Yacht Sales Limited
Yacht Sales Limited
Registered number: 08567922
Unaudited Financial Statements
For The Year Ended 31 August 2019
Yacht Sales Limited
Unaudited Financial Statements
For The Year Ended 31 August 2019
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Statement of Changes in Equity | 3 |
| Notes to the Financial Statements | 4—8 |
Yacht Sales Limited
Balance Sheet
As at
31 August 2019
Balance Sheet
Registered number:
08567922
For the year ending 31 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2019 | 2018 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 4 |
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| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 8 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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- | |||
| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (81,240) | (4,637) | |||
Page 1
Yacht Sales Limited
Balance Sheet (continued)
As at
31 August 2019
Director's responsibilities
-
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
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Director
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The notes on pages 4 to 8 form part of these financial statements.
Page 2
Yacht Sales Limited
Statement of Changes in Equity
For The Year Ended 31 August 2019
Statement of Changes in Equity
| Share Capital | Profit and Loss Account | Total | |
|---|---|---|---|
| £ | £ | £ | |
| As at 1 September 2017 |
|
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57,045 |
| Loss for the year and total comprehensive income | - |
( |
(61,682) |
| As at 31 August 2018 and 1 September 2018 |
|
( |
(4,637) |
| Loss for the year and total comprehensive income | - |
( |
(76,603) |
| As at |
|
( |
(81,240) |
Page 3
Yacht Sales Limited
Notes to the Financial Statements
For The Year Ended 31 August 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
1.3.
Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
1.4.
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 profit and loss account over its estimated economic life of eight years.
1.5.
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:
| Computer Equipment |
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1.6.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.7.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 4
Yacht Sales Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2019
1.8.
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 year 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 asset reflects 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.9.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2019 | 2018 | ||
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| Office and administration |
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Page 5
Yacht Sales Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2019
4.
Intangible Assets
| Goodwill | |||
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| £ | |||
| Cost | |||
| As at |
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| As at |
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| Amortisation | |||
| As at |
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| Provided during the period |
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| As at |
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| Net Book Value | |||
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| As at |
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5.
Tangible Assets
| Computer Equipment | |
|---|---|
| £ | |
| Cost | |
| As at |
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| As at |
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| Depreciation | |
| As at |
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| Provided during the period |
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| As at |
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| Net Book Value | |
| As at |
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| As at |
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Page 6
Yacht Sales Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2019
6.
Debtors
| 2019 | 2018 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors |
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| Share allot. money receivable |
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| Corporation tax recoverable assets |
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| VAT |
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| Director's loan account | - | 1 | |
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| Due after more than one year | |||
| Amounts owed by group undertakings |
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7.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other taxes and social security |
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| VAT | - |
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| Other creditors - Pensions payable |
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| Selected Options Ltd |
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| Accruals and deferred income |
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| Director's loan account |
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8.
Creditors: Amounts Falling Due After More Than One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Other creditors |
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Page 7
Yacht Sales Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 August 2019
9.
Provisions for Liabilities
| Deferred Tax | ||
|---|---|---|
| £ | ||
| Additions |
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| Balance at |
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11.
Directors Advances, Credits and Guarantees
Included within Creditors are the following loans to directors:
| As at |
Amounts advanced | Amounts repaid | Amounts written off | As at |
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|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Matthew Shave |
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( |
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The above loan is unsecured, interest free and repayable on demand.
12.
Related Party Transactions
Selected Options Limited
Related party
There has been a loan received from Selected Options Limited of which Matthew Shave is the sole shareholder
and director. Total receipts from Selected Options Limited amount to £241,651 (2018 : £181,600) during the year and is
repayable on demand.
13.
General Information
Yacht Sales Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08567922 . The registered office is 21 Waterfront, Brighton Marina Village, Brighton, BN2 5WA.
Page 8