Silverfin false false 31/08/2024 01/09/2023 31/08/2024 P I Dollin 20/01/2016 J M J Stone 02/05/2017 06 March 2025 The principal activity of the Company during the financial year is the sale of motor yachts. 09960259 2024-08-31 09960259 bus:Director1 2024-08-31 09960259 bus:Director2 2024-08-31 09960259 2023-08-31 09960259 core:CurrentFinancialInstruments 2024-08-31 09960259 core:CurrentFinancialInstruments 2023-08-31 09960259 core:ShareCapital 2024-08-31 09960259 core:ShareCapital 2023-08-31 09960259 core:RetainedEarningsAccumulatedLosses 2024-08-31 09960259 core:RetainedEarningsAccumulatedLosses 2023-08-31 09960259 2023-09-01 2024-08-31 09960259 bus:FilletedAccounts 2023-09-01 2024-08-31 09960259 bus:SmallEntities 2023-09-01 2024-08-31 09960259 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 09960259 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 09960259 bus:Director1 2023-09-01 2024-08-31 09960259 bus:Director2 2023-09-01 2024-08-31 09960259 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Company No: 09960259 (England and Wales)

INSPIRATION MOTOR YACHTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

INSPIRATION MOTOR YACHTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

INSPIRATION MOTOR YACHTS LIMITED

BALANCE SHEET

As at 31 August 2024
INSPIRATION MOTOR YACHTS LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Current assets
Stocks 3 975,264 0
Debtors 4 12,835 284,379
Cash at bank and in hand 22,425 80,265
1,010,524 364,644
Creditors: amounts falling due within one year 5 ( 845,628) ( 285,667)
Net current assets 164,896 78,977
Total assets less current liabilities 164,896 78,977
Net assets 164,896 78,977
Capital and reserves
Called-up share capital 100 100
Profit and loss account 164,796 78,877
Total shareholder's funds 164,896 78,977

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Inspiration Motor Yachts Limited (registered number: 09960259) were approved and authorised for issue by the Board of Directors on 06 March 2025. They were signed on its behalf by:

J M J Stone
Director
INSPIRATION MOTOR YACHTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
INSPIRATION MOTOR YACHTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Inspiration Motor Yachts Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Chandlery Building Hamble Point Marina, Hamble, Southampton, SO31 4NB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The Directors have considered the relevant business and economic data available at the time of the preparation of these accounts and have a reasonable expectation that the company will continue to have adequate resources to continue operating for the foreseeable future. Accordingly, the accounts have been prepared on the going concern basis.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer, which for new boat sales is the point of handover. Brokerage and other commission income is recognised at the point of contract.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Stocks

2024 2023
£ £
Stocks 975,264 0

4. Debtors

2024 2023
£ £
Trade debtors 1,510 500
Prepayments and accrued income 4,478 283,879
VAT recoverable 5,383 0
Other debtors 1,464 0
12,835 284,379

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 4,828 0
Amounts owed to Group undertakings 116,703 0
Accruals and deferred income 1,609 243,165
Corporation tax 86,895 42,311
Other taxation and social security 0 191
Other creditors 635,593 0
845,628 285,667

6. Related party transactions

The company is a wholly owned subsidiary of Inspiration Marine Group Limited and in accordance with Paragraph 33.1A is therefore not required to disclose transactions and balances with that company .