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REGISTERED NUMBER: 04471797 (England and Wales)














Unaudited Financial Statements

for the Year Ended 30 June 2024

for

Piper Boats Ltd

Piper Boats Ltd (Registered number: 04471797)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


Piper Boats Ltd (Registered number: 04471797)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 340,710 194,710

CURRENT ASSETS
Stocks 423,940 254,783
Debtors 5 345,152 220,949
Cash at bank and in hand 100,352 95,783
869,444 571,515
CREDITORS
Amounts falling due within one year 6 779,445 535,128
NET CURRENT ASSETS 89,999 36,387
TOTAL ASSETS LESS CURRENT LIABILITIES 430,709 231,097

CREDITORS
Amounts falling due after more than one year 7 137,479 -
NET ASSETS 293,230 231,097

CAPITAL AND RESERVES
Called up share capital 25,000 25,000
Retained earnings 268,230 206,097
SHAREHOLDERS' FUNDS 293,230 231,097

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 December 2024 and were signed on its behalf by:




Mr N Plant - Director



Mr S D Piper - Director


Piper Boats Ltd (Registered number: 04471797)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Piper Boats Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04471797

Registered office: Unit 6 Prospect Way
Knypersley
Stoke-on-Trent
Staffordshire
ST8 7PL

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Preparation of consolidated financial statements
The financial statements contain information about Piper Boats Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised as the company becomes entitled to consideration for the goods supplied.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Piper Boats Ltd (Registered number: 04471797)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 28 (2023 - 29 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2023 566,992 139,071 706,063
Additions 203,725 18,000 221,725
Disposals (33,394 ) - (33,394 )
At 30 June 2024 737,323 157,071 894,394
DEPRECIATION
At 1 July 2023 448,822 62,531 511,353
Charge for year 47,945 23,619 71,564
Eliminated on disposal (29,233 ) - (29,233 )
At 30 June 2024 467,534 86,150 553,684
NET BOOK VALUE
At 30 June 2024 269,789 70,921 340,710
At 30 June 2023 118,170 76,540 194,710

Piper Boats Ltd (Registered number: 04471797)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 July 2023 - 70,460 70,460
Additions 158,000 - 158,000
At 30 June 2024 158,000 70,460 228,460
DEPRECIATION
At 1 July 2023 - 17,615 17,615
Charge for year 23,700 13,211 36,911
At 30 June 2024 23,700 30,826 54,526
NET BOOK VALUE
At 30 June 2024 134,300 39,634 173,934
At 30 June 2023 - 52,845 52,845

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 309,925 148,295
Other debtors 35,227 72,654
345,152 220,949

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 56,414 67,960
Trade creditors 375,245 373,920
Amounts owed to group undertakings 100,000 -
Taxation and social security 172,580 76,998
Other creditors 75,206 16,250
779,445 535,128

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 137,479 -

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 193,893 67,960

The hire purchase is secured on the asset.

Piper Boats Ltd (Registered number: 04471797)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

9. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included within the balance sheet amount to £54,750 (2023 £111,750). This financial commitment represents the total amount of payments remaining on the lease.

10. ULTIMATE CONTROLLING PARTY

The controlling party is Piper Boats Holdings LImited.