Registration number: SC555369

Vita Yachts Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 10

Vita Yachts Limited

Company Information

Directors

Mr Clive Johnson Miss Luisa Bonello Mr Alastair Peter Mckinlay

Company secretary

Morton Fraser Secretaries Limited

Registered office

Level 5 9 Haymarket Square Edinburgh EH3 8RY

Accountants

Tayabali & White 5 High Green Great Shelford Cambridge CB22 5EG

Vita Yachts Limited

(Registration number: SC555369)
Balance Sheet as at 31 December 2024

	Note	31 December 2024 £	31 March 2024 £
Fixed assets
Tangible assets	4	1,554,425	1,747,429
Investments	5	65,305	65,297
Debtors	7	1,376,503	-
		2,996,233	1,812,726
Current assets
Stocks	6	1,567,380	4,355,261
Debtors	7	4,086,217	1,323,386
Cash at bank and in hand		221,886	455,688
		5,875,483	6,134,335
Creditors: Amounts falling due within one year	8	(683,660)	(2,778,709)
Net current assets		5,191,823	3,355,626
Total assets less current liabilities		8,188,056	5,168,352
Creditors: Amounts falling due after more than one year	8	(6,725,828)	(4,279,723)
Net assets		1,462,228	888,629
Capital and reserves
Called up share capital	9	590	522
Share premium reserve		21,669,279	18,361,374
Retained earnings		(20,207,641)	(17,473,267)
Shareholders' funds		1,462,228	888,629

For the financial period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Vita Yachts Limited

(Registration number: SC555369)
Balance Sheet as at 31 December 2024

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 March 2025 and signed on its behalf by:
 

......................................... Miss Luisa Bonello Director

......................................... Mr Alastair Peter Mckinlay Director

Vita Yachts Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in Scotland.

The company's registered number is SC555369.

The address of its registered office is:
Level 5
9 Haymarket Square
Edinburgh
EH3 8RY

These financial statements were authorised for issue by the Board on 31 March 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Vita Yachts Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	Straight line over 33 years
Plant and machinery	Straight line over 7 or 10 years
Motor vehicles	Straight line over 8 years
Office equipment	Straight line over 3 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Vita Yachts Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 35 (2024 - 30).

Vita Yachts Limited

Notes to the Unaudited Financial Statements for the Period from 1 April 2024 to 31 December 2024

4	Tangible assets

	Land and buildings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	862,040	1,760,345	59,148	103,128	2,784,661
Additions	-	-	3,674	-	3,674
Disposals	-	-	(1,817)	(7,376)	(9,193)
Foreign exchange movements	(25,491)	(48,833)	(67)	(1,586)	(75,977)
At 31 December 2024	836,549	1,711,512	60,938	94,166	2,703,165
Depreciation
At 1 April 2024	94,823	869,308	40,044	33,057	1,037,232
Charge for the period	32,596	85,650	11,972	12,382	142,600
Eliminated on disposal	-	-	(1,817)	(1,614)	(3,431)
Foreign exchange movements	(2,643)	(24,655)	(28)	(335)	(27,661)
At 31 December 2024	124,776	930,303	50,171	43,490	1,148,740
Carrying amount
At 31 December 2024	711,773	781,209	10,767	50,676	1,554,425
At 31 March 2024	767,217	891,037	19,104	70,071	1,747,429

Included within the net book value of land and buildings above is £711,773 (2024 - £767,217) in respect of freehold land and buildings.
 

5	Investments

	31 December 2024 £	31 March 2024 £
Investments in subsidiaries	65,305	65,297