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Registration number: 08513267

Cornwall Waverunner Safaris Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 May 2023 to 31 March 2024

 

Cornwall Waverunner Safaris Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Cornwall Waverunner Safaris Limited

Company Information

Director

Mr James Peter Davis

Registered office

68 Nottingham Road
Eastwood
Nottingham
NG16 3NQ

Accountants

M Ball & Co Limited
The Hemington
Millhouse Business Centre
Station Road
Castle Donington
Derby
DE74 2NJ

 

Cornwall Waverunner Safaris Limited

(Registration number: 08513267)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,341,236

484,047

Current assets

 

Stocks

5

15,000

15,000

Debtors

6

239,732

248,063

Cash at bank and in hand

 

121,615

130,468

 

376,347

393,531

Creditors: Amounts falling due within one year

7

(708,138)

(363,847)

Net current (liabilities)/assets

 

(331,791)

29,684

Total assets less current liabilities

 

1,009,445

513,731

Creditors: Amounts falling due after more than one year

7

(291,522)

(38,700)

Provisions for liabilities

(149,660)

(79,885)

Net assets

 

568,263

395,146

Capital and reserves

 

Called up share capital

100

100

Retained earnings

568,163

395,046

Shareholders' funds

 

568,263

395,146

 

Cornwall Waverunner Safaris Limited

(Registration number: 08513267)
Balance Sheet as at 31 March 2024

For the financial period ending 31 March 2024 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.

Approved and authorised by the director on 30 December 2024
 

.........................................
Mr James Peter Davis
Director

 

Cornwall Waverunner Safaris Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
68 Nottingham Road
Eastwood
Nottingham
NG16 3NQ
England

These financial statements were authorised for issue by the director on 30 December 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.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Cornwall Waverunner Safaris Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Fixture & Fittings

25% Reducing Balance

Motor Vehicles

25% Reducing Balance

Plant & Equipment

25% Reducing Balance

Office Equipment

33% Reducing Balance

Freehold Property

No Depreciation charged

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

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 inventories 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.

 

Cornwall Waverunner Safaris Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 March 2024

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 39 (2023 - 20).

 

Cornwall Waverunner Safaris Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 March 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

-

642,955

265,445

908,400

Additions

372,327

647,944

195,261

1,215,532

Disposals

-

(56,265)

(169,003)

(225,268)

At 31 March 2024

372,327

1,234,634

291,703

1,898,664

Depreciation

At 1 May 2023

-

322,938

101,415

424,353

Charge for the period

-

144,565

48,718

193,283

Eliminated on disposal

-

(13,044)

(47,164)

(60,208)

At 31 March 2024

-

454,459

102,969

557,428

Carrying amount

At 31 March 2024

372,327

780,175

188,734

1,341,236

At 30 April 2023

-

320,017

164,030

484,047

Included within the net book value of land and buildings above is £372,327 (2023 - £Nil) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

15,000

15,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

16,914

-

Prepayments

1,606

1,693

Other debtors

221,212

246,370

 

239,732

248,063

 

Cornwall Waverunner Safaris Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

150,905

131,184

Trade creditors

 

369,701

129,011

Taxation and social security

 

68,247

97,512

Accruals and deferred income

 

2,030

2,030

Other creditors

 

117,255

4,110

 

708,138

363,847

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

291,522

38,700

 

Cornwall Waverunner Safaris Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2023 to 31 March 2024

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

22,575

38,700

Hire purchase contracts

268,947

-

291,522

38,700

2024
£

2023
£

Current loans and borrowings

Bank borrowings

31,282

37,597

Hire purchase contracts

119,623

93,587

150,905

131,184