REGISTERED NUMBER: SC745962 (Scotland)

Unaudited Financial Statements

For The Period 1 October 2023 to 29 September 2024

for

Loch Lomond Boat Club Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Lally

Lally Leisure Group Ltd

REGISTERED OFFICE:

35 Oakfield Avenue

Glasgow

Lanarkshire

G12 8LL

REGISTERED NUMBER:

SC745962 (Scotland)

ACCOUNTANTS:

Atkinson Donnelly LLP

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

FIXED ASSETS

Tangible assets

4

107,019

104,625

CURRENT ASSETS

Debtors

5

12,979

10,420

Cash at bank

8

4,609

12,987

15,029

CREDITORS

Amounts falling due within one year

6

187,372

125,747

NET CURRENT LIABILITIES

(174,385

)

(110,718

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(67,366

)

(6,093

)

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

(77,366

)

(16,093

)

SHAREHOLDERS' FUNDS

(67,366

)

(6,093

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 September 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

M Lally - Director

1.	STATUTORY INFORMATION

Loch Lomond Boat Club Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Management have reviewed the financial position of the business and believe the business will continue for the foreseeable future. Therefore, the accounts have been prepared on the going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances

Cash and bank balances are measured at the transaction price.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2023 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 October 2023

130,781

-

130,781

Additions

28,800

419

29,219

At 29 September 2024

159,581

419

160,000

DEPRECIATION

At 1 October 2023

26,156

-

26,156

Charge for period

26,685

140

26,825

At 29 September 2024

52,841

140

52,981

NET BOOK VALUE

At 29 September 2024

106,740

279

107,019

At 30 September 2023

104,625

-

104,625

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.9.24

30.9.23

£

£

Trade debtors

2,100

-

Amounts owed by associates

10,000

10,000

Other debtors

879

420

12,979

10,420

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.9.24

30.9.23

£

£

Trade creditors

4,743

-

Other creditors

182,629

125,747

187,372

125,747

7.	SECURED DEBTS

Freedom Franchise Systems LLC hold security over all property or undertaking of the company.

8.	RELATED PARTY DISCLOSURES

As at 30/09/2024, Loch Lomond Boat Club Ltd was owed £10,000 by Lally Leisure Ltd. Loch Lomond Boat Club Ltd is a 100% subsidiary of Lally Leisure Ltd. This loan is provided interest free and has no fixed repayment terms.

As at 30/09/2024, Loch Lomond Boat Club Ltd owed £118,800 to Lally West End Developments Ltd. These companies have a director in common. This loan is provided interest free and has no fixed repayment terms.

As at 30/09/2024, Loch Lomond Boat Club Ltd owed £16,315 to TM Scaffolding Contracts Ltd. These companies have a director in common. This loan is provided interest free and has no fixed repayment terms.