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REGISTERED NUMBER: 06643054 (England and Wales)














Financial Statements

for the Year Ended 31 December 2023

for

Cornish Bay Limited

Cornish Bay Limited (Registered number: 06643054)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Cornish Bay Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J J Colam
A C Pillar
L G Colam





SECRETARY: Mrs R A Colam





REGISTERED OFFICE: Reedham House
31 King Street West
Manchester
M3 2PJ





BUSINESS ADDRESS: Wallsend Industrial Estate
Cattedown Road
Cattedown
Plymouth
Devon
PL4 0RW





REGISTERED NUMBER: 06643054 (England and Wales)





AUDITORS: Freedman Frankl & Taylor
Statutory Auditors
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Cornish Bay Limited (Registered number: 06643054)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,638,150 1,776,039

CURRENT ASSETS
Stocks 9,118 14,723
Debtors 5 35,687 99,049
Cash at bank 5,644 8,877
50,449 122,649
CREDITORS
Amounts falling due within one year 6 19,900 25,010
NET CURRENT ASSETS 30,549 97,639
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,668,699

1,873,678

CREDITORS
Amounts falling due after more than one
year

7

(1,257,638

)

(1,699,454

)

PROVISIONS FOR LIABILITIES (338,518 ) (357,400 )
NET ASSETS/(LIABILITIES) 72,543 (183,176 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 72,542 (183,177 )
SHAREHOLDERS' FUNDS 72,543 (183,176 )

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





J J Colam - Director


Cornish Bay Limited (Registered number: 06643054)

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

1. STATUTORY INFORMATION

Cornish Bay 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 represents the amount derived from the provision of goods and services falling within the company's activities after deduction of trade discounts and value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Boats - 5% on cost
Plant and machinery - 10% on cost

Tangible fixed assets are recorded at cost less accumulated depreciation and accumulated impairment losses.

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 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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Cornish Bay Limited (Registered number: 06643054)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Going concern
The company is reliant on the financial support of its parent undertaking Interfish Limited who have indicated their support of the company for the foreseeable future.

On this basis, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and thus has adopted the going concern basis of accounting in preparing the annual financial statements.

Government grants
Grants received are credited to the profit and loss account as the related expenditure is incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Boats machinery Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 2,541,691 108,054 2,649,745
DEPRECIATION
At 1 January 2023 865,602 8,104 873,706
Charge for year 127,084 10,805 137,889
At 31 December 2023 992,686 18,909 1,011,595
NET BOOK VALUE
At 31 December 2023 1,549,005 89,145 1,638,150
At 31 December 2022 1,676,089 99,950 1,776,039

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 29,211 92,025
Other debtors 6,476 7,024
35,687 99,049

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 4,424 5,924
Amounts owed to group undertakings 3,252 1,697
Other creditors 12,224 17,389
19,900 25,010

Cornish Bay Limited (Registered number: 06643054)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings 1,216,554 1,653,011
Other creditors 41,084 46,443
1,257,638 1,699,454

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

I Sluckis BA FCA (Senior Statutory Auditor)
for and on behalf of Freedman Frankl & Taylor

9. CONTINGENT LIABILITIES

The company has provided a guarantee in respect of bank borrowings of other group undertakings which at 31 December 2023 was £Nil.

10. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11. ULTIMATE CONTROLLING PARTY

The company's parent undertaking at the balance sheet date was Interfish Limited, a company incorporated and registered in England.

The company's ultimate parent undertaking at the balance sheet date was Interfish Holdings Limited, a company incorporated and registered in Guernsey but tax resident in England so that all income is taxed and paid in the United Kingdom.

Copies of the financial statements of Interfish Limited can be obtained from Wallsend Industrial Estate, Cattedown Road, Plymouth, Devon PL4 0RW.