Registration number:
The Ship (Derriford) Limited
for the Year Ended 31 December 2023
The Ship (Derriford) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
The Ship (Derriford) Limited
Company Information
Directors |
Mr M D Edworthy Mr P N Scantlebury |
Registered office |
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Accountants |
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The Ship (Derriford) Limited
(Registration number: 09538800)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
- |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Other reserves |
- |
1,966,579 |
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Retained earnings |
(1,678,573) |
(220,379) |
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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:
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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
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Mr M D Edworthy
Director
The Ship (Derriford) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
The Ship (Derriford) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Investment properties |
2023 |
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At 1 January |
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Fair value adjustments |
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At 31 December |
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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.
Debtors |
2023 |
2022 |
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Trade debtors |
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Other debtors |
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The Ship (Derriford) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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8,821,339 |
8,670,479 |
Creditors include amounts due to group undertakings of £6,195,128.57 (2022 - £6,044,192).
Loans and borrowings |
2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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The Ship (Derriford) Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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- |
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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.
Related party transactions |
The property owned by the company, is used as security against loans provided to its parent company, Burrington Estates (Commercial) Limited.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
These financial statements are available upon request from Companies House