Limited have been restated to incorporate the impact of errors in the previous years. Finance lease liabilities in respect of the river works license have been recognised and have thus been restated to include their liabilities since the inception of the agreements. Lease liabilities of £129,995 have been introduced, the revaluation reserve has decreased by £98,282, and associated deferred tax has decreased by £32,761. Retained earnings have also decreased by £475 in respect of interest payments greater than rents paid since the inception of the lease. Rents paid in the period have been restated, reducing operating expenses by £19,670, and the interest payable on the lease has increased interest payable by £18,914.
The model under which the intangible assets are valued has been altered and therefore the financial statements have been restated to correct for this. Intangible assets have increased by £12,787,713, the revaluation reserve has increased by £9,590,785, and the associated deferred tax has increased by £3,196,928.
Historic errors in calculating the revaluation reserve and deferred tax that arose on the revaluation of the moorings has been corrected for. The revaluation reserve has decreased by £1,569,376, deferred tax has increased by £1,552,828 and retained earnings have decreased by £16,548.
On review of the items held as stock in the prior year, management determined that they were not items which met the definition of inventories under FRS102. This has been corrected for, with cost of sales increasing by £144,803 and stock decreasing by an equivalent amount.
It was identified by management that a loan held by the company was written off in the 2021 financial year. Correcting for this omission has reduced creditors by £1,939,266, increased administrative expenses by £1,192,294 and increased interest payable by £746,972.
On review of the company's income from licences, it was identified that revenue on a particular contract was being deferred over the wrong length. Correcting for this error has decreased revenue by £342,368 and increased deferred income by the same amount.
The Company's immediate parent is Thames River Moorings Limited, incorporated in England and Wales in the United Kingdom. The registered office of Thames River Moorings Ltd is 41 Paradise Walk, London, SW3 4JL.
The Company's ultimate parent company is Atherton Allergate Ltd, incorporated in England and Wales in the United Kingdom. The registered office of Atherton Allergate Ltd is 41 Paradise Walk, London, SW3 4JL.
The company was under the control of the directors, Mr Andrew Moffat and Mrs Charlotte Moffat, as a result of their control of the parent company, Atherton Allergate Ltd.
The auditor's report on the financial statements for the year ended 30 September 2022 was unqualified.
The audit report was signed on 3 December 2024 by Neil Stern FCA (Senior Statutory Auditor) on behalf of MHA.
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