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REGISTERED NUMBER: 07202560 (England and Wales)








Unaudited Financial Statements

For The Year Ended 31 March 2024

for

Buoyant Works Ltd

Buoyant Works Ltd (Registered number: 07202560)






Contents of the Financial Statements
For The Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Buoyant Works Ltd

Company Information
For The Year Ended 31 March 2024







DIRECTORS: Ms C L Mollet
A P Wickham





REGISTERED OFFICE: Woodside Stables
Callington Road
Carkeel
Saltash
Cornwall
PL12 6PH





REGISTERED NUMBER: 07202560 (England and Wales)





ACCOUNTANTS: TC Bromhead Limited
Harscombe House
1 Darklake View
Plymouth
Devon
PL6 7TL

Buoyant Works Ltd (Registered number: 07202560)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,086 5,449
Tangible assets 5 563,422 181,456
567,508 186,905

CURRENT ASSETS
Stocks 62,456 136,861
Debtors 6 735,364 361,964
Cash at bank 454,060 137,163
1,251,880 635,988
CREDITORS
Amounts falling due within one year 7 631,270 341,007
NET CURRENT ASSETS 620,610 294,981
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,188,118

481,886

CREDITORS
Amounts falling due after more than one
year

8

(157,772

)

(36,627

)

PROVISIONS FOR LIABILITIES (92,852 ) (41,968 )
NET ASSETS 937,494 403,291

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 937,492 403,289
937,494 403,291

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Buoyant Works Ltd (Registered number: 07202560)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2025 and were signed on its behalf by:




Ms C L Mollet - Director



A P Wickham - Director


Buoyant Works Ltd (Registered number: 07202560)

Notes to the Financial Statements
For The Year Ended 31 March 2024

1. STATUTORY INFORMATION

Buoyant Works Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Patents are being amortised on a 25% reducing balance basis. Software licences are being amortised over 5 years on cost.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% reducing balance and 25% on cost
Buildings - 2% straight line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Work in progress
Work in progress is valued at the lower of cost and net realisable. Work in progress consists of materials and labour.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 10 ) .

Buoyant Works Ltd (Registered number: 07202560)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 April 2023
and 31 March 2024 11,827
AMORTISATION
At 1 April 2023 6,378
Charge for year 1,363
At 31 March 2024 7,741
NET BOOK VALUE
At 31 March 2024 4,086
At 31 March 2023 5,449

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 427,003
Additions 457,354
At 31 March 2024 884,357
DEPRECIATION
At 1 April 2023 245,547
Charge for year 75,388
At 31 March 2024 320,935
NET BOOK VALUE
At 31 March 2024 563,422
At 31 March 2023 181,456

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 456,837 270,307
Other debtors 278,527 91,657
735,364 361,964

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 5,556 5,556
Hire purchase contracts (see note 9) 36,160 4,290
Trade creditors 404,403 157,264
Taxation and social security 86,207 6,721
Other creditors 98,944 167,176
631,270 341,007

Buoyant Works Ltd (Registered number: 07202560)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans 28,704 34,259
Hire purchase contracts (see note 9) 129,068 2,368
157,772 36,627

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 36,160 4,290
Between one and five years 129,068 2,368
165,228 6,658

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 12,945 8,023
Between one and five years 4,553 2,963
17,498 10,986

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
A P Wickham and Ms C L Mollet
Balance outstanding at start of year 30,057 -
Amounts advanced 309,618 73,793
Amounts repaid (221,378 ) (43,736 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 118,297 30,057

Interest is charged on the overdrawn directors loan account at 2.25%. The loan is repayable on demand.

11. RELATED PARTY DISCLOSURES

There is a loan between Buoyant Works Ltd and Sue Mollet. At the year end £71,260 was owed from Buoyant Works Ltd (2023: £109,374). No interest is charged on this loan.