Silverfin false false 31/03/2024 01/04/2023 31/03/2024 G M Carruthers 05/03/2015 J C Carruthers 05/03/2015 28 May 2024 The principal activity of the Company during the financial year is that of domiciliary care. The company trades under the name Bluebird Care Mid and West Cornwall and operates under a franchise agreement with Bluebird Care Franchises Limited which began on 1st May 2012, and was renewed for a further 5 year term on 1st May 2017. The franchise agreement has been extended by letter of agreement until 1st July 2024. The initial business traded as a partnership and the whole business was acquired by Starboard Tack Ltd on 5th April 2015. 09473956 2024-03-31 09473956 bus:Director1 2024-03-31 09473956 bus:Director2 2024-03-31 09473956 2023-03-31 09473956 core:CurrentFinancialInstruments 2024-03-31 09473956 core:CurrentFinancialInstruments 2023-03-31 09473956 core:Non-currentFinancialInstruments 2024-03-31 09473956 core:Non-currentFinancialInstruments 2023-03-31 09473956 core:ShareCapital 2024-03-31 09473956 core:ShareCapital 2023-03-31 09473956 core:RetainedEarningsAccumulatedLosses 2024-03-31 09473956 core:RetainedEarningsAccumulatedLosses 2023-03-31 09473956 core:Goodwill 2023-03-31 09473956 core:OtherResidualIntangibleAssets 2023-03-31 09473956 core:Goodwill 2024-03-31 09473956 core:OtherResidualIntangibleAssets 2024-03-31 09473956 core:LeaseholdImprovements 2023-03-31 09473956 core:PlantMachinery 2023-03-31 09473956 core:Vehicles 2023-03-31 09473956 core:OfficeEquipment 2023-03-31 09473956 core:LeaseholdImprovements 2024-03-31 09473956 core:PlantMachinery 2024-03-31 09473956 core:Vehicles 2024-03-31 09473956 core:OfficeEquipment 2024-03-31 09473956 bus:OrdinaryShareClass1 2024-03-31 09473956 2023-04-01 2024-03-31 09473956 bus:FilletedAccounts 2023-04-01 2024-03-31 09473956 bus:SmallEntities 2023-04-01 2024-03-31 09473956 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09473956 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09473956 bus:Director1 2023-04-01 2024-03-31 09473956 bus:Director2 2023-04-01 2024-03-31 09473956 core:Goodwill core:TopRangeValue 2023-04-01 2024-03-31 09473956 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-04-01 2024-03-31 09473956 core:PlantMachinery 2023-04-01 2024-03-31 09473956 core:Vehicles 2023-04-01 2024-03-31 09473956 core:OfficeEquipment 2023-04-01 2024-03-31 09473956 2022-04-01 2023-03-31 09473956 core:Goodwill 2023-04-01 2024-03-31 09473956 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 09473956 core:LeaseholdImprovements 2023-04-01 2024-03-31 09473956 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 09473956 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09473956 (England and Wales)

STARBOARD TACK LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

STARBOARD TACK LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

STARBOARD TACK LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
STARBOARD TACK LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS G M Carruthers
J C Carruthers
REGISTERED OFFICE Morlaix House
Newham Road
Truro
TR1 2DP
England
United Kingdom
COMPANY NUMBER 09473956 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
STARBOARD TACK LIMITED

BALANCE SHEET

As at 31 March 2024
STARBOARD TACK LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 29,871 59,747
Tangible assets 4 33,831 57,155
63,702 116,902
Current assets
Stocks 5 1,876 1,420
Debtors 6 829,670 926,894
Cash at bank and in hand 568,801 331,211
1,400,347 1,259,525
Creditors: amounts falling due within one year 7 ( 367,840) ( 473,352)
Net current assets 1,032,507 786,173
Total assets less current liabilities 1,096,209 903,075
Creditors: amounts falling due after more than one year 8 ( 114,312) 0
Provision for liabilities 1,428 ( 1,517)
Net assets 983,325 901,558
Capital and reserves
Called-up share capital 9 455,002 455,002
Profit and loss account 528,323 446,556
Total shareholders' funds 983,325 901,558

For the financial year ending 31 March 2024 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 Starboard Tack Limited (registered number: 09473956) were approved and authorised for issue by the Board of Directors on 28 May 2024. They were signed on its behalf by:

G M Carruthers
Director
STARBOARD TACK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
STARBOARD TACK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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

Starboard Tack 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 Morlaix House, Newham Road, Truro, TR1 2DP, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Turnover

Turnover comprises the fair value for the consideration received or receivable for the provision of care services for the elderly and disabled. Turnover is shown net of VAT, returns, rebates and discounts.

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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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
Other intangible assets 10 years straight line
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:

Leasehold improvements not depreciated
Plant and machinery 20 % reducing balance
Vehicles 25 % reducing balance
Office equipment 20 - 33 % 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.

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 Balance Sheet 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 is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 85 88

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 April 2023 258,285 40,479 298,764
At 31 March 2024 258,285 40,479 298,764
Accumulated amortisation
At 01 April 2023 206,633 32,384 239,017
Charge for the financial year 25,828 4,048 29,876
At 31 March 2024 232,461 36,432 268,893
Net book value
At 31 March 2024 25,824 4,047 29,871
At 31 March 2023 51,652 8,095 59,747

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 April 2023 14,981 833 54,204 54,366 124,384
Additions 0 0 0 1,670 1,670
Disposals 0 0 ( 22,999) 0 ( 22,999)
At 31 March 2024 14,981 833 31,205 56,036 103,055
Accumulated depreciation
At 01 April 2023 0 636 25,350 41,243 67,229
Charge for the financial year 0 33 7,214 3,732 10,979
Disposals 0 0 ( 8,984) 0 ( 8,984)
At 31 March 2024 0 669 23,580 44,975 69,224
Net book value
At 31 March 2024 14,981 164 7,625 11,061 33,831
At 31 March 2023 14,981 197 28,854 13,123 57,155

5. Stocks

2024 2023
£ £
Stocks 1,876 1,420

6. Debtors

2024 2023
£ £
Trade debtors 98,218 284,326
Other debtors 731,452 642,568
829,670 926,894

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 8,818 11,641
Taxation and social security 127,458 103,506
Other creditors 231,564 358,205
367,840 473,352

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

2024 2023
£ £
Other creditors 114,312 0

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
455,002 Ordinary shares of £ 1.00 each 455,002 455,002

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Mr G M Carruthers - 3% interest 39,053 (2,638)
Mrs J C Carruthers - 3% interest 39,053 (2,638)

Advances

At the start of the year Mr G M Carruthers was owed £2,638 by the company. Advances were made of £214,691 and £173,000 has been repaid within the year. At the balance sheet date £39,053 is due to the company. The conditions are the loan is 3% interest and repayable on demand.

At the start of the year Mrs J C Carruthers was owed £2,638 by the company. Advances were made of £214,691 and £173,000 has been repaid within the year. At the balance sheet date £39,053 is due to the company. The conditions are the loan is 3% interest and repayable on demand.

The total liability incurred under advances is £429,382, the total amount repaid was £346,000.