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Company No: 11075955 (England and Wales)

TIDAL REACH CONSTRUCTION LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

TIDAL REACH CONSTRUCTION LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

TIDAL REACH CONSTRUCTION LIMITED

BALANCE SHEET

As at 30 November 2023
TIDAL REACH CONSTRUCTION LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 43,805 58,406
Investments 4 50 50
43,855 58,456
Current assets
Stocks 5 916,323 863,925
Debtors 6 273,215 256,098
Cash at bank and in hand 933 69,947
1,190,471 1,189,970
Creditors: amounts falling due within one year 7 ( 1,001,946) ( 949,523)
Net current assets 188,525 240,447
Total assets less current liabilities 232,380 298,903
Creditors: amounts falling due after more than one year 8 ( 57,015) ( 70,385)
Net assets 175,365 228,518
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 175,265 228,418
Total shareholders' funds 175,365 228,518

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Tidal Reach Construction Limited (registered number: 11075955) were approved and authorised for issue by the Board of Directors on 28 November 2024. They were signed on its behalf by:

Mr J J Fabby
Director
TIDAL REACH CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
TIDAL REACH CONSTRUCTION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Tidal Reach Construction Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents proceeds from the sale of development property and is stated net of VAT and is recognised on completion of the underlying sale contract.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

The company holds the following financial statements:

1. Short term trade and other debtors and creditors;
2. Bank loans; and
3. Cash and bank balances.

All financial instruments are classified as basic.

Recognition and Measurement

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 December 2022 66,750 66,750
At 30 November 2023 66,750 66,750
Accumulated depreciation
At 01 December 2022 8,344 8,344
Charge for the financial year 14,601 14,601
At 30 November 2023 22,945 22,945
Net book value
At 30 November 2023 43,805 43,805
At 30 November 2022 58,406 58,406

4. Fixed asset investments

Investments in associates Total
£ £
Cost or valuation before impairment
At 01 December 2022 50 50
At 30 November 2023 50 50
Carrying value at 30 November 2023 50 50
Carrying value at 30 November 2022 50 50

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
30.11.2023
Ownership
30.11.2022
Project Developments South West Limited Bryndon House, 5-7 Berry Road, Newquay, Cornwall, TR7 1AD Property Development Ordinary 50.00% 50.00%

5. Stocks

2023 2022
£ £
Work in progress 916,323 863,925

6. Debtors

2023 2022
£ £
Trade debtors 357 0
Deferred tax asset 24,521 13,484
Corporation tax 4,701 0
Other debtors 243,636 242,614
273,215 256,098

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 3,333 10,000
Trade creditors 3,432 2,565
Amounts owed to directors 1,093 712
Other loans (secured) 766,461 686,650
Accruals 212,500 175,458
Corporation tax 0 59,011
Obligations under finance leases and hire purchase contracts (secured) 13,370 13,370
Other creditors 1,757 1,757
1,001,946 949,523

Hire purchase liabilities are secured on the assets to which they relate. Other loans include amounts totalling £274,705 that are secured (2022 £194,705).

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 25,000 25,000
Obligations under finance leases and hire purchase contracts (secured) 32,015 45,385
57,015 70,385

Hire purchase liabilities are secured on the assets to which they relate.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
50 Ordinary A shares of £ 1.00 each 50 50
50 Ordinary B shares of £ 1.00 each 50 50
100 100

10. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Guberno Limited (194,705) (194,705)
C B Morris (491,755) (491,945)

Included in creditors due within one year is a loan of £194,705 (2022 - £194,705) from Guberno Ltd, a company under the control of Mr J J Fabby. This loan is secured and interest is accruing at 6% pa. Included in creditors due within one year are loans totalling £491,755 (2022 - £491,945) from Mr C B Morris. These loans are unsecured and interest is accruing at 6% pa.

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Project Developments South West Limited 236,175 235,675

Included in debtors is a loan of £236,175 (2022 £235,675) advance to the associated company. The loan is interest free and unsecured.

Transactions with the entity's directors

2023 2022
£ £
J J Fabby (1,093) (712)

The company owed Mr J J Fabby £1,093 (2022 - £712) on a director loan account at the year end.