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REGISTERED NUMBER: 06454516 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

THE WOLF ROCK BOAT COMPANY LIMITED

THE WOLF ROCK BOAT COMPANY LIMITED (REGISTERED NUMBER: 06454516)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE WOLF ROCK BOAT COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr P McCarthy
Mrs S McCarthy



REGISTERED OFFICE: Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



REGISTERED NUMBER: 06454516 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: NatWest Bank Plc
12-16 Old Town Street
Plymouth
Devon
PL1 1DG

THE WOLF ROCK BOAT COMPANY LIMITED (REGISTERED NUMBER: 06454516)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 649,283 605,646

CURRENT ASSETS
Stocks 5 1,590,484 1,331,514
Debtors 6 979,767 907,653
Cash at bank and in hand - 327,615
2,570,251 2,566,782
CREDITORS
Amounts falling due within one year 7 1,011,123 1,153,366
NET CURRENT ASSETS 1,559,128 1,413,416
TOTAL ASSETS LESS CURRENT LIABILITIES 2,208,411 2,019,062

CREDITORS
Amounts falling due after more than one
year

8

(1,183,850

)

(842,308

)

PROVISIONS FOR LIABILITIES (32,196 ) (32,196 )
NET ASSETS 992,365 1,144,558

CAPITAL AND RESERVES
Called up share capital 1,050 1,050
Retained earnings 991,315 1,143,508
SHAREHOLDERS' FUNDS 992,365 1,144,558

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

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

The directors acknowledge their 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.

THE WOLF ROCK BOAT COMPANY LIMITED (REGISTERED NUMBER: 06454516)

BALANCE SHEET - continued
31 DECEMBER 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 May 2024 and were signed on its behalf by:




Mr P McCarthy - Director



Mrs S McCarthy - Director


THE WOLF ROCK BOAT COMPANY LIMITED (REGISTERED NUMBER: 06454516)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

The Wolf Rock Boat Company 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

THE WOLF ROCK BOAT COMPANY LIMITED (REGISTERED NUMBER: 06454516)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 24 ) .

4. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 January 2023 405,953 19,300 139,174
Additions - 18,125 2,796
Disposals - - -
At 31 December 2023 405,953 37,425 141,970
DEPRECIATION
At 1 January 2023 - 19,300 50,006
Charge for year - 1,813 18,393
Eliminated on disposal - - -
At 31 December 2023 - 21,113 68,399
NET BOOK VALUE
At 31 December 2023 405,953 16,312 73,571
At 31 December 2022 405,953 - 89,168

THE WOLF ROCK BOAT COMPANY LIMITED (REGISTERED NUMBER: 06454516)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 66,196 142,823 58,214 831,660
Additions 3,250 90,818 3,626 118,615
Disposals - (29,338 ) - (29,338 )
At 31 December 2023 69,446 204,303 61,840 920,937
DEPRECIATION
At 1 January 2023 22,854 86,904 46,950 226,014
Charge for year 6,989 35,647 7,959 70,801
Eliminated on disposal - (25,161 ) - (25,161 )
At 31 December 2023 29,843 97,390 54,909 271,654
NET BOOK VALUE
At 31 December 2023 39,603 106,913 6,931 649,283
At 31 December 2022 43,342 55,919 11,264 605,646

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 29,338
Additions 90,818
Disposals (29,338 )
At 31 December 2023 90,818
DEPRECIATION
At 1 January 2023 25,161
Charge for year 22,704
Eliminated on disposal (25,161 )
At 31 December 2023 22,704
NET BOOK VALUE
At 31 December 2023 68,114
At 31 December 2022 4,177

5. STOCKS
2023 2022
£    £   
Stocks 1,590,484 1,331,514

THE WOLF ROCK BOAT COMPANY LIMITED (REGISTERED NUMBER: 06454516)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 256,415 136,107
Amounts owed by associates 496,902 541,900
Other debtors 35,000 60,000
Directors' current accounts 2 -
VAT - 71,170
Prepayments 191,448 98,476
979,767 907,653

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 72,057 -
Hire purchase contracts 15,554 -
Trade creditors 703,701 1,001,910
Tax 79,915 104,736
Social security and other taxes 17,163 13,773
VAT 65,135 -
Other creditors 50,291 28,265
Credit Card - 1,290
Directors' current accounts 1 1,288
Accrued expenses 7,306 2,104
1,011,123 1,153,366

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years - 47,238
Bank loans - 2-5 years 207,993 134,784
Bank loans more 5 yr by instal 77,363 208,072
Other loans - 2-5 years 833,010 452,214
Hire purchase contracts 65,484 -
1,183,850 842,308

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 77,363 208,072

THE WOLF ROCK BOAT COMPANY LIMITED (REGISTERED NUMBER: 06454516)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 3,392 -
Bank loans 354,021 390,094
Hire purchase contracts 81,038 -
438,451 390,094

The directors Mr P and Mrs S McCarthy have given a personal guarantee in respect of the company's overdraft facility of £80,000 and credit card facility of £5,000.

The directors Mr P McCarthy and Mrs S McCarthy have also given a personal guarantee to their supplier GE for £80,000.

10. OTHER FINANCIAL COMMITMENTS

At 31 December 2022, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £18,400 (last year £18,400).

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mr P McCarthy
Balance outstanding at start of year (644 ) 7,918
Amounts advanced 44,410 127,612
Amounts repaid (43,766 ) (136,174 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (644 )

Mrs S McCarthy
Balance outstanding at start of year (644 ) 7,917
Amounts advanced 39,584 129,373
Amounts repaid (38,940 ) (137,934 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (644 )

The loan is interest free and repayable on demand.

12. RELATED PARTY DISCLOSURES

During the period the company lent The Wolf Rock Holding Company Ltd, a company which Mr and Mrs McCarthy are also Directors, an amount of £NIL (2022: £15,447). At the year end the balance outstanding was £496,524 (2022: £541,900). The loan is unsecured, interest free and repayable on demand.