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Registered number: 07630979
The Salcombe Ferry Co Ltd
Financial Statements
For The Year Ended 31 March 2024
One Plus One Ltd
34/36 Fore Street
Bovey Tracey
Devon
TQ13 9AE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 07630979
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 133,496 105,801
133,496 105,801
CURRENT ASSETS
Stocks 6 750 750
Debtors 7 28,494 2,272
29,244 3,022
Creditors: Amounts Falling Due Within One Year 8 (85,446 ) (77,563 )
NET CURRENT ASSETS (LIABILITIES) (56,202 ) (74,541 )
TOTAL ASSETS LESS CURRENT LIABILITIES 77,294 31,260
Creditors: Amounts Falling Due After More Than One Year 9 (46,877 ) -
NET ASSETS 30,417 31,260
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 30,317 31,160
SHAREHOLDERS' FUNDS 30,417 31,260
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Simon Shortman
Director
21 August 2024
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
The Salcombe Ferry Co Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07630979 . The registered office is Overdowns Bolberry, Malborough, Salcombe, Devon, TQ7 3DY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Nil
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 20% reducing balance
Computer Equipment 15% reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 6)
5 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 50,000
Disposals (50,000)
As at 31 March 2024 -
Amortisation
As at 1 April 2023 50,000
Disposals (50,000)
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
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5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2023 40,000 36,347 72,542 8,530
Additions - 9,036 68,903 -
Disposals - (3,500 ) (72,542 ) -
As at 31 March 2024 40,000 41,883 68,903 8,530
Depreciation
As at 1 April 2023 - 11,268 35,151 5,943
Provided during the period - 2,378 6,980 388
Disposals - - (35,151 ) -
As at 31 March 2024 - 13,646 6,980 6,331
Net Book Value
As at 31 March 2024 40,000 28,237 61,923 2,199
As at 1 April 2023 40,000 25,079 37,391 2,587
Computer Equipment Total
£ £
Cost
As at 1 April 2023 1,404 158,823
Additions 762 78,701
Disposals - (76,042 )
As at 31 March 2024 2,166 161,482
Depreciation
As at 1 April 2023 660 53,022
Provided during the period 369 10,115
Disposals - (35,151 )
As at 31 March 2024 1,029 27,986
Net Book Value
As at 31 March 2024 1,137 133,496
As at 1 April 2023 744 105,801
6. Stocks
2024 2023
£ £
Materials 750 750
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7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 3,898 2,272
Directors' loan accounts 24,596 -
28,494 2,272
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,658 2,577
Bank loans and overdrafts 20,007 4,416
Corporation tax 21,103 24,830
Other taxes and social security 1,428 1,854
VAT 2,916 707
Net wages 1,756 1,756
Pensions Payable 153 299
Accruals and deferred income 3,530 3,360
Directors' loan accounts 32,895 37,764
85,446 77,563
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 46,877 -
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 46,877 -
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Simon Shortman 1,205 95,800 70,000 - (24,596 )
Mrs Debbie-Anne Shortman 36,560 73,664 70,000 - 32,895
The above loan is unsecured, interest free and repayable on demand.
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Dividends paid to directors
2024 2023
£ £
Mr Simon Shortman 70,000 85,000
Mrs Debbie-Anne Shortman 70,000 85,000
13. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 140,000 170,000
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