Silverfin false 31/12/2022 01/01/2022 31/12/2022 Mr D C Cockwell 13/01/2006 Mr S A Hubbard 09/12/2016 11 October 2023 The principal activity of the Company during the financial year was that of building and repairing boats. 05674848 2022-12-31 05674848 bus:Director1 2022-12-31 05674848 bus:Director2 2022-12-31 05674848 2021-12-31 05674848 core:CurrentFinancialInstruments 2022-12-31 05674848 core:CurrentFinancialInstruments 2021-12-31 05674848 core:Non-currentFinancialInstruments 2022-12-31 05674848 core:Non-currentFinancialInstruments 2021-12-31 05674848 core:ShareCapital 2022-12-31 05674848 core:ShareCapital 2021-12-31 05674848 core:SharePremium 2022-12-31 05674848 core:SharePremium 2021-12-31 05674848 core:RetainedEarningsAccumulatedLosses 2022-12-31 05674848 core:RetainedEarningsAccumulatedLosses 2021-12-31 05674848 core:Goodwill 2021-12-31 05674848 core:Goodwill 2022-12-31 05674848 core:LandBuildings 2021-12-31 05674848 core:PlantMachinery 2021-12-31 05674848 core:Vehicles 2021-12-31 05674848 core:FurnitureFittings 2021-12-31 05674848 core:ComputerEquipment 2021-12-31 05674848 core:LandBuildings 2022-12-31 05674848 core:PlantMachinery 2022-12-31 05674848 core:Vehicles 2022-12-31 05674848 core:FurnitureFittings 2022-12-31 05674848 core:ComputerEquipment 2022-12-31 05674848 core:Non-currentFinancialInstruments 1 2022-12-31 05674848 core:Non-currentFinancialInstruments 1 2021-12-31 05674848 bus:OrdinaryShareClass1 2022-12-31 05674848 core:WithinOneYear 2022-12-31 05674848 core:WithinOneYear 2021-12-31 05674848 core:BetweenOneFiveYears 2022-12-31 05674848 core:BetweenOneFiveYears 2021-12-31 05674848 2022-01-01 2022-12-31 05674848 bus:FullAccounts 2022-01-01 2022-12-31 05674848 bus:SmallEntities 2022-01-01 2022-12-31 05674848 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 05674848 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 05674848 bus:Director1 2022-01-01 2022-12-31 05674848 bus:Director2 2022-01-01 2022-12-31 05674848 core:Goodwill core:TopRangeValue 2022-01-01 2022-12-31 05674848 core:Goodwill 2022-01-01 2022-12-31 05674848 core:LandBuildings core:TopRangeValue 2022-01-01 2022-12-31 05674848 core:PlantMachinery core:BottomRangeValue 2022-01-01 2022-12-31 05674848 core:PlantMachinery core:TopRangeValue 2022-01-01 2022-12-31 05674848 core:Vehicles 2022-01-01 2022-12-31 05674848 core:FurnitureFittings core:TopRangeValue 2022-01-01 2022-12-31 05674848 core:ComputerEquipment core:TopRangeValue 2022-01-01 2022-12-31 05674848 2021-01-01 2021-12-31 05674848 core:LandBuildings 2022-01-01 2022-12-31 05674848 core:PlantMachinery 2022-01-01 2022-12-31 05674848 core:FurnitureFittings 2022-01-01 2022-12-31 05674848 core:ComputerEquipment 2022-01-01 2022-12-31 05674848 core:CurrentFinancialInstruments 2022-01-01 2022-12-31 05674848 core:Non-currentFinancialInstruments 2022-01-01 2022-12-31 05674848 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 05674848 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05674848 (England and Wales)

COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2022
Pages for filing with the registrar

COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2022

Contents

COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2022
COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2022
Note 2022 2021
£ £
Fixed assets
Intangible assets 3 23,375 30,875
Tangible assets 4 2,689,810 2,697,386
Investments 540,729 540,729
3,253,914 3,268,990
Current assets
Stocks 505,313 258,765
Debtors 5 769,712 1,023,535
Cash at bank and in hand 31,080 392,348
1,306,105 1,674,648
Creditors: amounts falling due within one year 6 ( 2,208,509) ( 1,998,448)
Net current liabilities (902,404) (323,800)
Total assets less current liabilities 2,351,510 2,945,190
Creditors: amounts falling due after more than one year 7 ( 704,592) ( 1,377,279)
Provision for liabilities ( 685,509) ( 659,036)
Net assets 961,409 908,875
Capital and reserves
Called-up share capital 8 2 2
Share premium account 399,999 399,999
Profit and loss account 561,408 508,874
Total shareholders' funds 961,409 908,875

For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Cockwells Modern and Classic Boat Building Limited (registered number: 05674848) were approved and authorised for issue by the Director on 11 October 2023. They were signed on its behalf by:

Mr D C Cockwell
Director
COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
COCKWELLS MODERN AND CLASSIC BOAT BUILDING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cockwells Modern and Classic Boat Building Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Mylor Creek Boatyard, Mylor Bridge, Falmouth, TR11 5NS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 6 - 10 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 5 years straight line
Computer equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the Company during the year, including directors 108 82

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2022 150,000 150,000
At 31 December 2022 150,000 150,000
Accumulated amortisation
At 01 January 2022 119,125 119,125
Charge for the financial year 7,500 7,500
At 31 December 2022 126,625 126,625
Net book value
At 31 December 2022 23,375 23,375
At 31 December 2021 30,875 30,875

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 January 2022 1,386,625 2,279,499 34,821 196,487 0 3,897,432
Additions 70,631 293,405 0 3,431 7,372 374,839
At 31 December 2022 1,457,256 2,572,904 34,821 199,918 7,372 4,272,271
Accumulated depreciation
At 01 January 2022 103,875 959,486 14,976 121,709 0 1,200,046
Charge for the financial year 28,587 317,006 4,961 31,861 0 382,415
At 31 December 2022 132,462 1,276,492 19,937 153,570 0 1,582,461
Net book value
At 31 December 2022 1,324,794 1,296,412 14,884 46,348 7,372 2,689,810
At 31 December 2021 1,282,750 1,320,013 19,845 74,778 0 2,697,386

5. Debtors

2022 2021
£ £
Trade debtors 222,883 516,943
Amounts owed by associates 23,326 218,854
Amounts owed by directors 5,862 5,862
Prepayments 502,127 272,576
Other debtors 15,514 9,300
769,712 1,023,535

6. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans and overdrafts 249,555 45,455
Trade creditors 933,566 854,398
Other loans 215,000 95,000
Accruals and deferred income 560,092 534,220
Other taxation and social security 168,272 392,578
Obligations under finance leases and hire purchase contracts (secured) 16,750 24,949
Other creditors 65,274 51,848
2,208,509 1,998,448

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2022 2021
£ £
Bank loans 106,061 151,515
Other loans 474,251 1,115,000
Deposits 0 81,468
Obligations under finance leases and hire purchase contracts (secured) 1,469 6,605
Other creditors 122,811 22,691
704,592 1,377,279

Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

8. Called-up share capital

2022 2021
£ £
Allotted, called-up and fully-paid
1,562 Ordinary shares of £ 0.001 each 2 2

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2022 2021
£ £
- within one year 6,600 0
- between one and five years 6,600 0
13,200 0

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2022 2021
£ £
Unpaid contributions due to the fund (inc. in other creditors) 7,521 3,461

10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

At the year end, the company was owed £23,326 (2021: £218,854) by a company in which it holds a participating interest.