Registration number:
Boat Transport Limited
for the Year Ended 31 October 2024
Boat Transport Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Boat Transport Limited
Company Information
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Director |
Mr G C Houghton |
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Company secretary |
Mrs G S Houghton |
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Registered office and |
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Accountants |
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Boat Transport Limited
(Registration number: 04566739)
Balance Sheet as at 31 October 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
101 |
101 |
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Retained earnings |
2,718 |
30,374 |
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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:
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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
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Boat Transport Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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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
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.
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Asset class |
Depreciation method and rate |
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Plant and machinery |
10% reducing balance |
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Fixtures and fittings |
15% reducing balance |
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Motor vehicles |
25% reducing balance |
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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.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
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Cost or valuation |
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At 1 November 2023 |
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Additions |
- |
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Disposals |
- |
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( |
- |
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At 31 October 2024 |
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Depreciation |
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At 1 November 2023 |
- |
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Charge for the year |
- |
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Eliminated on disposal |
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- |
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At 31 October 2024 |
- |
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Carrying amount |
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At 31 October 2024 |
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At 31 October 2023 |
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Boat Transport Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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Total |
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Cost or valuation |
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At 1 November 2023 |
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Additions |
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Disposals |
( |
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At 31 October 2024 |
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Depreciation |
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At 1 November 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
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At 31 October 2024 |
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Carrying amount |
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At 31 October 2024 |
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At 31 October 2023 |
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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.
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Boat Transport Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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The bank overdraft is secured by a personal guarantee from the director.
Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Included in the loans and borrowings are the following amounts due after more than five years:
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Bank borrowings
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Amount due in Under 1 Year: £6,034
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Boat Transport Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024
Current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Bank overdrafts |
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Related party transactions |
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2024 |
At 1 November 2023 |
Advances to director |
Repayments by director |
At 31 October 2024 |
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Mr G C Houghton |
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Net Transactions |
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( |
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2023 |
At 1 November 2022 |
Advances to director |
Repayments by director |
At 31 October 2023 |
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Mr G C Houghton |
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Net Transactions |
( |
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( |
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This loan has been charged interest in line with HMRC's official base rate. There are no set repayment terms for the outstanding balance.