REGISTERED NUMBER: |
Falmouth Boat Construction Limited |
Unaudited Financial Statements |
for the Year Ended 31st May 2023 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Short leasehold | - |
Demonstration boats | - |
Pontoon development | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1st June 2022 |
and 31st May 2023 |
AMORTISATION |
At 1st June 2022 |
Charge for year |
At 31st May 2023 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
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 |
Additions |
At 31st May 2023 |
DEPRECIATION |
At 1st June 2022 |
Charge for year |
At 31st May 2023 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st June 2022 |
Additions |
At 31st May 2023 |
DEPRECIATION |
At 1st June 2022 |
Charge for year |
At 31st May 2023 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
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 |
DEPRECIATION |
At 1st June 2022 |
Charge for year |
At 31st May 2023 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st June 2022 |
and 31st May 2023 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
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 |
Hire purchase contracts (see note 10) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 10) |
Other creditors |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2023 | 2022 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
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 |
Between one and five years |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Interest is charged on the overdrawn balances at the approved HMRC rates. |