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REGISTERED NUMBER: SC066331 (Scotland)
















Unaudited Financial Statements

for the Year Ended 30 September 2024

for

Boat Electrics & Electronics Limited

Boat Electrics & Electronics Limited (Registered number: SC066331)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Boat Electrics & Electronics Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: L A Cairns
S C H Coleman





REGISTERED OFFICE: Unit 4
Ailsa Business Park
Kyle Road
Irvine
Ayrshire
KA12 8LE





REGISTERED NUMBER: SC066331 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

Boat Electrics & Electronics Limited (Registered number: SC066331)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 316,570 333,041

CURRENT ASSETS
Stocks 88,099 83,099
Debtors 5 995,188 1,225,052
Cash at bank 1,135,349 308,931
2,218,636 1,617,082
CREDITORS
Amounts falling due within one year 6 1,305,526 1,725,120
NET CURRENT ASSETS/(LIABILITIES) 913,110 (108,038 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,229,680

225,003

CREDITORS
Amounts falling due after more than one
year

7

(1,000,000

)

-

PROVISIONS FOR LIABILITIES (71,702 ) (55,079 )
NET ASSETS 157,978 169,924

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Retained earnings 152,978 164,924
SHAREHOLDERS' FUNDS 157,978 169,924

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

Boat Electrics & Electronics Limited (Registered number: SC066331)

Balance Sheet - continued
30 September 2024


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 & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2025 and were signed on its behalf by:





S C H Coleman - Director


Boat Electrics & Electronics Limited (Registered number: SC066331)

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

1. STATUTORY INFORMATION

Boat Electrics & Electronics Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The director reviews the working capital requirements of the business on a regular basis to ensure the company has sufficient resources to meet commitments as they fall due. This review takes account of the trading performance and the current financial strength of the company and planned future expenditure. Having carried out this review the director is satisfied that the company has sufficient resources to remain in business for the next year and beyond and on that basis the accounts have been prepared on a going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with its parent company Boat Electrics & Electronics (Holdings) Limited, registered number SC516316.

Turnover/revenue recognition
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the company's activities. Sales are presented, net of value-added tax, rebates and discounts.

The company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the company's activities are met.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 20% on cost
Workshop, shed and fittings - 20% on reducing balance
Test gear and other plant - 15% on reducing balance
Office equipment, fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less depreciation.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Boat Electrics & Electronics Limited (Registered number: SC066331)

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

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost consists of purchase invoice costs and, where appropriate, attributable overheads. Work in progress is valued at the lower of cost and realisable value. Cost consists of direct materials, labour and attributable overheads. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & 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.

Boat Electrics & Electronics Limited (Registered number: SC066331)

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

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

Operating lease commitments
Annual rents are charged to the profit and loss account on a straight line basis over the terms of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2023 - 24 ) .

4. TANGIBLE FIXED ASSETS
Workshop, Test gear
Leasehold shed and and other
improvements fittings plant
£    £    £   
COST
At 1 October 2023 73,357 7,918 8,961
Additions - - 9,400
Disposals - - -
At 30 September 2024 73,357 7,918 18,361
DEPRECIATION
At 1 October 2023 44,016 6,873 8,027
Charge for year 14,672 157 1,550
Eliminated on disposal - - -
At 30 September 2024 58,688 7,030 9,577
NET BOOK VALUE
At 30 September 2024 14,669 888 8,784
At 30 September 2023 29,341 1,045 934

Boat Electrics & Electronics Limited (Registered number: SC066331)

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

4. TANGIBLE FIXED ASSETS - continued

Office
equipment,
fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 October 2023 59,481 473,220 622,937
Additions 12,736 57,155 79,291
Disposals - (16,995 ) (16,995 )
At 30 September 2024 72,217 513,380 685,233
DEPRECIATION
At 1 October 2023 34,408 196,572 289,896
Charge for year 4,726 72,436 93,541
Eliminated on disposal - (14,774 ) (14,774 )
At 30 September 2024 39,134 254,234 368,663
NET BOOK VALUE
At 30 September 2024 33,083 259,146 316,570
At 30 September 2023 25,073 276,648 333,041

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 644,518 834,349
Amounts owed by related parties 247,692 247,692
Other debtors 102,978 143,011
995,188 1,225,052

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 261,747 435,871
Amounts owed to group undertakings 567,040 865,790
Taxation and social security 212,341 37,279
Other creditors 264,398 386,180
1,305,526 1,725,120

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Amounts owed to group undertakings 1,000,000 -

Boat Electrics & Electronics Limited (Registered number: SC066331)

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

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 18,924 23,129
Between one and five years 26,443 9,309
45,367 32,438

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

2024 2023
£    £   
S C H Coleman
Balance outstanding at start of year 8,303 (20,197 )
Amounts advanced - 28,500
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,303 8,303

The director's loan balance is unsecured, interest free and has no fixed repayment terms.

10. RELATED PARTY DISCLOSURES

Raleigh Properties Ltd, a company in which one of directors' has a 50% interest in its ordinary share capital is therefore a related party. At the year end, the amount due to the company by Raleigh Properties Ltd was £247,692 (2023: £247,692). This amount is unsecured, interest free,and has no fixed repayment terms.

11. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr S C H Coleman by virtue of his shareholding in Boat Electrics & Electronics (Holdings) Limited.