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Unaudited Financial Statements for the Year Ended 31 January 2018 |
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Capital Pleasure Boats Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 January 2018 |
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for |
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Capital Pleasure Boats Limited |
Capital Pleasure Boats Limited (Registered number: 08050435) |
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Contents of the Financial Statements |
for the Year Ended 31 January 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Capital Pleasure Boats Limited |
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Company Information |
for the Year Ended 31 January 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
The Stables |
Goblands Farm Business Centre |
Cemetery Lane |
Hadlow |
Kent |
TN11 0LT |
Capital Pleasure Boats Limited (Registered number: 08050435) |
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Balance Sheet |
31 January 2018 |
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31.1.18 | 31.1.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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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 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 | 10 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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
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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. |
Capital Pleasure Boats Limited (Registered number: 08050435) |
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Balance Sheet - continued |
31 January 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Capital Pleasure Boats Limited (Registered number: 08050435) |
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Notes to the Financial Statements |
for the Year Ended 31 January 2018 |
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1. | STATUTORY INFORMATION |
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Capital Pleasure Boats Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The preparation of financial statements requires the use of certain critical accounting estimates. It also requires the directors |
to exercise judgement in applying accounting policies. |
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Turnover |
Turnover is stated net of VAT. Non-returnable deposits received for the hire of the pleasure boats are accounted for when |
invoiced, representing work carried out in order to secure the hire. The balance of the hire rental and income generated |
from the provision of bar, catering and entertainment services are accounted for in accordance with the period of hire. |
Income received from the hire of work boats is accounted for in accordance with the period of hire. |
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Goodwill |
Goodwill arose on the incorporation of Capital Pleasure Boats partnership on 01/02/2013 and represents the excess of the |
cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent |
liabilities of the acquired business. |
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Goodwill amortisation is charged on a straight-line basis so as to write off the cost of the asset, less its residual value |
assumed to be zero, over its useful economic life, which is estimated to be 5 years. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Vans | - |
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Computer equipment | - |
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Boats are written off at varying rates on a straight line basis from 2% to 10%. |
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Stocks |
Stocks comprise fuel for the boats, bar stock and consumables including staff uniforms. Stock is stated at the lower of cost |
and net realisable value. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Capital Pleasure Boats Limited (Registered number: 08050435) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2018 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are |
charged to profit or loss in the period to which they relate. |
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Debtors and creditors receivable/payable within one year |
Debtors and creditors receivable/payable within one year are recorded at transaction price. Any losses from impairment are |
recognised in the profit and loss account in other administrative expenses. |
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Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price plus transaction costs. Subsequently, they are |
measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance |
transaction it is measured at present value. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 February 2017 |
and 31 January 2018 |
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AMORTISATION |
At 1 February 2017 |
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Amortisation for year |
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At 31 January 2018 |
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NET BOOK VALUE |
At 31 January 2018 |
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At 31 January 2017 |
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Capital Pleasure Boats Limited (Registered number: 08050435) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2018 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
Boats | machinery | fittings |
£ | £ | £ |
COST |
At 1 February 2017 |
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Additions |
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Disposals |
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At 31 January 2018 |
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DEPRECIATION |
At 1 February 2017 |
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Charge for year |
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Eliminated on disposal |
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At 31 January 2018 |
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NET BOOK VALUE |
At 31 January 2018 |
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At 31 January 2017 |
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Computer |
Vans | equipment | Totals |
£ | £ | £ |
COST |
At 1 February 2017 |
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Additions |
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Disposals |
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At 31 January 2018 |
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DEPRECIATION |
At 1 February 2017 |
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Charge for year |
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Eliminated on disposal |
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At 31 January 2018 |
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NET BOOK VALUE |
At 31 January 2018 |
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At 31 January 2017 |
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Capital Pleasure Boats Limited (Registered number: 08050435) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.18 | 31.1.17 |
£ | £ |
Trade debtors |
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Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.1.18 | 31.1.17 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 19,147 | 81,992 |
Other creditors |
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Directors' loan accounts | 548,000 | 229,519 |
Accrued expenses |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.1.18 | 31.1.17 |
£ | £ |
Bank loans |
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Directors' loan accounts | 1,641,076 | 2,000,000 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.1.18 | 31.1.17 |
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Bank loans |
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The bank loans are secured on the pleasure boats, Golden Jubilee, Golden Sunrise and Golden Flame and the work boat, |
MV Sea Dog. |
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10. | PROVISIONS FOR LIABILITIES |
31.1.18 | 31.1.17 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
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Capital Pleasure Boats Limited (Registered number: 08050435) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 January 2018 |
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10. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
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Balance at 1 February 2017 |
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Provided during year |
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Balance at 31 January 2018 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.18 | 31.1.17 |
value: | £ | £ |
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Ordinary | 1 | 4 | 4 |
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12. | GUARANTEES AND OTHER FINANCIAL COMMITMENTS |
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The company has commitments, guarantees and contingencies of £15,925 (2017 - £25,025). |
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In addition the company has an annual commitment in respect of the directors' pension scheme amounting to £24,616, and a |
current annual commitment in respect of the staff scheme equal to 2% of the qualifying earnings of those employees who |
elected to join the scheme, rising to 3% by 2019. This is currently equivalent to an annual contribution of £9,600 (2017 - |
£6,000) . |
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13. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £20,000 (2017 - £20,000) were paid to the directors . |
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