Company registration number 09375902 (England and Wales)
WATERSIDE BOAT SALES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
WATERSIDE BOAT SALES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
WATERSIDE BOAT SALES LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr. C Ibbotson
Company number
09375902
Registered office
Unit 13 Haslar Marina
Haslar Road
Gosport
Hampshire
United Kingdom
PO12 1NU
Accountants
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
WATERSIDE BOAT SALES LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2025
31 January 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
5
1,711
1,869
Current assets
Debtors
6
4,371
5,796
Cash at bank and in hand
56,314
42,278
60,685
48,074
Creditors: amounts falling due within one year
7
(10,424)
(9,977)
Net current assets
50,261
38,097
Total assets less current liabilities
51,972
39,966
Creditors: amounts falling due after more than one year
8
(1,747)
Net assets
51,972
38,219
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
51,872
38,119
Total equity
51,972
38,219
For the financial year ended 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WATERSIDE BOAT SALES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2025
31 January 2025
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 9 June 2025
Mr. C Ibbotson
Director
Company Registration No. 09375902
The notes on pages 4 to 7 form part of these financial statements
WATERSIDE BOAT SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 4 -
1
Accounting policies
Company information
Waterside Boat Sales Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 13 Haslar Marina, Haslar Road, Gosport, Hampshire, United Kingdom, PO12 1NU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and Machinary
33.33% straight line
Computer equipment
33.33% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
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 current liabilities.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
WATERSIDE BOAT SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 5 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
WATERSIDE BOAT SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 6 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
1
1
4
Dividends
2025
2024
£
£
Final paid
2,348
20,375
5
Tangible fixed assets
Plant and Machinary
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2024
12,183
2,412
11,705
26,300
Additions
338
338
At 31 January 2025
12,183
2,750
11,705
26,638
Depreciation and impairment
At 1 February 2024
12,183
2,412
9,836
24,431
Depreciation charged in the year
28
468
496
At 31 January 2025
12,183
2,440
10,304
24,927
Carrying amount
At 31 January 2025
310
1,401
1,711
At 31 January 2024
1,869
1,869
WATERSIDE BOAT SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 7 -
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
397
2,527
Corporation tax recoverable
384
Other debtors
1,783
758
Prepayments and accrued income
1,807
2,511
4,371
5,796
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
5,333
6,597
Trade creditors
2,840
1,522
Other creditors
500
Accruals and deferred income
1,751
1,858
10,424
9,977
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
1,747