Solent Motor Yachts Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06828462 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2020

FOR

SOLENT MOTOR YACHTS LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr D R Vaughan-Smith

Mrs F J Vaughan-Smith

REGISTERED OFFICE:

Solent Motor Yachts Ltd

Hamble River Boatyard Bridge Road

Swanwick

Southampton

Hampshire

S031 7EB

REGISTERED NUMBER:

06828462 (England and Wales)

ACCOUNTANTS:

S C Miller Ltd

Chartered Certified Accountants

Clock Offices

High Street

Bishops Waltham

Southampton

Hampshire

SO32 1AA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,075

1,268

2,075

1,268

CURRENT ASSETS

Stocks

36,750

-

Debtors

120,958

27,041

Cash at bank

81,088

141,512

238,796

168,553

CREDITORS

Amounts falling due within one year

88,498

48,407

NET CURRENT ASSETS

150,298

120,146

TOTAL ASSETS LESS CURRENT LIABILITIES

152,373

121,414

PROVISIONS FOR LIABILITIES

394

216

NET ASSETS

151,979

121,198

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

151,879

121,098

SHAREHOLDERS' FUNDS

151,979

121,198

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 29 February 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 June 2020 and were signed on its behalf by:

Mr D R Vaughan-Smith - Director

Mrs F J Vaughan-Smith - Director

1.	STATUTORY INFORMATION

Solent Motor Yachts Ltd is a private company, limited by shares , registered in England and Wales. 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, has been amortised

evenly over its useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less

any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 March 2019

and 29 February 2020

6,050

AMORTISATION

At 1 March 2019

and 29 February 2020

6,050

NET BOOK VALUE

At 29 February 2020

-

At 28 February 2019

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 March 2019

4,894

Additions

1,588

Disposals

(1,467

)

At 29 February 2020

5,015

DEPRECIATION

At 1 March 2019

3,626

Charge for year

585

Eliminated on disposal

(1,271

)

At 29 February 2020

2,940

NET BOOK VALUE

At 29 February 2020

2,075

At 28 February 2019

1,268

6.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

29.2.20

28.2.19

£

£

Within one year

13,740

13,656

Between one and five years

27,480

-

41,220

13,656

In February 2020, the company entered into a three year operating lease for the rental of its office space to 28

February 2023.