Registered number
05193160
Castle Narrow Boats Limited
Unaudited Filleted Accounts
31 October 2024
Castle Narrow Boats Limited
Registered number: 05193160
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 38,250 42,500
Tangible assets 4 278,173 282,784
316,423 325,284
Current assets
Stocks 7,000 7,000
Debtors 5 11,352 18,756
Cash at bank and in hand 4,463 17,035
22,815 42,791
Creditors: amounts falling due within one year 6 (17,863) (17,637)
Net current assets 4,952 25,154
Total assets less current liabilities 321,375 350,438
Creditors: amounts falling due after more than one year 7 (96,514) (163,362)
Net assets 224,861 187,076
Capital and reserves
Called up share capital 2 2
Profit and loss account 224,859 187,074
Shareholders' funds 224,861 187,076
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr N P Mills
Director
Approved by the board on 30 January 2025
Castle Narrow Boats Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2023 85,000
At 31 October 2024 85,000
Amortisation
At 1 November 2023 42,500
Provided during the year 4,250
At 31 October 2024 46,750
Net book value
At 31 October 2024 38,250
At 31 October 2023 42,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2023 225,000 424,187 21,000 670,187
Additions - 12,428 - 12,428
Disposals - (35,558) (11,499) (47,057)
At 31 October 2024 225,000 401,057 9,501 635,558
Depreciation
At 1 November 2023 - 369,460 17,943 387,403
Charge for the year - 7,899 82 7,981
On disposals - (29,229) (8,770) (37,999)
At 31 October 2024 - 348,130 9,255 357,385
Net book value
At 31 October 2024 225,000 52,927 246 278,173
At 31 October 2023 225,000 54,727 3,057 282,784
5 Debtors 2024 2023
£ £
Trade debtors - 6,548
Other debtors 11,352 12,208
11,352 18,756
6 Creditors: amounts falling due within one year 2024 2023
£ £
VAT 7,232 3,946
Trade creditors 1,248 4,384
Taxation and social security costs 9,383 9,307
17,863 17,637
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 17,360 27,436
Trade creditors 9,595 9,595
Directors loan account 69,559 126,331
96,514 163,362
8 Other information
Castle Narrow Boats Limited is a private company limited by shares and incorporated in England. Its registered office is:
Beaufort House
113 Parson Street
Bristol
Bristol
BS3 5QH
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