REGISTERED NUMBER: SC426601 (Scotland)

Boat Investments Limited

Audited Financial Statements

for the Year Ended 30th April 2025

Page

Company information

1

Balance sheet

2

Notes to the financial statements

3

to

6

Directors:

J C Cook

P J Virtue

Mrs S A Wilson

R Mark

Secretary:

R Mark

Registered office:

Unit 1

Coldingham Road Industrial Estate

Eyemouth

TD14 5AN

Registered number:

SC426601 (Scotland)

Auditors:

Rennie Welch Audit Limited

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Intangible assets

4

258,000

258,000

Tangible assets

5

319,496

326,016

Investments

6

200,002

200,002

777,498

784,018

Current assets

Debtors

7

334,608

213,239

Cash at bank

6,208

3,424

340,816

216,663

Creditors

Amounts falling due within one year

8

1,083,017

966,066

Net current liabilities

(742,201

)

(749,403

)

Total assets less current liabilities

35,297

34,615

Provisions for liabilities

41,344

40,515

Net liabilities

(6,047

)

(5,900

)

Capital and reserves

Called up share capital

1

1

Retained earnings

(6,048

)

(5,901

)

Shareholders' funds

(6,047

)

(5,900

)

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 Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1st December 2025 and were signed on its behalf by:

R Mark - Director

1.	Statutory information

Boat Investments Limited 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.

Turnover

Turnover is the amount derived from ordinary activities (being the sale of goods and vessel rentals), and is measured at the fair value of the consideration received or receivable which is stated net of VAT.

Revenue from sale of goods is recognised when all the following conditions are satisfied:

- the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;

- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the economic benefits associated with the transaction will flow to the company; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the rental of vessels is recognised in the accounting period in which the rental charges are accrued and become receivable. The company recognises the revenue on a straight line basis over the period in which the rent charge is raised for.

Intangible assets

Separately acquired licences are shown at historical cost. The directors consider the licences to have an infinite useful life and therefore have not been amortised.

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

-

2% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Investments in associates

Investments in associate undertakings are recognised at cost.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, other debtors, trade creditors, accruals and current accounts with related parties.

Trade debtors, other debtors, trade creditors, accruals and current accounts with related parties are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, 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.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result 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 discounted basis.

Going concern

Although the company has made a profit in the year, it still presents a deficit on the balance sheet. However, the majority of the long term funding for the company is secured from the contribution by the parent company of the group through a related party current account. The parent company has made a commitment not to seek repayment of this facility within the short term. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3.	Employees and directors

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

4.	Intangible fixed assets

Patents

and

licences

£

Cost

At 1st May 2024

and 30th April 2025

258,000

Net book value

At 30th April 2025

258,000

At 30th April 2024

258,000

5.	Tangible fixed assets

Plant and

machinery

£

Cost

At 1st May 2024

and 30th April 2025

352,000

Depreciation

At 1st May 2024

25,984

Charge for year

6,520

At 30th April 2025

32,504

Net book value

At 30th April 2025

319,496

At 30th April 2024

326,016

6.	Fixed asset investments

Interest

in

associate

£

Cost

At 1st May 2024

and 30th April 2025

200,002

Net book value

At 30th April 2025

200,002

At 30th April 2024

200,002

7.

Debtors

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

12,000

12,000

Other debtors

40,604

1,239

52,604

13,239

Amounts falling due after more than one year:

Other debtors

282,004

200,000

Aggregate amounts

334,608

213,239

8.

Creditors: amounts falling due within one year

2025

2024

£

£

Trade creditors

33

16

Amounts owed to group undertakings

958,214

862,180

Taxation and social security

2,000

1,200

Other creditors

122,770

102,670

1,083,017

966,066

Included within other creditors is deferred income of £119,770 (2024 - £99,720)

9.	Secured debts

HSBC UK Bank PLC holds security by way of a floating charge over all assets and undertaking.

10.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the auditors was unqualified.

Gillian Adamson BSC (Hons) CA CTA (Senior Statutory Auditor)

for and on behalf of Rennie Welch Audit Limited

11.	Related party disclosures

Included within other debtors is a loan outstanding to the associate company (Spouse Fishing Limited), amounting to £200,000 .This loan is repayable in full on 31st August 2026 with no interest being charged on the balance outstanding.

In addition to this, a further loan was advanced on the 28th March 2025 to Spouse Fishing Limited, this loan is subject to monthly repayment with interest being charged on the balance outstanding.

At the period end, the balance due to be repaid was £121,774.

12.	Name of parent of group

These financial statements are consolidated in the financial statements of D. R. Collin & Son Ltd. The registered office of D. R. Collin & Son Ltd is Unit 1, Coldingham Road Industrial Estate, Eyemouth, Berwickshire, TD14 5AN