Magdalen Bridge Boathouse Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: 05983154

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		1		1
Tangible Assets	5		135,411		145,563

			135,412		145,564
CURRENT ASSETS
Stocks	6	33,050		43,050
Debtors	7	21,171		18,096
Cash at bank and in hand		65,592		189,784

		119,813		250,930
Creditors: Amounts Falling Due Within One Year	8	(316,889 )		(246,366 )

NET CURRENT ASSETS (LIABILITIES)			(197,076 )		4,564

TOTAL ASSETS LESS CURRENT LIABILITIES			(61,664 )		150,128

PROVISIONS FOR LIABILITIES
Deferred Taxation			(3,040 )		(3,040 )

NET (LIABILITIES)/ASSETS			(64,704 )		147,088

CAPITAL AND RESERVES
Called up share capital	9		100		100
Profit and Loss Account			(64,804 )		146,988

SHAREHOLDERS' FUNDS			(64,704)		147,088

Page 1

Page 2

Magdalen Bridge Boathouse Limited

Balance Sheet (continued)

As At 31 December 2024

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

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr A S Howard

Director

27th May 2026

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Magdalen Bridge Boathouse Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05983154 . The registered office is 5 South Parade, Summertown, Oxford, OX2 7JL.

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 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Revenue Recognition

1. Sale of goods

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

a. The company has transferred to the buyer the significant risks and rewards of ownership of the goods;

b. the company retains neither continuing managerial involvement to the degree usuaully associated with ownership nor effective control over the goods sold;

c. the amount of revenue can be measured reliably;

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

e. the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue is therefor recognised when the customer takes delivery of the product and the product is accepted.

2.Rendering of services

When the outcome of a transaction involving the rendering of services can be estimated reliably the company recognises revenue associated with the transaction by reference to the stage of the completion of the transaction at the end of the reporting period. The outcome of a transaction can be estimated reliably when all the following conditions are satisfied:-

a. the amount of revenue can be measured reliably;

b. it is probable that the economic benefits associated with the transaction will flow to the entity;

c. the stage of completion of the transaction at the end of the reporting period can be measured reliably; and

d. the costs incurred for the transcation and the costs to complete the transaction can be measured reliably.

Revenue for support services is therefore recognised proportionally over the performance of the service contract.

3. Interest income

Interest income is recognised as interest accrues using the effective interest rate method.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of 10 years.

2.4. 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:

Website	25% reducing balance basis
Punts & Equipment	10% reducing balance basis
Plant & Machinery	4%/15% reducing balance basis
Improvements to Boathouse	2% reducing balance basis
Computer Equipment	33% reducing balance basis

Assets held under finance leases are depreciated in the same way as owned assets.

At each balance sheet date the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indicaton that any itmes have suffered an impairment loss. If such an indication exists the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Page 3

Page 4

Magdalen Bridge Boathouse Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.5. 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.

2.6. 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: 40 (2023: 32)

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 January 2024	96,000

As at 31 December 2024	96,000

Amortisation
As at 1 January 2024	95,999

As at 31 December 2024	95,999

Net Book Value
As at 31 December 2024	1

As at 1 January 2024	1

Page 4

Page 5

Magdalen Bridge Boathouse Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

5. Tangible Assets

	Plant & Machinery	Improvements to Boathouse	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 January 2024	172,188	23,329	11,054	206,571
Additions	4,302	869	-	5,171

As at 31 December 2024	176,490	24,198	11,054	211,742

Depreciation
As at 1 January 2024	48,714	3,549	8,745	61,008
Provided during the period	13,992	412	919	15,323

As at 31 December 2024	62,706	3,961	9,664	76,331

Net Book Value
As at 31 December 2024	113,784	20,237	1,390	135,411

As at 1 January 2024	123,474	19,780	2,309	145,563

6. Stocks

	2024	2023
	£	£
Stock	32,300	42,300
Raw materials	750	750

	33,050	43,050

7. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	15,640	12,451
Other debtors	5,531	5,645

	21,171	18,096

8. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	1	-
Other creditors	43,399	21,603
Taxation and social security	273,489	224,763

	316,889	246,366

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	100	100

Page 5