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Registration number: 09538800

The Ship (Derriford) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

The Ship (Derriford) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

The Ship (Derriford) Limited

Company Information

Directors

Mr M D Edworthy

Mr P N Scantlebury

Registered office

Winslade House
Winslade Drive
Clyst St Mary
EX5 1FY

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

The Ship (Derriford) Limited

(Registration number: 09538800)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,265

11,033

Investment property

5

7,000,000

10,000,000

 

7,007,265

10,011,033

Current assets

 

Debtors

6

1,326,815

1,231,045

Cash at bank and in hand

 

82

40,764

 

1,326,897

1,271,809

Creditors: Amounts falling due within one year

7

(1,190,396)

(758,804)

Net current assets

 

136,501

513,005

Total assets less current liabilities

 

7,143,766

10,524,038

Creditors: Amounts falling due after more than one year

7

(8,821,339)

(8,670,479)

Provisions for liabilities

-

(106,359)

Net (liabilities)/assets

 

(1,677,573)

1,747,200

Capital and reserves

 

Called up share capital

1,000

1,000

Other reserves

-

1,966,579

Retained earnings

(1,678,573)

(220,379)

Shareholders' (deficit)/funds

 

(1,677,573)

1,747,200

 

The Ship (Derriford) Limited

(Registration number: 09538800)
Balance Sheet as at 31 December 2023

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 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 directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................

Mr M D Edworthy

Director

 

The Ship (Derriford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
Winslade House
Winslade Drive
Clyst St Mary
EX5 1FY
United Kingdom

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 company has incurred a loss during the year and has written down the value of its assets to reflect current market conditions. The company’s balance sheet shows overall net liabilties of £1,677,573 (2022 - net assets of £1,747,200) and due to continued losses and the high cost of debt the Directors have had to consider the basis upon which the accounts should be prepared and determine whether a going concern basis remains appropriate. The accounts have been prepared on a going concern basis as the Directors and Group companies which have provided financial support to the Company will continue to do so, to enable the company to return to profitability or to realise value through the sale of the company’s assets. The Directors have reviewed the position for 12 months from the date that the accounts were approved.

Revenue recognition

Turnover comprises the fair value of of the consideration received or receivable for rental of the property and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, 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.
 

 

The Ship (Derriford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises 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.

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

Plant and Machinery

10% straight line

Office Equipment

10% straight line

Debtors

Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

A provision for the impairment of 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.

Creditors

Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

The Ship (Derriford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

37,677

37,677

At 31 December 2023

37,677

37,677

Depreciation

At 1 January 2023

26,644

26,644

Charge for the year

3,768

3,768

At 31 December 2023

30,412

30,412

Carrying amount

At 31 December 2023

7,265

7,265

At 31 December 2022

11,033

11,033

5

Investment properties

2023
£

At 1 January

10,000,000

Fair value adjustments

(3,000,000)

At 31 December

7,000,000

The investment property known as The Ship is held in the financial statements at fair value and was valued by a RICS professional valuer in 2022 at £10,000,000. The historic cost of the asset is £7,236,520. The directors have reviewed the carrying amount which has resulted in a fair value loss of £3,000,000. The directors deem this to be a fair reflection based on the properties condition and current market.

6

Debtors

2023
£

2022
£

Trade debtors

8,186

1,071

Other debtors

1,318,629

1,229,974

1,326,815

1,231,045

 

The Ship (Derriford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

13,504

9,600

Trade creditors

68,715

225,278

Taxation and social security

122,137

85,208

Accruals and deferred income

815,040

267,718

Other creditors

171,000

171,000

1,190,396

758,804

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

2,626,210

2,626,287

Other non-current financial liabilities

6,195,129

6,044,192

8,821,339

8,670,479

Creditors include amounts due to group undertakings of £6,195,128.57 (2022 - £6,044,192).

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

26,210

26,287

Other borrowings

2,600,000

2,600,000

2,626,210

2,626,287

 

The Ship (Derriford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,839

9,600

Bank overdrafts

8,665

-

13,504

9,600

Included within non-current loans and borrowings is an amount of £2,600,000 (2022 - £2,600,000) that is owed to Prydis Security Trustees Ltd. These amounts are secured by a fixed charge over the investment property.

9

Related party transactions

The property owned by the company, is used as security against loans provided to its parent company, Burrington Estates (Commercial) Limited.

10

Parent and ultimate parent undertaking


 The company's immediate parent is Burrington Estates (Commercial) Ltd, incorporated in England and Wales.

 The ultimate parent is Burrington Estates Commercial Holdings Limited, incorporated in England and Wales.

  These financial statements are available upon request from Companies House