River Yar Boatyard Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

River Yar Boatyard Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06045365 . The registered office is Nene House, 4 Rushmills, Northampton, NN4 7YB.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities and the Companies Act 2006.

The company no longer qualifies as a micro-entity under FRS 105 as it has exceeded two or more of the qualifying conditions for two consecutive financial years commencing 1 June 2023.

FRS 102 Section 1A requires the recognition of deferred tax on timing differences between the tax base of assets and liabilities and their carrying amounts in the financial statements.This change has been applied retrospectively in accordance with the transition requirements of FRS 102 Section 1a at the date of transition which is 01 June 2023. Under FRS 105 the recognition of deferred tax is prohibited.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	Not depreciated
Leasehold	Not depreciated
Plant & Machinery	25% written down value
Motor Vehicles	25% written down value
Fixtures & Fittings	25% written down value
Computer Equipment	33% SL

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.5. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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River Yar Boatyard Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 7 (2024: 7)

4. Prior Period Adjustment

The following adjustments were required to be made to the comparative figures as the company no longer qualifies as a micro entity.

The objective of this restatement process is so that the financial statements reflect the provisions in FRS 102 S1A as if the standard had always been the framework used by the entity. Retrospective application will enable the financial statements to be both comparable and consistent.

The adjustments made to the prior period are as follows:

Deferred tax liability

At the transition date of 1 June 2023, a deferred tax liability of £27,425 was recognised, representing the tax effect of timing differences that existed at that date. The principal timing difference relates to accelerated capital allowances claimed for tax purposes compared to the depreciation charged in the financial statements.

Movement in deferred tax

During the year ended 31 May 2024, the deferred tax liability increased by £12,571, this has been charged to the profit and loss account as a deferred tax expense.

5. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 June 2024	424,647	282,011	58,536	3,432
Additions	5,146	27,399	-	1,716

As at 31 May 2025	429,793	309,410	58,536	5,148

...CONTINUED

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River Yar Boatyard Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

Depreciation
As at 1 June 2024	-	163,791	29,291	1,311
Provided during the period	-	36,411	7,311	959

As at 31 May 2025	-	200,202	36,602	2,270

Net Book Value
As at 31 May 2025	429,793	109,208	21,934	2,878

As at 1 June 2024	424,647	118,220	29,245	2,121


	Computer Equipment	Total
	£	£
Cost
As at 1 June 2024	6,573	775,199
Additions	1,664	35,925

As at 31 May 2025	8,237	811,124

Depreciation
As at 1 June 2024	6,368	200,761
Provided during the period	700	45,381

As at 31 May 2025	7,068	246,142

Net Book Value
As at 31 May 2025	1,169	564,982

As at 1 June 2024	205	574,438

6. Stocks

	2025	2024 as restated
	£	£
Stock	20,244	14,000

7. Debtors

	2025	2024 as restated
	£	£
Due within one year
Trade debtors	39,612	24,186
Prepayments and accrued income	120,916	115,019

	160,528	139,205

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River Yar Boatyard Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

8. Creditors: Amounts Falling Due Within One Year

	2025	2024 as restated
	£	£
Trade creditors	128,707	162,070
Bank loans and overdrafts	9,677	10,000
Other taxes and social security	25,489	16,885
Other creditors	-	1,636
Accruals and deferred income	191,556	179,419
Directors' loan accounts	19,818	5,026

	375,247	375,036

9. Creditors: Amounts Falling Due After More Than One Year

	2025	2024 as restated
	£	£
Bank loans	7,823	17,505

10. Deferred Taxation

The provision for deferred tax is made up as follows:

	2025	2024 as restated
	£	£
Other timing differences	37,044	39,996

11. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 June 2024	39,996	39,996
Deferred taxation	(2,952 )	(2,952 )

Balance at 31 May 2025	37,044	37,044

12. Share Capital

	2025	2024 as restated
	£	£
Allotted, Called up and fully paid	2	2

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River Yar Boatyard Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 May 2025

13. Reserves

	Share Premium	Profit and Loss Account
	£	£
As at 1 June 2024	300,000	185,985
Profit for the year and total comprehensive income	-	5,983

Dividends paid	-	(13,333)

As at 31 May 2025	300,000	178,635

14. Changes in presentation and format

In addition to the recognition of deferred tax, the transition from FRS 105 to FRS 102 Section 1A has resulted in changes to the format and presentation of the financial statements.

Profit and loss account

The profit and loss account format has changed to comply with the presentation requirements of FRS 102 Section 1A. The comparative figures for the prior year have been re-presented to conform to the current year's presentation format to ensure comparability.

Balance sheet

The balance sheet format has changed to comply with the presentation requirements of FRS 102 Section 1A. The comparative figures for the prior year have been re-presented to conform to the current year's format. This includes the separate presentation of the deferred tax liability, which was not previously recognised under FRS 105.

Enhanced disclosures

FRS 102 Section 1A requires more extensive disclosures than FRS 105. These financial statements therefore include additional notes to the accounts that were not required under the micro-entities regime.

The comparative figures have been restated where necessary to reflect these changes in accounting policies and presentation.

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		2025		2024 as restated
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		564,982		574,438

			564,982		574,438
CURRENT ASSETS
Stocks	6	20,244		14,000
Debtors	7	160,528		139,205
Cash at bank and in hand		152,997		190,881

		333,769		344,086
Creditors: Amounts Falling Due Within One Year	8	(375,247 )		(375,036 )

NET CURRENT ASSETS (LIABILITIES)			(41,478 )		(30,950 )

TOTAL ASSETS LESS CURRENT LIABILITIES			523,504		543,488

Creditors: Amounts Falling Due After More Than One Year	9		(7,823 )		(17,505 )

PROVISIONS FOR LIABILITIES
Deferred Taxation	10		(37,044 )		(39,996 )

NET ASSETS			478,637		485,987

CAPITAL AND RESERVES
Called up share capital	12		2		2
Share premium account			300,000		300,000
Profit and Loss Account			178,635		185,985

SHAREHOLDERS' FUNDS			478,637		485,987