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Registration number: 04566739

Boat Transport Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Boat Transport Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Boat Transport Limited

Company Information

Director

Mr G C Houghton

Company secretary

Mrs G S Houghton

Registered office and
business address

7 Fairview Drive
Hythe
Southampton
SO45 5GX

Accountants

Regulatory Accounting Ltd
Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE

 

Boat Transport Limited

(Registration number: 04566739)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

135,803

99,150

Current assets

 

Debtors

5

18,272

46,037

Cash at bank and in hand

 

610

13,910

 

18,882

59,947

Creditors: Amounts falling due within one year

6

(95,952)

(81,404)

Net current liabilities

 

(77,070)

(21,457)

Total assets less current liabilities

 

58,733

77,693

Creditors: Amounts falling due after more than one year

6

(25,008)

(30,693)

Provisions for liabilities

(30,906)

(16,525)

Net assets

 

2,819

30,475

Capital and reserves

 

Called up share capital

101

101

Retained earnings

2,718

30,374

Shareholders' funds

 

2,819

30,475

 

Boat Transport Limited

(Registration number: 04566739)
Balance Sheet as at 31 October 2024

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 July 2025
 

.........................................
Mr G C Houghton
Director

 

Boat Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
7 Fairview Drive
Hythe
Southampton
SO45 5GX
England

These financial statements were authorised for issue by the director on 24 July 2025.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in Pounds Sterling (£), which is the Company’s functional
currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

Going concern

As a result of this assessment, the directors have concluded that there are no material uncertainties arising that may cast significant doubt about the company's ability to continue as a going concern.

Revenue recognition

Turnover represents the total invoice value, excluding value added tax. Revenue is recognised at 50% up front when the work commences and the remaining 50% when the job is completed.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Boat Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Asset class

Depreciation method and rate

Plant and machinery

10% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Office Equipment

15% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a results of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discount basis.

 

Boat Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and are depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Rental payments under operating leases are charged against income on a straight line basis over the leases term.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 5).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 November 2023

4,483

11,264

165,352

100,353

Additions

-

358

11,500

50,683

Disposals

-

-

(12,400)

-

At 31 October 2024

4,483

11,622

164,452

151,036

Depreciation

At 1 November 2023

-

6,071

130,549

45,682

Charge for the year

-

833

10,595

10,536

Eliminated on disposal

-

-

(8,476)

-

At 31 October 2024

-

6,904

132,668

56,218

Carrying amount

At 31 October 2024

4,483

4,718

31,784

94,818

At 31 October 2023

4,483

5,193

34,803

54,671

 

Boat Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Total
£

Cost or valuation

At 1 November 2023

281,452

Additions

62,541

Disposals

(12,400)

At 31 October 2024

331,593

Depreciation

At 1 November 2023

182,302

Charge for the year

21,964

Eliminated on disposal

(8,476)

At 31 October 2024

195,790

Carrying amount

At 31 October 2024

135,803

At 31 October 2023

99,150

Included within the net book value of land and buildings above is £4,483 (2023 - £4,483) in respect of improvements to freehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

120

6,718

Prepayments

2,338

4,475

Other debtors

15,814

34,844

 

18,272

46,037

 

Boat Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

16,411

23,064

Trade creditors

 

56,875

4,969

Taxation and social security

 

1,650

39,533

Accruals and deferred income

 

5,601

3,455

Other creditors

 

15,415

10,383

 

95,952

81,404



The bank overdraft is secured by a personal guarantee from the director.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

25,008

30,693

Included in the loans and borrowings are the following amounts due after more than five years:

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

25,008

30,693

Bank borrowings

Bounce Back Loan is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 31 July 2029. The carrying amount at year end is £31,042 (2023 - £36,596).

Amount due in Under 1 Year: £6,034
Amount due between 1-5 Years: £25,008
Amount due Over 5 Years: £0

 

Boat Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,035

5,903

Bank overdrafts

10,376

17,161

16,411

23,064

8

Related party transactions

2024

At 1 November 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

Mr G C Houghton

Net Transactions

22,711

92,153

(104,088)

10,777

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mr G C Houghton

Net Transactions

(956)

159,250

(135,582)

22,711

This loan has been charged interest in line with HMRC's official base rate. There are no set repayment terms for the outstanding balance.