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Registration number: 06678201

Above the Bay Ltd

Unaudited Filleted Financial Statements

for the Period from 1 September 2022 to 31 December 2023

 

Above the Bay Ltd

Contents

Company Information

1

Director's Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 13

 

Above the Bay Ltd

Company Information

Director

Mr Ian Lancaster

Registered office

8 Whittle Court
Knowhill
Milton Keynes
MK5 8FT

Accountants

Harland Accountants
Ground Floor, Unit 3 Southview House
St Austell Enterprise Park
Carclaze Down
St Austell
Cornwall
PL25 4EJ

 

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:

Mr DC Hughes (ceased 4 December 2023)

Mr Ian Lancaster (appointed 4 December 2023)

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 director on 19 September 2024
 

.........................................
Mr Ian Lancaster
Director

 

Above the Bay Ltd

(Registration number: 06678201)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

13,586

9,589

Tangible assets

5

145,793

3,647,697

Investments

6

1,734,000

1

 

1,893,379

3,657,287

Current assets

 

Stocks

21,555

14,426

Debtors

1,821,136

90,906

Cash at bank and in hand

 

27,067

73,345

 

1,869,758

178,677

Creditors: Amounts falling due within one year

(1,508,252)

(510,958)

Net current assets/(liabilities)

 

361,506

(332,281)

Total assets less current liabilities

 

2,254,885

3,325,006

Creditors: Amounts falling due after more than one year

(760,471)

(1,555,816)

Net assets

 

1,494,414

1,769,190

Capital and reserves

 

Called up share capital

7

21,053

21,053

Revaluation reserve

(71,385)

-

Retained earnings

1,544,746

1,748,137

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:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

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 director on 19 September 2024
 

.........................................
Mr Ian Lancaster
Director

 

Above the Bay Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 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:
8 Whittle Court
Knowhill
Milton Keynes
MK5 8FT

These financial statements were authorised for issue by the director on 19 September 2024.

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.

Group accounts not prepared

The financial statements contain information about Above The Bay Limited as an individual company and do not contain consolidated financial information as a parent of a group. The company has taken the option under s398 of the Companies Act 2006 not to prepare group financial statements.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 33 (2022 - 32).

 

Above the Bay Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 September 2022

9,944

9,944

Additions internally developed

5,281

5,281

At 31 December 2023

15,225

15,225

Amortisation

At 1 September 2022

355

355

Amortisation charge

1,284

1,284

At 31 December 2023

1,639

1,639

Carrying amount

At 31 December 2023

13,586

13,586

At 31 August 2022

9,589

9,589

 

Above the Bay Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

3,541,742

183,447

410,415

4,135,604

Additions

114,456

9,147

24,045

147,648

Disposals

(3,656,198)

(34,075)

(41,182)

(3,731,455)

At 31 December 2023

-

158,519

393,278

551,797

Depreciation

At 1 September 2022

50,814

59,814

377,279

487,907

Charge for the period

-

23,662

19,108

42,770

Eliminated on disposal

(50,814)

(32,677)

(41,182)

(124,673)

At 31 December 2023

-

50,799

355,205

406,004

Carrying amount

At 31 December 2023

-

107,720

38,073

145,793

At 31 August 2022

3,490,928

123,633

33,136

3,647,697

Included within the net book value of land and buildings above is £Nil (2022 - £3,490,928) in respect of freehold land and buildings.
 

6

Investments

2023
£

2022
£

Investments in subsidiaries

1,734,000

1

 

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

At 1 September 2022

1

Revaluation

1,733,999

Additions

1

Disposals

(1)

At 31 December 2023

1,734,000

Provision

Carrying amount

At 31 December 2023

1,734,000

At 31 August 2022

1

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

2023

2022

Subsidiary undertakings

FGC Land Limited

2nd Floor Stratus House
Emperor Way
Exeter Business Park
Exeter EX1 3QS

England and Wales

Ordinary

0%

100%

FGC Land 4 Limited

8 Whittle Court,
Knowlhill,
Milton Keynes,
England,
MK5 8FT

England

Ordinary

100%

0%

 

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 development of building projects.

FGC Land 4 Limited

The principal activity of FGC Land 4 Limited is Development of business projects.

 

Above the Bay Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

16,253

16,253

16,253

16,253

Ordinary "A" of £1 each

4,800

4,800

4,800

4,800

21,053

21,053

21,053

21,053

 

Above the Bay Ltd

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

8

Related party transactions

Summary of transactions with subsidiaries

FGC Land 4 Limited
 During the year, Land and Buildings with a fair value of £1.8m were transferred to FGC Land 4 limited.