Shipfowey Limited Filleted Accounts Cover
Shipfowey Limited
Company No. 14689713
Information for Filing with The Registrar
29 February 2024
Shipfowey Limited Balance Sheet Registrar
at
29 February 2024
Company No.
14689713
Notes
2024
£
Fixed assets
Tangible assets
4
4,545
4,545
Current assets
Stocks
5
6,000
Debtors
6
96,873
Cash at bank and in hand
3,347
106,220
Creditors: Amount falling due within one year
7
(145,575)
Net current liabilities
(39,355)
Total assets less current liabilities
(34,810)
Provisions for liabilities
Deferred taxation
(638)
Net liabilities
(35,448)
Capital and reserves
Called up share capital
1
Profit and loss account
9
(35,449)
Total equity
(35,448)
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the period ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 25 February 2025 and signed on its behalf by:
J.P. Gitsham
Director
25 February 2025
Shipfowey Limited Notes to the Accounts Registrar
for the period ended 29 February 2024
1
General information
Shipfowey Limited is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 14689713
Its registered office is:
3 Trafalgar Square
Fowey
PL23 1AZ
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of bar, food and accommodation sales net of discounts and value added taxes, and is recognised at the time of sale.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Furniture, fittings and equipment
15-33% Straight line
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock is recognised as an
expense in the period in which the related revenue is recognised.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Defined contribution pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
3
Employees
2024
Number
The average monthly number of employees (including directors) during the period:
27
4
Tangible fixed assets
Fixtures, fittings and equipment
Total
£
£
Cost or revaluation
Additions
5,0905,090
At 29 February 2024
5,0905,090
Depreciation
Charge for the year
545545
At 29 February 2024
545545
Net book values
At 29 February 2024
4,5454,545
5
Stocks
2024
£
Finished goods
6,000
6,000
6
Debtors
2024
£
Corporation tax recoverable
14,010
Loans to directors
41,512
Other debtors
41,351
96,873
7
Creditors:
amounts falling due within one year
2024
£
Trade creditors
53,317
Taxes and social security
81,189
Other creditors
345
Accruals and deferred income
10,724
145,575
8
Share Capital
1 ordinary share fully paid up
9
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
10
Advances and credits to directors
2024
£
Advanced in the period
41,512
At 29 February 2024
41,512
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