2023-09-012024-08-312024-08-31false12142269ELITE YACHT COVERS 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ELITE YACHT COVERS LTD

Registered Number
12142269
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

ELITE YACHT COVERS LTD
Company Information
for the year from 1 September 2023 to 31 August 2024

Directors

GRAY, Paul
PEAT, Joseph

Company Secretary

PEAT, Christopher

Registered Address

13 Commerce Way
Lawford
Manningtree
CO11 1UT

Registered Number

12142269 (England and Wales)
ELITE YACHT COVERS LTD
Balance Sheet as at
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets319,58438,980
19,58438,980
Current assets
Stocks437,87532,192
Debtors65,37837,618
Cash at bank and on hand358,796332,507
462,049402,317
Creditors amounts falling due within one year5(257,135)(242,020)
Net current assets (liabilities)204,914160,297
Total assets less current liabilities224,498199,277
Provisions for liabilities6(3,570)(8,908)
Net assets220,928190,369
Capital and reserves
Called up share capital100100
Profit and loss account220,828190,269
Shareholders' funds220,928190,369
The financial statements were approved and authorised for issue by the Board of Directors on 19 May 2025, and are signed on its behalf by:
PEAT, Joseph
Director
Registered Company No. 12142269
ELITE YACHT COVERS LTD
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
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.
Revenue from sale of goods
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.
Revenue from rendering of services
Revenue 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year109
3.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 September 2347,76317,50016,43010,96792,660
At 31 August 2447,76317,50016,43010,96792,660
Depreciation and impairment
At 01 September 2328,7558,1049,5457,27653,680
Charge for year11,3292,3503,2862,43119,396
At 31 August 2440,08410,45412,8319,70773,076
Net book value
At 31 August 247,6797,0463,5991,26019,584
At 31 August 2319,0089,3966,8853,69138,980
4.Stocks

2024

2023

££
Raw materials and consumables37,87532,192
Total37,87532,192
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables20,37920,993
Taxation and social security104,67974,502
Other creditors688579
Accrued liabilities and deferred income131,389145,946
Total257,135242,020
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.
6.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)3,5708,908
Total3,5708,908
7.Directors advances, credits and guarantees
No guarantees have been given or received by directors during the year.