ELITE YACHT COVERS LTD


Directors	GRAY, Paul
	PEAT, Joseph


Company Secretary	PEAT, Christopher


Registered Address	13 Commerce Way
	Lawford
	Manningtree
	CO11 1UT


Registered Number	12142269 (England and Wales)

Balance Sheet as at
31 August 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		37,243		19,584
			37,243		19,584
Current assets
Stocks	4	46,370		37,875
Debtors		39,866		65,378
Cash at bank and on hand		381,534		358,796
		467,770		462,049
Creditors amounts falling due within one year	5	(178,794)		(257,134)
Net current assets (liabilities)			288,976		204,915
Total assets less current liabilities			326,219		224,499
Provisions for liabilities	6		(9,263)		(3,570)
Net assets			316,956		220,929
Capital and reserves
Called up share capital			100		100
Profit and loss account			316,856		220,829
Shareholders' funds			316,956		220,929

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 11 December 2025, and are signed on its behalf by:

PEAT, Joseph
Director
Registered Company No. 12142269

ELITE YACHT COVERS LTD

Notes to the Financial Statements
for the year ended 31 August 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	Turnover policy
	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.

	Revenue from sale of goods
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

Revenue from sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

	Revenue from rendering of services
	Revenue 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.

	Employee benefits
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Plant and machinery	-	5
Fixtures and fittings	-	5
Vehicles	25	-
Office Equipment	-	4

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

2.	Average number of employees


		2025		2024
	Average number of employees during the year	10		10

3.	Tangible fixed assets

	Plant & machinery	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£	£
Cost or valuation
At 01 September 24	47,763	17,500	16,430	10,967	92,660
Additions	18,672	11,750	-	-	30,422
At 31 August 25	66,435	29,250	16,430	10,967	123,082
Depreciation and impairment
At 01 September 24	40,085	10,453	12,831	9,707	73,076
Charge for year	6,539	2,251	3,286	687	12,763
At 31 August 25	46,624	12,704	16,117	10,394	85,839
Net book value
At 31 August 25	19,811	16,546	313	573	37,243
At 31 August 24	7,678	7,047	3,599	1,260	19,584

4.	Stocks

	2025	2024
	£	£
Raw materials and consumables	46,370	37,875
Total	46,370	37,875

5.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	37,703	20,379
Taxation and social security	85,697	104,678
Other creditors	664	688
Accrued liabilities and deferred income	54,730	131,389
Total	178,794	257,134


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

6.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	9,263	3,570
Total	9,263	3,570

7.	Directors advances, credits and guarantees
	No guarantees have been given or received by directors during the year.