Registered number
06828462
Solent Motor Yachts Ltd
Filleted Accounts
28 February 2025
Solent Motor Yachts Ltd
Registered number: 06828462
Balance Sheet
as at 28 February 2025
Notes 2025 2024
£ £
Fixed assets
Tangible assets 4 147 196
Current assets
Stocks 215,000 302,000
Debtors 5 63,778 53,589
Cash at bank and in hand 649,753 447,979
928,531 803,568
Creditors: amounts falling due within one year 6 (81,246) (76,752)
Net current assets 847,285 726,816
Total assets less current liabilities 847,432 727,012
Provisions for liabilities (37) (37)
Net assets 847,395 726,975
Capital and reserves
Called up share capital 100 100
Profit and loss account 847,295 726,875
Shareholders' funds 847,395 726,975
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.
Derek Vaughan-Smith
Director
Approved by the board on 15 April 2025
Solent Motor Yachts Ltd
Notes to the Accounts
for the year ended 28 February 2025
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:
Computer equipment 20% Straight Line
Fixtures, fittings, tools and equipment 25% Reducing balance
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 2025 2024
Number Number
Average number of persons employed by the company 5 5
including directors
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2024 6,050
At 28 February 2025 6,050
Amortisation
At 1 March 2024 6,050
At 28 February 2025 6,050
Net book value
At 28 February 2025 -
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2024 5,014
At 28 February 2025 5,014
Depreciation
At 1 March 2024 4,818
Charge for the year 49
At 28 February 2025 4,867
Net book value
At 28 February 2025 147
At 29 February 2024 196
5 Debtors 2025 2024
£ £
Trade debtors 18,487 7,206
Other debtors 45,291 46,383
63,778 53,589
Amounts due after more than one year included above 800 800
6 Creditors: amounts falling due within one year 2025 2024
£ £
Taxation and social security costs 79,671 74,243
Other creditors 1,575 2,509
81,246 76,752
7 Other information
Solent Motor Yachts Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Solent Motor Yachts Ltd Hamble River Boatyard
Bridge Road, Swanwick
Southampton
Hampshire
SO31 7EB
Solent Motor Yachts Ltd 06828462 false 2024-03-01 2025-02-28 2025-02-28 VT Final Accounts July 2024 Derek Vaughan-Smith No description of principal activity 06828462 2023-03-01 2024-02-29 06828462 core:WithinOneYear 2024-02-29 06828462 core:ShareCapital 2024-02-29 06828462 core:RetainedEarningsAccumulatedLosses 2024-02-29 06828462 core:AfterOneYear 2024-02-29 06828462 2024-03-01 2025-02-28 06828462 bus:PrivateLimitedCompanyLtd 2024-03-01 2025-02-28 06828462 bus:AuditExemptWithAccountantsReport 2024-03-01 2025-02-28 06828462 bus:Director40 2024-03-01 2025-02-28 06828462 1 2024-03-01 2025-02-28 06828462 2 2024-03-01 2025-02-28 06828462 core:PlantMachinery 2024-03-01 2025-02-28 06828462 countries:England 2024-03-01 2025-02-28 06828462 bus:FRS102 2024-03-01 2025-02-28 06828462 bus:FilletedAccounts 2024-03-01 2025-02-28 06828462 2025-02-28 06828462 core:WithinOneYear 2025-02-28 06828462 core:ShareCapital 2025-02-28 06828462 core:RetainedEarningsAccumulatedLosses 2025-02-28 06828462 core:Goodwill 2025-02-28 06828462 core:PlantMachinery 2025-02-28 06828462 core:AfterOneYear 2025-02-28 06828462 2024-02-29 06828462 core:Goodwill 2024-02-29 06828462 core:PlantMachinery 2024-02-29 iso4217:GBP xbrli:pure