The Special Boat Property Company Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 13216651 (England and Wales)

Unaudited Financial Statements

for the Year Ended 28 February 2025

for

The Special Boat Property Company Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S R Bruce

REGISTERED OFFICE:

Units 5-6 Mitchell Point

Ensign Way

Southampton

SO31 4RF

REGISTERED NUMBER:

13216651 (England and Wales)

ACCOUNTANTS:

Howard Smith & Co Limited

338 London Road

Portsmouth

Hampshire

PO2 9JY

FIXED ASSETS

Tangible assets

4

675,567

675,605

CURRENT ASSETS

Debtors

5

3,002

100

Cash at bank

3,309

10,587

6,311

10,687

CREDITORS

Amounts falling due within one year

6

271,990

277,224

NET CURRENT LIABILITIES

(265,679

)

(266,537

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

409,888

409,068

CREDITORS

Amounts falling due after more than one year

7

(340,859

)

(355,612

)

PROVISIONS FOR LIABILITIES

(7,625

)

(7,650

)

NET ASSETS

61,404

45,806

CAPITAL AND RESERVES

Called up share capital

100

Other reserves

39,978

Retained earnings

21,326

5,728

61,404

45,806

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 30 November 2025 and were signed by:

S R Bruce - Director

1.	STATUTORY INFORMATION

The Special Boat Property Company Ltd is a private company, limited by shares , registered in England and Wales. 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.

Tangible fixed assets

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

Freehold property

-

not provided

Fixtures and fittings

-

25% on reducing balance

Taxation

Taxation for the year 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 year 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

COST

At 29 February 2024

and 28 February 2025

675,415

370

675,785

DEPRECIATION

At 29 February 2024

-

180

Charge for year

-

38

At 28 February 2025

-

218

NET BOOK VALUE

At 28 February 2025

675,415

152

675,567

At 28 February 2024

675,415

190

675,605

FRS 102 applies to the freehold property in that it should be included in the financial statements at fair value.

The company owns two commercial freehold.

One freehold was revalued during the accounting period to February 2023 and the director considers the fair value to be materially similar.

The other freehold was purchased during the accounting period to February 2024 and the director considers that there has been no material change in its value since purchase.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

Other debtors

3,002

100

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as restated

£

Bank loans and overdrafts

13,404

12,055

Taxation and social security

3,662

3,435

Other creditors

254,924

261,734

271,990

277,224

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

as restated

£

Bank loans

340,859

355,612

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

287,243

307,391

8.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

as restated

£

Bank loans

354,263

-

Barclays Security Trustee Limited have four charges registered on the company:

Charge number 132166510001 created on 19 March 2021 and delivered on 29 March 2021

Charge number 132166510002 created on 30 July 2021 and delivered on 30 July 2021

Charge number 132166510003 created on 14 July 2023 and delivered on 14 July 2023

Charge number 132166510004 created on 26 July 2023 and delivered on 26 July 2023

9.	RELATED PARTY DISCLOSURES

As at the balance sheet date the company owed £254,578 to Special Boat Company Limited, a company under common control. This is included within creditors due within one year and there is no formal agreement on repayment terms. No interest is charged in respect of the amount owed.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is S R Bruce.

The ultimate controlling party is S R Bruce.