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Registered number: 09544575
Onboard Executive Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Naylor Accountancy Services Limited
16 Mount Pleasant Road
Tunbridge Wells
Kent
TN1 1QU
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09544575
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 79,544 52,531
Investments 5 150,000 -
229,544 52,531
CURRENT ASSETS
Debtors 6 78,604 29,384
Cash at bank and in hand 33,336 165,651
111,940 195,035
Creditors: Amounts Falling Due Within One Year 7 (39,631 ) (39,262 )
NET CURRENT ASSETS (LIABILITIES) 72,309 155,773
TOTAL ASSETS LESS CURRENT LIABILITIES 301,853 208,304
NET ASSETS 301,853 208,304
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 301,851 208,302
SHAREHOLDERS' FUNDS 301,853 208,304
Page 1
Page 2
For the year ending 30 April 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
Mr Ian Playford
Director
13th December 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
Onboard Executive Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09544575 . The registered office is 7 Glebelands, Bidborough, Tunbridge Wells, TN3 0UQ.
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:
Freehold 25% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 May 2023 21,710 92,180 17,264 131,154
Additions - 42,270 12,085 54,355
As at 30 April 2024 21,710 134,450 29,349 185,509
Depreciation
As at 1 May 2023 12,358 53,292 12,973 78,623
Provided during the period 2,338 20,289 4,715 27,342
As at 30 April 2024 14,696 73,581 17,688 105,965
Net Book Value
As at 30 April 2024 7,014 60,869 11,661 79,544
As at 1 May 2023 9,352 38,888 4,291 52,531
5. Investments
Unlisted
£
Cost
As at 1 May 2023 -
Additions 150,000
As at 30 April 2024 150,000
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 150,000
As at 1 May 2023 -
All investments are carried at fair value determined annually by the directors using available market rate data. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 62,204 12,984
Other debtors 16,400 16,400
78,604 29,384
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors (82 ) 1,679
Corporation tax 22,512 21,480
Other taxes and social security 15,466 15,231
Net wages 758 758
Directors' loan accounts 977 114
39,631 39,262
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 5