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Company No: 04581337 (England and Wales)

NEIL THOMPSON BOATS LIMITED

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

NEIL THOMPSON BOATS LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

NEIL THOMPSON BOATS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 August 2024
NEIL THOMPSON BOATS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 95,826 107,205
95,826 107,205
Current assets
Stocks 47,650 56,400
Debtors 5 46,388 23,461
Cash at bank and in hand 42,217 4,380
136,255 84,241
Creditors: amounts falling due within one year 6 ( 141,961) ( 108,912)
Net current liabilities (5,706) (24,671)
Total assets less current liabilities 90,120 82,534
Creditors: amounts falling due after more than one year 7 ( 39,219) ( 46,630)
Provision for liabilities 8 ( 12,317) ( 11,512)
Net assets 38,584 24,392
Capital and reserves
Called-up share capital 9,000 9,000
Profit and loss account 29,584 15,392
Total shareholders' funds 38,584 24,392

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:

The financial statements of Neil Thompson Boats Limited (registered number: 04581337) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Neil Thompson
Director
Richenda Thompson
Director

06 May 2025

NEIL THOMPSON BOATS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
NEIL THOMPSON BOATS 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

Neil Thompson Boats 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 North Norfolk Marine Centre, Stiffkey Road, Wells-Next-The-Sea, NR23 1QB, 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 Company's position at the time of signing the financial statements, and in particular the effects on the Company of the wider economy. As part of their assessment, they have taken into considerations a number of possible trading performance, profitability and cash flow scenarios.

Based on this, the Directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these statements.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliable measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before the turnover is recognised:

Sales of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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 Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefits from the use of the leased asset.

Borrowing costs

All borrowing costs are recognised in the profit or loss in the year in which they are incurred.

Pensions

Defined contributions pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a seperate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Intangible assets

Intangible assets are initially recognised at costs. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Goodwill 50 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of income and retained earnings over it useful economic life.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 50 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 25 % reducing balance
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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

Holiday pay accrual

A material liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of financial position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of financial position date.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 10

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 September 2023 61,000 61,000
0 0
At 31 August 2024 61,000 61,000
Accumulated amortisation
At 01 September 2023 61,000 61,000
At 31 August 2024 61,000 61,000
Net book value
At 31 August 2024 0 0
At 31 August 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 September 2023 67,192 127,725 34,495 7,566 13,674 250,652
Additions 0 1,500 0 83 1,083 2,666
Disposals 0 0 0 0 ( 1,141) ( 1,141)
At 31 August 2024 67,192 129,225 34,495 7,649 13,616 252,177
Accumulated depreciation
At 01 September 2023 8,186 95,765 24,673 6,575 8,248 143,447
Charge for the financial year 1,344 8,402 2,456 260 1,432 13,894
Disposals 0 0 0 0 ( 990) ( 990)
At 31 August 2024 9,530 104,167 27,129 6,835 8,690 156,351
Net book value
At 31 August 2024 57,662 25,058 7,366 814 4,926 95,826
At 31 August 2023 59,006 31,960 9,822 991 5,426 107,205

5. Debtors

2024 2023
£ £
Trade debtors 29,986 16,192
Accrued income 16,402 461
Other debtors 0 6,808
46,388 23,461

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 7,459 13,180
Trade creditors 20,182 35,085
Amounts owed to directors 1,420 463
Accruals and deferred income 37,884 10,473
Taxation and social security 50,590 24,067
Obligations under finance leases and hire purchase contracts 0 8,508
Other creditors 24,426 17,136
141,961 108,912

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 6,219 13,630
Other loans 33,000 33,000
39,219 46,630

There are no amounts included above in respect of which any security has been given by the small entity.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 11,512) ( 14,111)
(Charged)/credited to the Income Statement ( 805) 2,599
At the end of financial year ( 12,317) ( 11,512)

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 20,000 20,000
between one and five years 40,000 60,000
60,000 80,000

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 656 785

10. Related party transactions

At the year end the company owed the directors £1,420 (2023 - £463) which is repayable on demand.

£10,608 was also due to a partnership in which the directors are partners (2023 - £6,808 due from)