BATES WHARF MARINE SALES LIMITED

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Auditor

Barnes Roffe Audit Limited

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.”

Significant events

• “Our forecast in last year's annual review envisaged a reduction of turnover to £6-8 million, the turnover achieved was actually £5.9 million.”
• “We had taken the view in the middle of 2023 that the industry was going to struggle for the next few years and took the decision to reduce our stock levels considerably and we are continuing with this strategy until the market recovers.”
• “Boat manufacturers were also overstocked and facing challenges themselves with increased overheads and a continuing Worldwide recession.”
• “Trade dealing has increased this year again from last and buying boats on demand from manufacturers continues to prove to be a rational decision.”
• “We have reduced our stock levels down to £8.8 million from £10.7 million and will be looking to reduce this further over this coming year to £5 million.”
• “We have continued to diversify into different markets this year, mainly houseboats and expanding our European partners both of which are delivering, whilst the UK market for luxury boats is struggling due to the economic crisis, governmental budget restraints, wars and a struggling Euro.”
• “Houseboats have had a steady growth over this last year, yielding £550K of additional turnover and our forecast for the continual growth in this market is strong with marinas now expanding into this market and forging strong partnerships, likely promising wholesale orders, in addition to the current retail market.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

12

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -49.6%

  £11,752,507 → £5,923,177

• Cash

  -87.1%

  £1,446,642 → £186,628

  lowest in 4 filed years

• Net assets

  -16.9%

  £4,506,571 → £3,746,763

• Employees

  -10%

  10 → 9

  lowest in 4 filed years

• Operating profit

  -147.7%

  £892,006 → -£425,131

• Profit before tax

  -325.5%

  £387,936 → -£874,808

• Wages

  -28.8%

  £473,462 → £337,038

Each % is (latest − prior) ÷ |prior| for the line item as filed. Periods don't have to be exactly 12 months apart — a long or short period (typical around incorporation or year-end changes) will distort the comparison. Lines a company doesn't report are omitted. About these numbers