Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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43,855 | 58,456 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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1,190,471 | 1,189,970 | |||
Creditors: amounts falling due within one year | 7 | (
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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 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Tidal Reach Construction Limited (registered number:
Mr J J Fabby
Director |
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.
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 £.
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.
Plant and machinery |
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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.
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.
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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Total | ||
£ | £ | ||
Cost | |||
At 01 December 2022 |
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At 30 November 2023 |
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Accumulated depreciation | |||
At 01 December 2022 |
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Charge for the financial year |
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At 30 November 2023 |
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Net book value | |||
At 30 November 2023 |
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At 30 November 2022 |
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Investments in associates | Total | ||
£ | £ | ||
Cost or valuation before impairment | |||
At 01 December 2022 |
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At 30 November 2023 |
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Carrying value at 30 November 2023 |
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Carrying value at 30 November 2022 |
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Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 30.11.2023 |
Ownership 30.11.2022 |
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Bryndon House, 5-7 Berry Road, Newquay, Cornwall, TR7 1AD | Property Development |
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2023 | 2022 | ||
£ | £ | ||
Work in progress |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Deferred tax asset |
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Corporation tax |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Amounts owed to directors |
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Other loans (secured) |
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Accruals |
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Corporation tax |
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Obligations under finance leases and hire purchase contracts (secured) |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts (secured) |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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100 | 100 |
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.