Registration number:
Above the Bay Ltd
for the Period from 1 September 2022 to 31 December 2023
Above the Bay Ltd
Contents
Company Information |
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Director's Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Above the Bay Ltd
Company Information
Director |
Mr Ian Lancaster |
Registered office |
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Accountants |
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Above the Bay Ltd
Director's Report for the Period from 1 September 2022 to 31 December 2023
The director presents his report and the financial statements for the period from 1 September 2022 to 31 December 2023.
Directors of the company
The directors who held office during the period were as follows:
Principal activity
The principal activity of the company is the operation of Falmouth Golf Club.
Small companies provision statement
This report has 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.
Approved and authorised by the
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Above the Bay Ltd
(Registration number: 06678201)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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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/(liabilities) |
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( |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
21,053 |
21,053 |
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Revaluation reserve |
(71,385) |
- |
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Retained earnings |
1,544,746 |
1,748,137 |
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Shareholders' funds |
1,494,414 |
1,769,190 |
For the financial period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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.
Above the Bay Ltd
(Registration number: 06678201)
Balance Sheet as at 31 December 2023
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
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Above the Bay Ltd
Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 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:
These financial statements were authorised for issue by the
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.
Group accounts not prepared
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.
Above the Bay Ltd
Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023
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 |
Course machinery and equipment |
at varying rates on cost |
Fixtures, fittings and equipment |
20% on cost |
Office equipment |
at varying rates on cost |
Buildings |
2% on cost |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Website |
25% 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.
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.
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.
Above the Bay Ltd
Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023
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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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
The company operates a defined contribution pension scheme. Contributions payable are charged to the profit and loss account in the period to which they relate.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Above the Bay Ltd
Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 September 2022 |
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Additions internally developed |
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At 31 December 2023 |
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Amortisation |
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At 1 September 2022 |
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Amortisation charge |
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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 August 2022 |
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Above the Bay Ltd
Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 September 2022 |
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Additions |
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Disposals |
( |
( |
( |
( |
At 31 December 2023 |
- |
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Depreciation |
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At 1 September 2022 |
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Charge for the period |
- |
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Eliminated on disposal |
( |
( |
( |
( |
At 31 December 2023 |
- |
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Carrying amount |
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At 31 December 2023 |
- |
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At 31 August 2022 |
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Included within the net book value of land and buildings above is £Nil (2022 - £3,490,928) in respect of freehold land and buildings.
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Above the Bay Ltd
Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023
Subsidiaries |
£ |
Cost or valuation |
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At 1 September 2022 |
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Revaluation |
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Additions |
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Disposals |
( |
At 31 December 2023 |
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Provision |
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Carrying amount |
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At 31 December 2023 |
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At 31 August 2022 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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2nd Floor Stratus House
England and Wales |
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8 Whittle Court,
England |
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Above the Bay Ltd
Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023
Subsidiary undertakings |
FGC Land Limited The principal activity of FGC Land Limited is |
FGC Land 4 Limited The principal activity of FGC Land 4 Limited is |
Above the Bay Ltd
Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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16,253 |
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16,253 |
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4,800 |
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4,800 |
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Above the Bay Ltd
Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023
Related party transactions |
Summary of transactions with subsidiaries