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Registration number: 02924374

Turnchapel Boatyard Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Turnchapel Boatyard Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Turnchapel Boatyard Limited

Company Information

Director

Mr A H Collins

Company secretary

Mrs S L Collins

Registered office

St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

Accountants

Young & Co
Chartered Accountants
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

 

Turnchapel Boatyard Limited

(Registration number: 02924374)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

702,836

705,247

Current assets

 

Stocks

5

29,971

81,115

Debtors

6

78,401

4,106

Cash at bank and in hand

 

2,984

5,744

 

111,356

90,965

Creditors: Amounts falling due within one year

7

(599,248)

(580,223)

Net current liabilities

 

(487,892)

(489,258)

Net assets

 

214,944

215,989

Capital and reserves

 

Called up share capital

8

250,000

250,000

Retained earnings

(35,056)

(34,011)

Shareholders' funds

 

214,944

215,989

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year 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.

 

Turnchapel Boatyard Limited

(Registration number: 02924374)
Balance Sheet as at 31 March 2024
(continued)

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 January 2025
 

.........................................
Mr A H Collins
Director

 

Turnchapel Boatyard Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA
England

The principal place of business is:
The Old Boatyard
Clovelly View
Turnchapel
Plymouth
PL9 9SY

These financial statements were authorised for issue by the director on 4 January 2025.

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.

 

Turnchapel Boatyard Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)

2

Accounting policies (continued)

Going concern

The financial statements have been prepared on a going concern basis.

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.

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

Freehold land

Nil

Freehold buildings

2% of cost per annum

Plant and machinery

15% of cost per annum

Fixtures and fittings

20% of cost per annum

Computer equipment

33% of cost per annum

 

Turnchapel Boatyard Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)

2

Accounting policies (continued)

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Turnchapel Boatyard Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

699,675

22,733

722,408

Additions

-

912

912

At 31 March 2024

699,675

23,645

723,320

Depreciation

At 1 April 2023

-

17,161

17,161

Charge for the year

-

3,323

3,323

At 31 March 2024

-

20,484

20,484

Carrying amount

At 31 March 2024

699,675

3,161

702,836

At 31 March 2023

699,675

5,572

705,247

Included within the net book value of land and buildings above is £699,675 (2023 - £699,675) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

29,971

81,115

 

Turnchapel Boatyard Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
(continued)

6

Debtors

2024
£

2023
£

Prepayments

1,844

4,106

Other debtors

76,557

-

78,401

4,106

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

1,425

2,893

Other creditors

597,823

577,330

599,248

580,223

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

250,000

250,000

250,000

250,000