2023-03-212024-03-312024-03-31false14745711THE BOAT ENGINE LTD2025-02-07falseiso4217:GBPxbrli:pure147457112023-03-21147457112024-03-31147457112023-03-212024-03-31147457112023-03-20147457112023-03-20147457112023-03-202023-03-2014745711bus:SmallEntities2023-03-212024-03-3114745711bus:AuditExempt-NoAccountantsReport2023-03-212024-03-3114745711bus:FullAccounts2023-03-212024-03-3114745711bus:PrivateLimitedCompanyLtd2023-03-212024-03-3114745711core:WithinOneYear2024-03-3114745711core:AfterOneYear2024-03-3114745711core:WithinOneYear2023-03-2014745711core:AfterOneYear2023-03-2014745711core:ShareCapital2024-03-3114745711core:SharePremium2024-03-3114745711core:RevaluationReserve2024-03-3114745711core:OtherReservesSubtotal2024-03-3114745711core:RetainedEarningsAccumulatedLosses2024-03-3114745711core:ShareCapital2023-03-2014745711core:SharePremium2023-03-2014745711core:RevaluationReserve2023-03-2014745711core:OtherReservesSubtotal2023-03-2014745711core:RetainedEarningsAccumulatedLosses2023-03-2014745711core:LandBuildings2024-03-3114745711core:PlantMachinery2024-03-3114745711core:Vehicles2024-03-3114745711core:FurnitureFittings2024-03-3114745711core:OfficeEquipment2024-03-3114745711core:NetGoodwill2024-03-3114745711core:IntangibleAssetsOtherThanGoodwill2024-03-3114745711core:ListedExchangeTraded2024-03-3114745711core:UnlistedNon-exchangeTraded2024-03-3114745711core:LandBuildings2023-03-2014745711core:PlantMachinery2023-03-2014745711core:Vehicles2023-03-2014745711core:FurnitureFittings2023-03-2014745711core:OfficeEquipment2023-03-2014745711core:NetGoodwill2023-03-2014745711core:IntangibleAssetsOtherThanGoodwill2023-03-2014745711core:ListedExchangeTraded2023-03-2014745711core:UnlistedNon-exchangeTraded2023-03-2014745711core:LandBuildings2023-03-212024-03-3114745711core:PlantMachinery2023-03-212024-03-3114745711core:Vehicles2023-03-212024-03-3114745711core:FurnitureFittings2023-03-212024-03-3114745711core:OfficeEquipment2023-03-212024-03-3114745711core:NetGoodwill2023-03-212024-03-3114745711core:IntangibleAssetsOtherThanGoodwill2023-03-212024-03-3114745711core:ListedExchangeTraded2023-03-212024-03-3114745711core:UnlistedNon-exchangeTraded2023-03-212024-03-3114745711core:MoreThanFiveYears2023-03-212024-03-3114745711core:Non-currentFinancialInstruments2024-03-3114745711core:Non-currentFinancialInstruments2023-03-2014745711dpl:CostSales2023-03-212024-03-3114745711dpl:DistributionCosts2023-03-212024-03-3114745711core:LandBuildings2023-03-212024-03-3114745711core:PlantMachinery2023-03-212024-03-3114745711core:Vehicles2023-03-212024-03-3114745711core:FurnitureFittings2023-03-212024-03-3114745711core:OfficeEquipment2023-03-212024-03-3114745711dpl:AdministrativeExpenses2023-03-212024-03-3114745711core:NetGoodwill2023-03-212024-03-3114745711core:IntangibleAssetsOtherThanGoodwill2023-03-212024-03-3114745711dpl:GroupUndertakings2023-03-212024-03-3114745711dpl:ParticipatingInterests2023-03-212024-03-3114745711dpl:GroupUndertakingscore:ListedExchangeTraded2023-03-212024-03-3114745711core:ListedExchangeTraded2023-03-212024-03-3114745711dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-03-212024-03-3114745711core:UnlistedNon-exchangeTraded2023-03-212024-03-3114745711dpl:CostSales2023-03-202023-03-2014745711dpl:DistributionCosts2023-03-202023-03-2014745711core:LandBuildings2023-03-202023-03-2014745711core:PlantMachinery2023-03-202023-03-2014745711core:Vehicles2023-03-202023-03-2014745711core:FurnitureFittings2023-03-202023-03-2014745711core:OfficeEquipment2023-03-202023-03-2014745711dpl:AdministrativeExpenses2023-03-202023-03-2014745711core:NetGoodwill2023-03-202023-03-2014745711core:IntangibleAssetsOtherThanGoodwill2023-03-202023-03-2014745711dpl:GroupUndertakings2023-03-202023-03-2014745711dpl:ParticipatingInterests2023-03-202023-03-2014745711dpl:GroupUndertakingscore:ListedExchangeTraded2023-03-202023-03-2014745711core:ListedExchangeTraded2023-03-202023-03-2014745711dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-03-202023-03-2014745711core:UnlistedNon-exchangeTraded2023-03-202023-03-2014745711core:NetGoodwill2024-03-3114745711core:IntangibleAssetsOtherThanGoodwill2024-03-3114745711core:LandBuildings2024-03-3114745711core:PlantMachinery2024-03-3114745711core:Vehicles2024-03-3114745711core:FurnitureFittings2024-03-3114745711core:OfficeEquipment2024-03-3114745711core:AfterOneYear2024-03-3114745711core:WithinOneYear2024-03-3114745711core:ListedExchangeTraded2024-03-3114745711core:UnlistedNon-exchangeTraded2024-03-3114745711core:ShareCapital2024-03-3114745711core:SharePremium2024-03-3114745711core:RevaluationReserve2024-03-3114745711core:OtherReservesSubtotal2024-03-3114745711core:RetainedEarningsAccumulatedLosses2024-03-3114745711core:NetGoodwill2023-03-2014745711core:IntangibleAssetsOtherThanGoodwill2023-03-2014745711core:LandBuildings2023-03-2014745711core:PlantMachinery2023-03-2014745711core:Vehicles2023-03-2014745711core:FurnitureFittings2023-03-2014745711core:OfficeEquipment2023-03-2014745711core:AfterOneYear2023-03-2014745711core:WithinOneYear2023-03-2014745711core:ListedExc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THE BOAT ENGINE LTD

Registered Number
14745711
(England and Wales)

Unaudited Financial Statements for the Period ended
31 March 2024

THE BOAT ENGINE LTD
Company Information
for the period from 21 March 2023 to 31 March 2024

Directors

Sinan Masovic
Wolfgang Menig
Paul Oster
Matt Ovenden
Tobias Sproehnle

Registered Address

Mendip House
Welshmill Road
Frome
BA11 2LA

Registered Number

14745711 (England and Wales)
THE BOAT ENGINE LTD
Balance Sheet as at
31 March 2024

Notes

2024

£

£

Fixed assets
Intangible assets375,556
Tangible assets4868
Investments5975,613
1,052,037
Current assets
Debtors6,71,054,703
Cash at bank and on hand377,170
1,431,873
Creditors amounts falling due within one year8(1,161,160)
Net current assets (liabilities)270,713
Total assets less current liabilities1,322,750
Creditors amounts falling due after one year9(2,155,665)
Net assets(832,915)
Capital and reserves
Called up share capital1
Profit and loss account(832,916)
Shareholders' funds(832,915)
The financial statements were approved and authorised for issue by the Board of Directors on 7 February 2025, and are signed on its behalf by:
Sinan Masovic
Director
Registered Company No. 14745711
THE BOAT ENGINE LTD
Notes to the Financial Statements
for the period ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Turnover policy
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.
Revenue from rendering of services
Revenue 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.
Interest income
Interest income is recognised using the effective interest rate method.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Finance costs
Finance costs charged to the profit or loss include interest expense calculated using the effective interest method from FRS 102:11, finance charges on finance leases, and exchange differences on foreign currency borrowings where these are treated as an adjustment to interest costs.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Goodwill
Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be four years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Office Equipment3
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other 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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

2024
Average number of employees during the year6
3.Intangible assets

Goodwill

Total

££
Cost or valuation
Additions101,935101,935
At 31 March 24101,935101,935
Amortisation and impairment
Charge for year26,37926,379
At 31 March 2426,37926,379
Net book value
At 31 March 2475,55675,556
At 20 March 23--
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
Additions1,5471,547
At 31 March 241,5471,547
Depreciation and impairment
Charge for year679679
At 31 March 24679679
Net book value
At 31 March 24868868
At 20 March 23--
5.Fixed asset investments

Investments in groups1

Loans to groups2

Total

£££
Cost or valuation
Additions25,521950,092975,613
At 31 March 2425,521950,092975,613
Net book value
At 31 March 2425,521950,092975,613

Notes

1Investments in group undertakings and participating interests
2Loans to group undertakings and participating interests
6.Debtors: amounts due within one year

2024

£
Trade debtors / trade receivables344,345
Other debtors705,858
Total1,050,203
7.Debtors: amounts due after one year

2024

£
Other debtors4,500
Total4,500
8.Creditors: amounts due within one year

2024

£
Trade creditors / trade payables400,513
Taxation and social security15,547
Payments received on account500
Finance lease and HP contracts1,977
Other creditors646,699
Accrued liabilities and deferred income95,924
Total1,161,160
9.Creditors: amounts due after one year

2024

£
Convertible loans2,005,665
Other creditors150,000
Total2,155,665
10.Events after reporting date
No information has been identified since the statement of financial position date about conditions existing at the financial position date which is required to be disclosed in these financial statements.
11.Controlling party
Matt Ovenden is the ultimate controlling party.
12.Change in reporting period and impact on comparability
The financial statements cover the period from 21 March 2023 to 31 March 2024 , which is 12 months and 21 days. This represents the company's first reporting period and is longer than the standard 12-month financial year. As a result, the amounts presented in the financial statements are not entirely comparable to future financial periods, which will typically cover a 12-month period. Where relevant, additional disclosures and explanations have been provided to aid users of the annual accounts in understanding the financial performance and position of the company during this extended reporting period.