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Company No: 10269003 (England and Wales)

TRELUGGAN BOATYARD LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

TRELUGGAN BOATYARD LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

TRELUGGAN BOATYARD LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
TRELUGGAN BOATYARD LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 46,840 60,000
Tangible assets 4 1,203,384 1,193,890
1,250,224 1,253,890
Current assets
Stocks 5,000 5,000
Debtors 5 15,657 22,017
Cash at bank and in hand 8,403 22,157
29,060 49,174
Creditors: amounts falling due within one year 6 ( 950,155) ( 1,027,629)
Net current liabilities (921,095) (978,455)
Total assets less current liabilities 329,129 275,435
Provision for liabilities 7 ( 42,297) ( 31,157)
Net assets 286,832 244,278
Capital and reserves
Called-up share capital 8 1 1
Profit and loss account 286,831 244,277
Total shareholder's funds 286,832 244,278

For the financial year ending 31 December 2023 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 Treluggan Boatyard Ltd (registered number: 10269003) were approved and authorised for issue by the Board of Directors on 09 August 2024. They were signed on its behalf by:

Sara Stirling
Director
TRELUGGAN BOATYARD LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
TRELUGGAN BOATYARD LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
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

Treluggan Boatyard Ltd (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 Treluggan Boatyard, Landrake, Saltash, PL12 5ES, England, 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.

Turnover

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

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
Website costs 5 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.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Assets under construction not depreciated
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance

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.

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 performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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.

Grants that do not impose specified future performance-related conditions on the recipient are recognised in income when the grant proceeds are received or receivable.

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

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 6

3. Intangible assets

Goodwill Website costs Total
£ £ £
Cost
At 01 January 2023 150,000 0 150,000
Additions 0 2,150 2,150
At 31 December 2023 150,000 2,150 152,150
Accumulated amortisation
At 01 January 2023 90,000 0 90,000
Charge for the financial year 15,000 310 15,310
At 31 December 2023 105,000 310 105,310
Net book value
At 31 December 2023 45,000 1,840 46,840
At 31 December 2022 60,000 0 60,000

4. Tangible assets

Land and buildings Assets under construc-
tion
Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 January 2023 791,121 298,663 45,800 172,267 1,307,851
Additions 0 27,253 0 82 27,335
At 31 December 2023 791,121 325,916 45,800 172,349 1,335,186
Accumulated depreciation
At 01 January 2023 0 0 23,646 90,315 113,961
Charge for the financial year 0 0 5,539 12,302 17,841
At 31 December 2023 0 0 29,185 102,617 131,802
Net book value
At 31 December 2023 791,121 325,916 16,615 69,732 1,203,384
At 31 December 2022 791,121 298,663 22,154 81,952 1,193,890

5. Debtors

2023 2022
£ £
Trade debtors 6,528 12,808
Prepayments 9,129 9,209
15,657 22,017

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 3,837 9,698
Amounts owed to Group undertakings 914,163 1,000,761
Accruals 4,110 6,061
Taxation and social security 27,046 10,586
Other creditors 999 523
950,155 1,027,629

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 31,157) ( 33,925)
(Charged)/credited to the Statement of Income and Retained Earnings ( 11,140) 2,768
At the end of financial year ( 42,297) ( 31,157)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 0.10 each 1 1

9. Financial commitments

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.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 999 523

10. Related party transactions

The company has taken advantage of disclosure exemption in FRS102 1A section 33.1A and not disclosed transactions with 100% owned group companies.