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Company No: 04581337 (England and Wales)

# NEIL THOMPSON BOATS LIMITED

### Unaudited Financial Statements
For the financial year ended 31 August 2025
Pages for filing with the registrar

NEIL THOMPSON BOATS LIMITED

## Unaudited Financial Statements

For the financial year ended 31 August 2025

Contents

NEIL THOMPSON BOATS LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 August 2025
NEIL THOMPSON BOATS LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 August 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 4 | 90,448 |  | 95,826
|  | 90,448 |  | 95,826
Current assets |  |  |  |
Stocks |  | 39,098 |  | 47,650
Debtors | 5 | 75,845 |  | 46,388
Cash at bank and in hand |  | 18,840 |  | 42,217
|  | 133,783 |  | 136,255
Creditors: amounts falling due within one year | 6 | ( 140,301) |  | ( 141,961)
Net current liabilities |  | (6,518) |  | (5,706)
Total assets less current liabilities |  | 83,930 |  | 90,120
Creditors: amounts falling due after more than one year | 7 | ( 34,853) |  | ( 39,219)
Provision for liabilities | 8 | ( 10,889) |  | ( 12,317)
Net assets |  | 38,188 |  | 38,584
Capital and reserves |  |  |  |
Called-up share capital |  | 9,000 |  | 9,000
Profit and loss account |  | 29,188 |  | 29,584
Total shareholders' funds |  | 38,188 |  | 38,584

For the financial year ending 31 August 2025 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 financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Income Statement has not been delivered.

The financial statements of Neil Thompson Boats Limited (registered number: 04581337) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Neil Thompson Director |  | Richenda Thompson Director

27 January 2026

NEIL THOMPSON BOATS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2025
NEIL THOMPSON BOATS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Neil Thompson Boats Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is North Norfolk Marine Centre, Stiffkey Road, Wells-Next-The-Sea, NR23 1QB, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The Directors have considered the Company's position at the time of signing the financial statements, and in particular the effects on the Company of the wider economy. As part of their assessment, they have taken into considerations a number of possible trading performance, profitability and cash flow scenarios.
Based on this, the Directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these statements.

##### Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliable measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before the turnover is recognised:
Sales of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of turnover can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

##### Interest income

Interest income is recognised in profit or loss using the effective interest method.

##### Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefits from the use of the leased asset.

##### Borrowing costs

All borrowing costs are recognised in the profit or loss in the year in which they are incurred.

##### Pensions

Defined contributions pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a seperate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

##### Intangible assets

Intangible assets are initially recognised at costs. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Goodwill | 50 years straight line

###### Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer's interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of income and retained earnings over it useful economic life.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements | 50 years straight line
Plant and machinery | 25 % reducing balance
Vehicles | 25 % reducing balance
Fixtures and fittings | 25 % reducing balance
Office equipment | 25 % reducing balance

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

##### Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

##### Holiday pay accrual

A material liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Statement of financial position date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Statement of financial position date.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 9 |  | 10

#### 3. Intangible assets

| Goodwill |  | Total
| £ |  | £
Cost |  |  |
At 01 September 2024 | 61,000 |  | 61,000
| 0 |  | 0
At 31 August 2025 | 61,000 |  | 61,000
Accumulated amortisation |  |  |
At 01 September 2024 | 61,000 |  | 61,000
At 31 August 2025 | 61,000 |  | 61,000
Net book value |  |  |
At 31 August 2025 | 0 |  | 0
At 31 August 2024 | 0 |  | 0

#### 4. Tangible assets

| Leasehold improve- ments |  | Plant and machinery |  | Vehicles |  | Fixtures and fittings |  | Office equipment |  | Total
| £ |  | £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |  |  |
At 01 September 2024 | 67,192 |  | 129,225 |  | 34,495 |  | 7,649 |  | 13,616 |  | 252,177
Additions | 0 |  | 4,335 |  | 0 |  | 698 |  | 1,665 |  | 6,698
At 31 August 2025 | 67,192 |  | 133,560 |  | 34,495 |  | 8,347 |  | 15,281 |  | 258,875
Accumulated depreciation |  |  |  |  |  |  |  |  |  |  |
At 01 September 2024 | 9,530 |  | 104,167 |  | 27,129 |  | 6,835 |  | 8,690 |  | 156,351
Charge for the financial year | 1,879 |  | 6,856 |  | 1,841 |  | 233 |  | 1,267 |  | 12,076
At 31 August 2025 | 11,409 |  | 111,023 |  | 28,970 |  | 7,068 |  | 9,957 |  | 168,427
Net book value |  |  |  |  |  |  |  |  |  |  |
At 31 August 2025 | 55,783 |  | 22,537 |  | 5,525 |  | 1,279 |  | 5,324 |  | 90,448
At 31 August 2024 | 57,662 |  | 25,058 |  | 7,366 |  | 814 |  | 4,926 |  | 95,826

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 63,520 |  | 29,986
Accrued income | 12,325 |  | 16,402
| 75,845 |  | 46,388

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 4,366 |  | 7,459
Trade creditors | 42,419 |  | 20,182
Amounts owed to directors | 693 |  | 1,420
Accruals and deferred income | 18,635 |  | 37,884
Taxation and social security | 43,154 |  | 50,590
Other creditors | 31,034 |  | 24,426
| 140,301 |  | 141,961

#### 7. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 1,853 |  | 6,219
Other loans | 33,000 |  | 33,000
| 34,853 |  | 39,219

There are no amounts included above in respect of which any security has been given by the small entity.

#### 8. Deferred tax

| 2025 |  | 2024
| £ |  | £
At the beginning of financial year | ( 12,317) |  | ( 11,512)
Credited/(charged) to the Income Statement | 1,428 |  | ( 805)
At the end of financial year | ( 10,889) |  | ( 12,317)

#### 9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 |  | 2024
| £ |  | £
within one year | 20,000 |  | 20,000
between one and five years | 20,000 |  | 40,000
Total future minimum lease payments under non-cancellable operating leases | 40,000 |  | 60,000

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

| 2025 |  | 2024
| £ |  | £
Unpaid contributions due to the fund (inc. in other creditors) | 1,433 |  | 656

#### 10. Related party transactions

At the year end the company owed the directors £693 (2024 - £1,420) which is repayable on demand.
£10,731 was also due to a partnership in which the directors are partners (2024 - £10,608).