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Registration number: 00982248

Retreat Boatyard (Topsham) Limited

Annual Report and Filleted Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Retreat Boatyard (Topsham) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Retreat Boatyard (Topsham) Limited

Company Information

Director

Mr Simon Reader

Registered office

Retreat Drive
Topsham
Exeter
Devon
EX3 0LS

Accountants

Redwoods
Chartered Certified Accountants
2 Clyst Works
Clyst Road
Topsham
Exeter
Devon
EX3 0DB

 

Retreat Boatyard (Topsham) Limited

(Registration number: 00982248)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,191,769

1,142,706

Current assets

 

Stocks

5

19,482

48,250

Debtors

6

184,074

133,118

Cash at bank and in hand

 

457,489

565,527

 

661,045

746,895

Creditors: Amounts falling due within one year

7

(55,124)

(49,754)

Net current assets

 

605,921

697,141

Total assets less current liabilities

 

1,797,690

1,839,847

Creditors: Amounts falling due after more than one year

7

-

(4,420)

Provisions for liabilities

(250,233)

(253,518)

Net assets

 

1,547,457

1,581,909

Capital and reserves

 

Called up share capital

8

3,201

3,201

Revaluation reserve

830,931

839,031

Retained earnings

713,325

739,677

Shareholders' funds

 

1,547,457

1,581,909

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 August 2024
 

 

Retreat Boatyard (Topsham) Limited

(Registration number: 00982248)
Balance Sheet as at 30 September 2023

.........................................
Mr Simon Reader
Director

 

Retreat Boatyard (Topsham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Retreat Drive
Topsham
Exeter
Devon
EX3 0LS

These financial statements were authorised for issue by the director on 16 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Retreat Boatyard (Topsham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings freehold

Land not depreciated, buildings 2% straight line and leasehold 20% straight line

Freehold property improvements

10% straight line

Plant and machinery

20% reducing balance

Motor vehicles

20% reducing balance

Fixtures, fittings and equipment

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Retreat Boatyard (Topsham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 5).

 

Retreat Boatyard (Topsham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2022

1,129,271

4,237

9,570

120,039

1,263,117

Additions

33,415

126

-

41,265

74,806

At 30 September 2023

1,162,686

4,363

9,570

161,304

1,337,923

Depreciation

At 1 October 2022

14,865

3,212

8,542

93,792

120,411

Charge for the year

11,807

230

206

13,500

25,743

At 30 September 2023

26,672

3,442

8,748

107,292

146,154

Carrying amount

At 30 September 2023

1,136,014

921

822

54,012

1,191,769

At 30 September 2022

1,114,406

1,025

1,028

26,247

1,142,706

Included within the net book value of land and buildings above is £1,136,014 (2022 - £1,114,406) in respect of freehold land and buildings.
 

 

Retreat Boatyard (Topsham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Revaluation

The fair value of the company's Land and Buildings was revalued on 30 September 2021. An independent valuer was not involved.
On valuing the property the company directors have taken account of current property average yields and market conditions. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £58,980 (2022 - £26,322).

5

Stocks

2023
£

2022
£

Other inventories

19,482

48,250

6

Debtors

Current

2023
£

2022
£

Trade debtors

60,067

44,877

Prepayments

9,761

9,683

Other debtors

114,246

78,558

 

184,074

133,118

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

4,206

12,547

Trade creditors

 

42,915

11,798

Taxation and social security

 

1,260

15,394

Accruals and deferred income

 

2,808

5,073

Other creditors

 

3,935

4,942

 

55,124

49,754

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £4,206 (2022- £12,547)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

-

4,420

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £0 (2022 - £4,420).

 

Retreat Boatyard (Topsham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

3,201

3,201

3,201

3,201

       

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(8,100)

11,051

2,951

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(68,415)

10,802

(57,613)

Deferred tax has been recognised as appropriate regarding the revaluation reserve.

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

-

4,420

Current loans and borrowings

2023
£

2022
£

Other borrowings

4,206

12,547

11

Obligations under leases and hire purchase contracts

Operating leases

 

Retreat Boatyard (Topsham) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

450

-

Later than one year and not later than five years

1,800

-

Later than five years

5,400

-

7,650

-

The amount of non-cancellable operating lease payments recognised as an expense during the year was £3,464 (2022 - £Nil).