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REGISTERED NUMBER: 00985592 (England and Wales)












Falmouth Boat Construction Limited

Unaudited Financial Statements

for the Year Ended 31st May 2023






Falmouth Boat Construction Limited (Registered number: 00985592)






Contents of the Financial Statements
for the Year Ended 31st May 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Falmouth Boat Construction Limited

Company Information
for the Year Ended 31st May 2023







DIRECTOR: Mr J Fielding





SECRETARY: Mr J Fielding





REGISTERED OFFICE: 48 Arwenack Street
Falmouth
Cornwall
TR11 3JH





REGISTERED NUMBER: 00985592 (England and Wales)





ACCOUNTANTS: Hodgsons
Chartered Accountants
48 Arwenack Street
Falmouth
Cornwall
TR11 3JH

Falmouth Boat Construction Limited (Registered number: 00985592)

Statement of Financial Position
31st May 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 668 831
Tangible assets 5 246,759 294,375
Investments 6 1 1
247,428 295,207

CURRENT ASSETS
Stocks 28,700 28,700
Debtors 7 1,318,537 1,101,159
Cash at bank and in hand 823 40
1,348,060 1,129,899
CREDITORS
Amounts falling due within one year 8 (1,064,682 ) (731,258 )
NET CURRENT ASSETS 283,378 398,641
TOTAL ASSETS LESS CURRENT
LIABILITIES

530,806

693,848

CREDITORS
Amounts falling due after more than one
year

9

(86,950

)

(201,862

)

PROVISIONS FOR LIABILITIES (8,938 ) (13,508 )
NET ASSETS 434,918 478,478

CAPITAL AND RESERVES
Called up share capital 404,000 404,000
Retained earnings 30,918 74,478
SHAREHOLDERS' FUNDS 434,918 478,478

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Falmouth Boat Construction Limited (Registered number: 00985592)

Statement of Financial Position - continued
31st May 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23rd April 2024 and were signed by:





Mr J Fielding - Director


Falmouth Boat Construction Limited (Registered number: 00985592)

Notes to the Financial Statements
for the Year Ended 31st May 2023

1. STATUTORY INFORMATION

Falmouth Boat Construction Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Falmouth Boat Construction Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents net sales of goods and services, including the profit element of work-in-progress in accordance with UITF 40. Turnover is stated net of value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Rights and permissions are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - over the term of the lease
Demonstration boats - not provided
Pontoon development - Nil
Plant and machinery - 33% on cost, 25% on cost and 10% on cost
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on cost
Computer equipment - 25% on cost

The costs of developing the company's website have been treated as capital expenditure. Depreciation is provided in order to write off the asset over three years.

The costs incurred on the company's demonstration boats have been treated as capital expenditure. These assets are not currently in use as they are unfinished and therefore depreciation has not been provided on them.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Falmouth Boat Construction Limited (Registered number: 00985592)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 29 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st June 2022
and 31st May 2023 1,633
AMORTISATION
At 1st June 2022 802
Charge for year 163
At 31st May 2023 965
NET BOOK VALUE
At 31st May 2023 668
At 31st May 2022 831

Falmouth Boat Construction Limited (Registered number: 00985592)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2023

5. TANGIBLE FIXED ASSETS
Short Demonstration Pontoon Plant and
leasehold boats development machinery
£    £    £    £   
COST
At 1st June 2022 620,124 34,939 31,644 544,102
Additions 1,649 - - 16,500
At 31st May 2023 621,773 34,939 31,644 560,602
DEPRECIATION
At 1st June 2022 467,895 - - 496,836
Charge for year 25,894 - - 31,686
At 31st May 2023 493,789 - - 528,522
NET BOOK VALUE
At 31st May 2023 127,984 34,939 31,644 32,080
At 31st May 2022 152,229 34,939 31,644 47,266

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st June 2022 35,023 46,366 27,567 1,339,765
Additions - - 332 18,481
At 31st May 2023 35,023 46,366 27,899 1,358,246
DEPRECIATION
At 1st June 2022 29,140 25,359 26,160 1,045,390
Charge for year 1,175 6,300 1,042 66,097
At 31st May 2023 30,315 31,659 27,202 1,111,487
NET BOOK VALUE
At 31st May 2023 4,708 14,707 697 246,759
At 31st May 2022 5,883 21,007 1,407 294,375

Falmouth Boat Construction Limited (Registered number: 00985592)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st June 2022
and 31st May 2023 97,765 31,500 129,265
DEPRECIATION
At 1st June 2022 81,187 10,494 91,681
Charge for year 8,767 6,300 15,067
At 31st May 2023 89,954 16,794 106,748
NET BOOK VALUE
At 31st May 2023 7,811 14,706 22,517
At 31st May 2022 16,578 21,006 37,584

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st June 2022
and 31st May 2023 1
NET BOOK VALUE
At 31st May 2023 1
At 31st May 2022 1

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 773,986 545,388
Amounts owed by group undertakings 281,843 191,154
Other debtors 262,708 364,617
1,318,537 1,101,159

Falmouth Boat Construction Limited (Registered number: 00985592)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 52,170 58,608
Hire purchase contracts (see note 10) 16,713 21,691
Trade creditors 294,498 225,212
Amounts owed to group undertakings 73,088 -
Taxation and social security 307,211 237,336
Other creditors 321,002 188,411
1,064,682 731,258

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 60,243 87,465
Hire purchase contracts (see note 10) 3,711 20,424
Other creditors 22,996 93,973
86,950 201,862

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 17,468 23,856
Between one and five years 3,787 21,255
21,255 45,111

Finance charges repayable:
Within one year 755 2,165
Between one and five years 76 831
831 2,996

Net obligations repayable:
Within one year 16,713 21,691
Between one and five years 3,711 20,424
20,424 42,115

Falmouth Boat Construction Limited (Registered number: 00985592)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2023

10. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 12,463 7,348
Between one and five years 3,817 15,856
16,280 23,204

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loan 25,433 32,291

The bank loan is secured against the assets of the company. The director has also given a personal guarantee for the amount borrowed.

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st May 2023 and 31st May 2022:

2023 2022
£    £   
Mr J Fielding
Balance outstanding at start of year 263,773 126,473
Amounts advanced 171,865 166,016
Amounts repaid (284,002 ) (28,716 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 151,636 263,773

Interest is charged on the overdrawn balances at the approved HMRC rates.