Company No:
Contents
Note | 2024 | 2023 | ||
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Current assets | ||||
Stocks | 3 |
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Debtors | 4 |
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Cash at bank and in hand |
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1,010,524 | 364,644 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 164,896 | 78,977 | ||
Total assets less current liabilities | 164,896 | 78,977 | ||
Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds |
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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:
J M J Stone
Director |
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.
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 £.
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.
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.
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.
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.
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.
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Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Stocks |
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Trade debtors |
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Prepayments and accrued income |
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VAT recoverable |
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Other debtors |
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Trade creditors |
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Amounts owed to Group undertakings |
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Accruals and deferred income |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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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 .