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Registration number: 04496190

Falmouth Yacht Brokers Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Falmouth Yacht Brokers Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 11

 

Falmouth Yacht Brokers Limited

Company Information

Directors

Suzanne Cripps

Mr Jeremy Richard Hobkirk

Company secretary

Suzanne Cripps

Registered office

C/o Gw & Co. Limited Waterside Court
Falmouth Road
Penryn
Cornwall
TR10 8AW

Accountants

GW & Co. Limited
Chartered Certified AccountantsWaterside Court
Falmouth Road
Penryn
Cornwall
TR10 8AW

 

Falmouth Yacht Brokers Limited

(Registration number: 04496190)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

691,739

628,926

Current assets

 

Stocks

6

78,616

64,897

Debtors

7

25,641

39,621

Cash at bank and in hand

 

83,659

58,610

 

187,916

163,128

Creditors: Amounts falling due within one year

8

(197,388)

(174,080)

Net current liabilities

 

(9,472)

(10,952)

Total assets less current liabilities

 

682,267

617,974

Creditors: Amounts falling due after more than one year

8

(250,268)

(234,390)

Provisions for liabilities

(17,214)

(17,567)

Net assets

 

414,785

366,017

Capital and reserves

 

Called up share capital

9

3

3

Revaluation reserve

193,357

193,905

Retained earnings

221,425

172,109

Shareholders' funds

 

414,785

366,017

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.

Directors' 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 directors acknowledge their 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 and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 February 2025 and signed on its behalf by:
 

.........................................
Suzanne Cripps
Company secretary and director

.........................................
Mr Jeremy Richard Hobkirk
Director

 
     
 

Falmouth Yacht Brokers Limited

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

1

General information

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

The address of its registered office is:
C/o Gw & Co. Limited Waterside Court
Falmouth Road
Penryn
Cornwall
TR10 8AW
United Kingdom

These financial statements were authorised for issue by the Board on 7 February 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.

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.

 

Falmouth Yacht Brokers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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

Long leasehold property

Over 120 years from October 2003

Plant, machinery & equipment

15-25% straight line

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line basis

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.

 

Falmouth Yacht Brokers Limited

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

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.

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.

 

Falmouth Yacht Brokers Limited

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

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 7).

 

Falmouth Yacht Brokers Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

228,150

228,150

At 31 July 2024

228,150

228,150

Amortisation

At 1 August 2023

228,150

228,150

At 31 July 2024

228,150

228,150

Carrying amount

At 31 July 2024

-

-

5

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

672,638

223,454

25,298

921,390

Additions

-

61,018

20,999

82,017

Disposals

-

(144,215)

(7,461)

(151,676)

At 31 July 2024

672,638

140,257

38,836

851,731

Depreciation

At 1 August 2023

65,665

206,039

20,759

292,463

Charge for the year

6,070

7,358

4,285

17,713

Eliminated on disposal

-

(143,746)

(6,438)

(150,184)

At 31 July 2024

71,735

69,651

18,606

159,992

Carrying amount

At 31 July 2024

600,903

70,606

20,230

691,739

At 31 July 2023

606,973

17,414

4,539

628,926

Included within the net book value of land and buildings above is £600,903 (2023 - £606,973) in respect of long leasehold land and buildings.
 

 

Falmouth Yacht Brokers Limited

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

6

Stocks

2024
£

2023
£

Raw materials and consumables

78,616

64,897

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

7,431

19,419

Amounts owed by related parties

12

-

13,430

Prepayments

 

2,009

6,772

Other debtors

 

16,201

-

   

25,641

39,621

 

Falmouth Yacht Brokers Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

43,614

21,160

Trade creditors

 

53,561

36,656

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

12,931

-

Taxation and social security

 

16,884

39,685

Accruals and deferred income

 

41,948

52,953

Other creditors

 

28,450

23,626

 

197,388

174,080

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

219,467

203,272

Deferred income

 

30,801

31,118

 

250,268

234,390

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

3

3

3

3

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

185,131

203,272

Hire purchase contracts

34,336

-

219,467

203,272

 

Falmouth Yacht Brokers Limited

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

Current loans and borrowings

2024
£

2023
£

Bank borrowings

21,160

21,160

Hire purchase contracts

22,454

-

43,614

21,160

11

Dividends

2024

2023

£

£

Interim dividend of £13,333.00 (2023 - £26,667.00) per ordinary share

40,000

80,000

 

 
 

Falmouth Yacht Brokers Limited

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

12

Related party transactions

Included in other debtors is an amount of £16,200 due from the directors, this amount was repaid within 9 months of the year end.

Parent Company

In July 2023 the shares in the company were transferred at valuation to FYB Marine Holdings Limited.

FYB Marine Holdings owns 100% of the share capital as at 31 July 2024.

During the year the holding company was paid a management fee of £15,000 and dividends amounting to £40,000.

As at 31 July 2024 the parent company is owed £12,931.