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Port and Starboard (Cornwall) Ltd

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2021

Registration number: 11081346

 

Port and Starboard (Cornwall) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Port and Starboard (Cornwall) Ltd

Company Information

Directors

Mr A C Brewer

Mrs M C Brewer

Miss R K Brewer

Registered office

Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

Accountants

Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

 

Port and Starboard (Cornwall) Ltd

Balance Sheet

31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

4

351,000

409,500

Tangible assets

5

909,212

852,817

 

1,260,212

1,262,317

Current assets

 

Stocks

17,696

8,231

Debtors

6

515

32,350

Cash at bank and in hand

 

75,561

94,393

 

93,772

134,974

Creditors: Amounts falling due within one year

7

(338,596)

(327,550)

Net current liabilities

 

(244,824)

(192,576)

Total assets less current liabilities

 

1,015,388

1,069,741

Creditors: Amounts falling due after more than one year

7

(1,069,092)

(1,137,624)

Provisions for liabilities

(32,069)

(21,354)

Net liabilities

 

(85,773)

(89,237)

Capital and reserves

 

Called up share capital

9

120

120

Profit and loss account

(85,893)

(89,357)

Shareholders' deficit

 

(85,773)

(89,237)

 

Port and Starboard (Cornwall) Ltd

Balance Sheet

31 December 2021

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 April 2022 and signed on its behalf by:
 

.........................................
Mrs M C Brewer
Director

Company Registration Number: 11081346

 

Port and Starboard (Cornwall) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

These financial statements were authorised for issue by the Board on 28 April 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
and it is probable that future economic benefits will flow to the entity.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Port and Starboard (Cornwall) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 December 2021

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Furniture, fittings and equipment

15% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Port and Starboard (Cornwall) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 December 2021

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2020 - 23).

 

Port and Starboard (Cornwall) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 December 2021

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2021

585,000

585,000

At 31 December 2021

585,000

585,000

Amortisation

At 1 January 2021

175,500

175,500

Amortisation charge

58,500

58,500

At 31 December 2021

234,000

234,000

Carrying amount

At 31 December 2021

351,000

351,000

At 31 December 2020

409,500

409,500

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2021

740,426

2,682

125,615

868,723

Additions

-

7,456

78,728

86,184

At 31 December 2021

740,426

10,138

204,343

954,907

Depreciation

At 1 January 2021

-

1,035

14,871

15,906

Charge for the year

-

1,365

28,424

29,789

At 31 December 2021

-

2,400

43,295

45,695

Carrying amount

At 31 December 2021

740,426

7,738

161,048

909,212

At 31 December 2020

740,426

1,647

110,744

852,817

Included within the net book value of land and buildings above is £740,426 (2020 - £740,426) in respect of freehold land and buildings.
 

 

Port and Starboard (Cornwall) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 December 2021

6

Debtors

Current

2021
£

2020
£

Prepayments

515

25,118

Other debtors

-

7,232

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

8

45,833

50,000

Trade creditors

 

11,341

27,125

Corporation tax

 

2,236

-

Taxation and social security

 

14,110

-

Other creditors

 

261,793

246,132

Accruals and deferred income

 

3,283

4,293

 

338,596

327,550

Creditors: amounts falling due after more than one year

2021
£

2020
£

Due after one year

Other creditors

1,069,092

1,137,624

 

Port and Starboard (Cornwall) Ltd

Notes to the Unaudited Financial Statements

Year Ended 31 December 2021

8

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Bank borrowings

45,833

50,000

9

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary A Shares of £1 each

120

120

120

120

         

10

Related party transactions

Included within other creditors is an amount due to a company under common control. The balance at the end of the year was £1,128,693 (2020 : £1,183,711) including £59,602 (2020: £46,087) due within one year.