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Registration number: 00982248

Retreat Boatyard (Topsham) Limited

Annual Report and Filleted Unaudited Financial Statements

for the Year Ended 30 September 2021

 

Retreat Boatyard (Topsham) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Retreat Boatyard (Topsham) Limited

Company Information

Directors

Mrs S W Reader

Mr Simon Reader

Registered office

Retreat Drive
Topsham
Exeter
Devon
EX3 0LS

Accountants

Redwoods
Chartered Certified Accountants
2 Clyst Works
Clyst Road
Topsham
Exeter
Devon
EX3 0DB

 

Retreat Boatyard (Topsham) Limited

(Registration number: 00982248)
Balance Sheet as at 30 September 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

1,141,670

558,255

Current assets

 

Stocks

5

55,837

62,041

Debtors

6

685,843

79,907

Cash at bank and in hand

 

47,843

682

 

789,523

142,630

Creditors: Amounts falling due within one year

7

(131,614)

(146,001)

Net current assets/(liabilities)

 

657,909

(3,371)

Total assets less current liabilities

 

1,799,579

554,884

Creditors: Amounts falling due after more than one year

7

(18,325)

(33,663)

Provisions for liabilities

(191,440)

(69,007)

Net assets

 

1,589,814

452,214

capital and reserves

 

Called up share capital

8

3,201

3,201

Revaluation reserve

907,446

430,754

Profit and loss account

679,167

18,259

Total equity

 

1,589,814

452,214

For the financial year ending 30 September 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 September 2022 and signed on its behalf by:
 

 

Retreat Boatyard (Topsham) Limited

(Registration number: 00982248)
Balance Sheet as at 30 September 2021

.........................................
Mrs S W Reader
Director

.........................................
Mr Simon Reader
Director

 

Retreat Boatyard (Topsham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

1

General information

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

The address of its registered office is:
Retreat Drive
Topsham
Exeter
Devon
EX3 0LS

These financial statements were authorised for issue by the Board on 13 September 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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

Land and buildings freehold

Land not depreciated, buildings 2% straight line

 

Retreat Boatyard (Topsham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

Freehold property improvements

10% straight line

Plant and machinery

20% reducing balance

Motor vehicles

20% reducing balance

Fixtures, fittings and equipment

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 inventories 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Retreat Boatyard (Topsham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2020 - 6).

 

Retreat Boatyard (Topsham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2020

537,500

3,272

9,570

105,093

655,435

Revaluations

596,522

-

-

-

596,522

Additions

1,797

595

-

6,612

9,004

Disposals

(17,319)

-

-

-

(17,319)

At 30 September 2021

1,118,500

3,867

9,570

111,705

1,243,642

Depreciation

At 1 October 2020

5,375

2,730

7,964

81,111

97,180

Charge for the year

5,411

228

321

6,118

12,078

Eliminated on disposal

(7,286)

-

-

-

(7,286)

At 30 September 2021

3,500

2,958

8,285

87,229

101,972

Carrying amount

At 30 September 2021

1,115,000

909

1,285

24,476

1,141,670

At 30 September 2020

532,125

542

1,606

23,982

558,255

Included within the net book value of land and buildings above is £1,115,000 (2020 - £532,125) in respect of freehold land and buildings and £Nil (2020 - £Nil) in respect of long leasehold land and buildings.
 

 

Retreat Boatyard (Topsham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

Revaluation

The fair value of the company's Land and Buildings was revalued on 30 September 2021. An independent valuer was not involved.
On valuing the property the company directors have taken account of current property average yields and market conditions. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £16,114 (2020 - £32,364).

5

Stocks

2021
£

2020
£

Other inventories

55,837

62,041

6

Debtors

Current

2021
£

2020
£

Trade debtors

94,695

57,252

Prepayments

7,208

5,797

Other debtors

583,940

16,858

 

685,843

79,907

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

10

10,953

72,183

Trade creditors

 

17,249

11,185

Taxation and social security

 

24,702

9,610

Accruals and deferred income

 

2,389

2,959

Other creditors

 

76,321

50,064

 

131,614

146,001

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £10,953 (2020- £22,183)

 

Retreat Boatyard (Topsham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

10

18,325

33,663

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £18,325 (2020 - £33,663).

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary shares of £1 each

3,201

3,201

3,201

3,201

         

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

476,692

4,683

481,375

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Surplus/deficit on property, plant and equipment revaluation

(4,683)

4,683

Deferred tax has been recognised as appropriate regarding the revaluation reserve.

10

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Other borrowings

18,325

33,663

 

Retreat Boatyard (Topsham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021

2021
£

2020
£

Current loans and borrowings

Bank overdrafts

-

15,618

Other borrowings

10,953

56,565

10,953

72,183