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Registered number: 14621451










SPIRIT YACHTS HOLDINGS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2024

 
SPIRIT YACHTS HOLDINGS LIMITED
REGISTERED NUMBER: 14621451

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
Note
£

Fixed assets
  

Tangible assets
 5 
46,633

  
46,633

Current assets
  

Stocks
  
123,424

Debtors: amounts falling due within one year
 6 
417,653

Cash at bank and in hand
  
773,098

  
1,314,175

Creditors: amounts falling due within one year
 7 
(800,831)

Net current assets
  
 
 
513,344

Total assets less current liabilities
  
559,977

Provisions for liabilities
  

Provisions
  
(100,000)

  
 
 
(100,000)

Net assets
  
459,977


Capital and reserves
  

Called up share capital 
  
4,632

Share premium account
  
3,961,326

Profit and loss account
  
(3,505,981)

  
459,977


Page 1

 
SPIRIT YACHTS HOLDINGS LIMITED
REGISTERED NUMBER: 14621451
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income statement 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: 




................................................
Joseph Andrew Robert Gillespie
Director

Date: 21 January 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SPIRIT YACHTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

Spirit Yachts Holdings Limited is a private company limited by shares and incorporated in England and Wales, registration number 14621451. The registered office is Ipswich Haven Marina, New Cut East, Ipswich, Suffolk, England, IP3 0EA.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 following principal accounting policies have been applied:

 
2.2

Revenue

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

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.

Page 3

 
SPIRIT YACHTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Pensions

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.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

 
2.7

Tangible fixed assets

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 and reducing balance method.

Depreciation is provided on the following basis:

Plant and machinery
-
25.0%
reducing balance
Computer equipment
-
43.8%
straight line
Property Improvements
-
13.3%
straight line

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.

Page 4

 
SPIRIT YACHTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

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.

 
2.11

Cash and cash equivalents

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.

 
2.12

Creditors

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.

 
2.13

Provisions for liabilities

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.

Page 5

 
SPIRIT YACHTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including directors, during the period was 53.


4.


Intangible assets



Goodwill

£





Additions
619,021



At 31 March 2024

619,021





Impairment charge
619,021



At 31 March 2024

619,021



Net book value



At 31 March 2024
-




5.


Tangible fixed assets





Plant and machinery
Computer equipment
Land and Buildings
Total

£
£
£
£



Cost or valuation


Additions
22,240
9,366
40,065
71,671



At 31 March 2024

22,240
9,366
40,065
71,671



Depreciation


Charge for the period on owned assets
5,560
6,320
13,158
25,038



At 31 March 2024

5,560
6,320
13,158
25,038



Net book value



At 31 March 2024
16,680
3,046
26,907
46,633

Page 6

 
SPIRIT YACHTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

6.


Debtors

2024
£


Trade debtors
283,576

Other debtors
16,721

Prepayments and accrued income
117,356

417,653



7.


Creditors: Amounts falling due within one year

2024
£

Trade creditors
434,679

Other taxation and social security
50,335

Other creditors
15,517

Accruals and deferred income
240,931

Loan notes classed as liabilities
59,369

800,831



8.


Loan Note Instrument

During the period, Spirit Yachts Holdings Limited issued loan notes of £1,006,250. Interest will be charged at 1% on this instrument. 


9.


Provisions





Provision

£





Arising on business combinations
100,000



At 31 March 2024
100,000

Page 7

 
SPIRIT YACHTS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

10.
 

Business combinations

Acquisition of Spirit Yachts Limited

Recognised amounts of identifiable assets acquired and liabilities assumed

Book value
Fair value adjustments
Fair value
£
£
£

Fixed Assets

Tangible
66,357
83
66,440

Intangible
156,407
(156,407)
-

222,764
(156,324)
66,440

Current Assets

Stocks
282,371
(147,400)
134,971

Trade Debtors
34,741
773
35,514

Other Debtors
188,001
-
188,001

Total Assets
727,877
(302,951)
424,926

Creditors

Due within one year
(285,052)
-
(285,052)

Accruals
(148,895)
-
(148,895)

Provisions for liabilities
-
(100,000)
(100,000)

Total Identifiable net assets/(liabilities)
293,930
(402,951)
(109,021)


Goodwill
619,021

Total purchase consideration
510,000

Consideration

£


Cash
510,000

Total purchase consideration
510,000




 
Page 8