Company Registration No. 05356226 (England and Wales)
COPELAND YACHT SURVEYS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
COPELAND YACHT SURVEYS LIMITED
COMPANY INFORMATION
Director
Mr W J Copeland
Secretary
Mrs J M H Copeland
Company number
05356226
Registered office
Boscolla Mill
Truro
Cornwall
TR4 9ED
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
Business address
Boscolla Mill
Truro
Cornwall
TR4 9ED
COPELAND YACHT SURVEYS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
COPELAND YACHT SURVEYS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
15,637
16,216
Current assets
Cash at bank and in hand
6,560
1,314
Creditors: amounts falling due within one year
4
(9,099)
(10,248)
Net current liabilities
(2,539)
(8,934)
Total assets less current liabilities
13,098
7,282
Provisions for liabilities
(2,697)
(2,727)
Net assets
10,401
4,555
Capital and reserves
Called up share capital
5
2
2
Profit and loss reserves
10,399
4,553
Total equity
10,401
4,555

The director of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and signed by the director and authorised for issue on 19 October 2023
Mr W J Copeland
Director
Company Registration No. 05356226
COPELAND YACHT SURVEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information

Copeland Yacht Surveys Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2
Turnover

Turnover represents the total invoice value of sales made during the year.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold property improvements
20 years straight line
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.5
Financial instruments

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

COPELAND YACHT SURVEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 0 (2022 - 0).

3
Tangible fixed assets
Freehold property improvements
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 March 2022
27,422
1,761
7,254
36,437
Additions
-
0
848
1,119
1,967
At 28 February 2023
27,422
2,609
8,373
38,404
Depreciation and impairment
At 1 March 2022
12,288
1,682
6,251
20,221
Depreciation charged in the year
1,371
232
943
2,546
At 28 February 2023
13,659
1,914
7,194
22,767
Carrying amount
At 28 February 2023
13,763
695
1,179
15,637
At 28 February 2022
15,134
79
1,003
16,216
COPELAND YACHT SURVEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
7,049
9,185
Other creditors
1,182
383
Accruals and deferred income
868
680
9,099
10,248
5
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
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