Silverfin false false 30/06/2024 01/07/2023 30/06/2024 N J Barber 19/04/2006 23 January 2025 The principal activity of the Company during the financial year was high quality yacht fairing. Since the 30 June 2024 the company has stopped trading, the directors are working to secure future trade opportunities. 05771151 2024-06-30 05771151 bus:Director1 2024-06-30 05771151 2023-06-30 05771151 core:CurrentFinancialInstruments 2024-06-30 05771151 core:CurrentFinancialInstruments 2023-06-30 05771151 core:ShareCapital 2024-06-30 05771151 core:ShareCapital 2023-06-30 05771151 core:RetainedEarningsAccumulatedLosses 2024-06-30 05771151 core:RetainedEarningsAccumulatedLosses 2023-06-30 05771151 core:PlantMachinery 2023-06-30 05771151 core:Vehicles 2023-06-30 05771151 core:OtherPropertyPlantEquipment 2023-06-30 05771151 core:PlantMachinery 2024-06-30 05771151 core:Vehicles 2024-06-30 05771151 core:OtherPropertyPlantEquipment 2024-06-30 05771151 2023-07-01 2024-06-30 05771151 bus:FilletedAccounts 2023-07-01 2024-06-30 05771151 bus:SmallEntities 2023-07-01 2024-06-30 05771151 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 05771151 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 05771151 bus:Director1 2023-07-01 2024-06-30 05771151 core:PlantMachinery 2023-07-01 2024-06-30 05771151 core:Vehicles 2023-07-01 2024-06-30 05771151 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-07-01 2024-06-30 05771151 2022-07-01 2023-06-30 05771151 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Company No: 05771151 (England and Wales)

BLUE FIN YACHTS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

BLUE FIN YACHTS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

BLUE FIN YACHTS LIMITED

BALANCE SHEET

As at 30 June 2024
BLUE FIN YACHTS LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 18,333 107,972
18,333 107,972
Current assets
Stocks 4 500 650
Debtors 5 67,216 121,103
Cash at bank and in hand 146,710 120,056
214,426 241,809
Creditors: amounts falling due within one year 6 ( 21,301) ( 35,340)
Net current assets 193,125 206,469
Total assets less current liabilities 211,458 314,441
Provision for liabilities 0 ( 21,374)
Net assets 211,458 293,067
Capital and reserves
Called-up share capital 100 100
Profit and loss account 211,358 292,967
Total shareholder's funds 211,458 293,067

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Blue Fin Yachts Limited (registered number: 05771151) were approved and authorised for issue by the Director on 23 January 2025. They were signed on its behalf by:

N J Barber
Director
BLUE FIN YACHTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
BLUE FIN YACHTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

Blue Fin Yachts 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 £.

Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, since the balance sheet date the company has ceased to generate income. The directors are are working to secure future trade opportunities.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of yacht fairing, shaping
and finishing. Turnover is shown net of value added tax, returns 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.

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 straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Other property, plant and equipment 20 years straight line

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 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 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

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 5 6

3. Tangible assets

Plant and machinery Vehicles Other property, plant
and equipment
Total
£ £ £ £
Cost
At 01 July 2023 53,596 73,840 109,921 237,357
Disposals ( 52,505) 0 ( 105,371) ( 157,876)
At 30 June 2024 1,091 73,840 4,550 79,481
Accumulated depreciation
At 01 July 2023 46,763 55,909 26,713 129,385
Charge for the financial year 1,708 4,483 238 6,429
Disposals ( 48,113) 0 ( 26,553) ( 74,666)
At 30 June 2024 358 60,392 398 61,148
Net book value
At 30 June 2024 733 13,448 4,152 18,333
At 30 June 2023 6,833 17,931 83,208 107,972

4. Stocks

2024 2023
£ £
Stocks 500 650

5. Debtors

2024 2023
£ £
Trade debtors 553 39,167
Other debtors 66,663 81,936
67,216 121,103

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 180 14,545
Taxation and social security 18,515 17,387
Other creditors 2,606 3,408
21,301 35,340

7. Related party transactions

Transactions with the entity's director

2024 2023
£ £
N J Barber - 0% interest 63,054 79,640

The opening balance for N J Barber's loan accounts was £79,640(£77,631 - 2023). During the year advances totalling £72,322 (£80,009 - 2023) and repayments of £88,908 (£78,000 - 2023) we made. This has resulted in a closing balance at 30th June 2024 £63,054(£79,640 - 2023).