Silverfin false false 31/07/2024 01/08/2023 31/07/2024 J M Macklin 01/03/2011 17 January 2025 The principal activity of the Company during this financial year was the holding of investment property for rental and investment purposes. 02630554 2024-07-31 02630554 bus:Director1 2024-07-31 02630554 2023-07-31 02630554 core:CurrentFinancialInstruments 2024-07-31 02630554 core:CurrentFinancialInstruments 2023-07-31 02630554 core:Non-currentFinancialInstruments 2024-07-31 02630554 core:Non-currentFinancialInstruments 2023-07-31 02630554 core:ShareCapital 2024-07-31 02630554 core:ShareCapital 2023-07-31 02630554 core:RetainedEarningsAccumulatedLosses 2024-07-31 02630554 core:RetainedEarningsAccumulatedLosses 2023-07-31 02630554 core:PlantMachinery 2023-07-31 02630554 core:OfficeEquipment 2023-07-31 02630554 core:PlantMachinery 2024-07-31 02630554 core:OfficeEquipment 2024-07-31 02630554 2023-08-01 2024-07-31 02630554 bus:FilletedAccounts 2023-08-01 2024-07-31 02630554 bus:SmallEntities 2023-08-01 2024-07-31 02630554 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 02630554 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 02630554 bus:Director1 2023-08-01 2024-07-31 02630554 core:PlantMachinery 2023-08-01 2024-07-31 02630554 core:OfficeEquipment 2023-08-01 2024-07-31 02630554 2022-08-01 2023-07-31 02630554 core:Non-currentFinancialInstruments 2023-08-01 2024-07-31 02630554 1 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Company No: 02630554 (England and Wales)

NEW QUAY SHIPYARD LTD

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

NEW QUAY SHIPYARD LTD

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

NEW QUAY SHIPYARD LTD

BALANCE SHEET

As at 31 July 2024
NEW QUAY SHIPYARD LTD

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 5,005 3,773
Investment property 4 3,340,000 3,340,000
3,345,005 3,343,773
Current assets
Debtors 5 89,852 88,204
Cash at bank and in hand 44,852 56,136
134,704 144,340
Creditors: amounts falling due within one year 6 ( 485,971) ( 463,358)
Net current liabilities (351,267) (319,018)
Total assets less current liabilities 2,993,738 3,024,755
Creditors: amounts falling due after more than one year 7 ( 192,451) ( 447,450)
Provision for liabilities ( 466,267) ( 466,250)
Net assets 2,335,020 2,111,055
Capital and reserves
Called-up share capital 999 999
Profit and loss account 2,334,021 2,110,056
Total shareholder's funds 2,335,020 2,111,055

For the financial year ending 31 July 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 financial statements of New Quay Shipyard Ltd (registered number: 02630554) were approved and authorised for issue by the Director on 17 January 2025. They were signed on its behalf by:

J M Macklin
Director
NEW QUAY SHIPYARD LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
NEW QUAY SHIPYARD LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
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

New Quay Shipyard Ltd (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 C/O Humphries Kirk, 40 High West Street, Dorchester, DT1 1UR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

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 15 % reducing balance
Office equipment 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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 August 2023 166,012 0 166,012
Additions 0 2,099 2,099
At 31 July 2024 166,012 2,099 168,111
Accumulated depreciation
At 01 August 2023 162,239 0 162,239
Charge for the financial year 565 302 867
At 31 July 2024 162,804 302 163,106
Net book value
At 31 July 2024 3,208 1,797 5,005
At 31 July 2023 3,773 0 3,773

4. Investment property

Investment property
£
Valuation
As at 01 August 2023 3,340,000
As at 31 July 2024 3,340,000

Valuation

The investment property class of fixed assets were revalued on 27 August 2020 by B Lovell MRICS and D Smith MRICS of Avison Young who are external to the company. The basis of the valuation was market value on an existing use basis.

The class of asset has a current value of £3,340,000 (2023 - £3,340,000).

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 3,231,676 3,231,676

5. Debtors

2024 2023
£ £
Trade debtors 71,736 71,736
Other debtors 18,116 16,468
89,852 88,204

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 300,000 300,000
Trade creditors 488 0
Taxation and social security 107,704 85,584
Other creditors 77,779 77,774
485,971 463,358

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

2024 2023
£ £
Bank loans 40,000 295,000
Other creditors 152,451 152,450
192,451 447,450

There are no amounts included above in respect of which any security has been given by the small entity.

8. Reserves

Distributable Reserves

2024
£
B/fwd at 1 August 2023 711,306
Profit for the year 223,965
935,271

Non-Distributable Reserves

2024
£
Revaluation b/fwd at 1 August 2023 1,865,000
Deferred tax b/fwd at 1 August 2023 (466,250)
1,398,750

Total Reserves

2024
£
B/fwd at 1 August 2023 2,110,056
Profit for the year 223,965
2,334,021

9. Ultimate controlling party

Beehive Investment Holdings Ltd