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Registered number: 06170999
Marine Boat Sales Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
TS Partners Ltd
34 Devon Square
Newton Abbot
Devon
TQ12 2HH
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06170999
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 3,040
Tangible Assets 5 16,290 34,111
16,290 37,151
CURRENT ASSETS
Stocks 6 66,889 80,000
Debtors 7 8,818 2,871
Cash at bank and in hand 15,019 48,091
90,726 130,962
Creditors: Amounts Falling Due Within One Year 8 (93,285 ) (121,531 )
NET CURRENT ASSETS (LIABILITIES) (2,559 ) 9,431
TOTAL ASSETS LESS CURRENT LIABILITIES 13,731 46,582
Creditors: Amounts Falling Due After More Than One Year 9 (13,318 ) (23,250 )
NET ASSETS 413 23,332
CAPITAL AND RESERVES
Called up share capital 10 4 4
Profit and Loss Account 409 23,328
SHAREHOLDERS' FUNDS 413 23,332
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Emma Cusack
Director
Mr Mathew Cusack
Director
23/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Marine Boat Sales Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06170999 . The registered office is Boat Yard, Steamer Quay, Totnes, Devon, TQ9 5AL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
Computer Equipment 25% Reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 April 2023 70,000 3,040 73,040
As at 31 March 2024 70,000 3,040 73,040
Amortisation
As at 1 April 2023 70,000 - 70,000
Provided during the period - 3,040 3,040
As at 31 March 2024 70,000 3,040 73,040
...CONTINUED
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Net Book Value
As at 31 March 2024 - - -
As at 1 April 2023 - 3,040 3,040
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 15,320 41,600 3,111 671 60,702
Additions - 3,750 - - 3,750
Disposals - (21,800 ) - - (21,800 )
As at 31 March 2024 15,320 23,550 3,111 671 42,652
Depreciation
As at 1 April 2023 12,642 10,400 3,074 475 26,591
Provided during the period 669 5,175 9 49 5,902
Disposals - (6,131 ) - - (6,131 )
As at 31 March 2024 13,311 9,444 3,083 524 26,362
Net Book Value
As at 31 March 2024 2,009 14,106 28 147 16,290
As at 1 April 2023 2,678 31,200 37 196 34,111
6. Stocks
2024 2023
£ £
Stock 66,889 80,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 7,840 -
Prepayments and accrued income 978 2,566
VAT - 305
8,818 2,871
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,325 2,472
Bank loans and overdrafts 9,928 9,925
Other taxes and social security 89 44
VAT 3,067 -
Net wages 2,097 -
Other creditors 515 2,561
Accruals and deferred income 1,428 1,360
Directors' loan accounts 74,836 105,169
93,285 121,531
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 13,318 23,250
13,318 23,250
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 4 4
Page 5