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Registration number: 01146463

Robertsons of Woodbridge (Boat Builders) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Robertsons of Woodbridge (Boat Builders) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Robertsons of Woodbridge (Boat Builders) Limited

Company Information

Directors

C F Eminson

S R Eminson

M S F Eminson

J F Eminson

Registered office

Lime Kiln Quay
Woodbridge
Suffolk
IP12 1BD

Accountants

Scrutton Bland Limited
Chartered Accountants59 Abbeygate Street
Bury St Edmunds
Suffolk
IP33 1LB

 

Robertsons of Woodbridge (Boat Builders) Limited

(Registration number: 01146463)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,078,670

1,069,956

Investment property

5

1,085,000

1,039,436

 

2,163,670

2,109,392

Current assets

 

Stocks

30,300

30,019

Debtors

6

47,992

54,680

Cash at bank and in hand

 

50,432

32,918

 

128,724

117,617

Creditors: Amounts falling due within one year

7

(131,345)

(2,067,193)

Net current liabilities

 

(2,621)

(1,949,576)

Total assets less current liabilities

 

2,161,049

159,816

Creditors: Amounts falling due after more than one year

7

(14,166)

(24,167)

Provisions for liabilities

-

(4,533)

Net assets

 

2,146,883

131,116

Capital and reserves

 

Called up share capital

8

2,105,000

70,000

Share premium reserve

39,800

39,800

Retained earnings

2,083

21,316

Shareholders' funds

 

2,146,883

131,116

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.

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 26 March 2025 and signed on its behalf by:
 

 

Robertsons of Woodbridge (Boat Builders) Limited

(Registration number: 01146463)
Balance Sheet as at 30 June 2024

.........................................
C F Eminson
Director

 

Robertsons of Woodbridge (Boat Builders) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
Lime Kiln Quay
Woodbridge
Suffolk
IP12 1BD
United Kingdom

These financial statements were authorised for issue by the Board on 26 March 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.

Going concern

The balance sheet shows net current liabilities of £2,621, however one of the directors has provided a loan of £16,421 at the year end and has indicated his willingness to continue to support the company. On this understanding the accounts have been prepared on a going concern basis.

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. Other operating income includes rental income received in respect of investment properties held by the company and recognised in the accounting period to which it relates.

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 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.

 

Robertsons of Woodbridge (Boat Builders) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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

During the year the company carried out a review of the residual value of fixed assets and adjusted the depreciation charges accordingly.
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

Land and buildings

20 - 125 years straight line

Plant and machinery

8 - 30 years straight line

Fixtures and fittings

15% straight line

Office equipment

15% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

 

Robertsons of Woodbridge (Boat Builders) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

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.

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 8 (2023 - 8).

 

Robertsons of Woodbridge (Boat Builders) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

946,370

21,458

442,135

1,409,963

Additions

3,272

8,570

28,292

40,134

Disposals

-

(8,451)

(31,780)

(40,231)

At 30 June 2024

949,642

21,577

438,647

1,409,866

Depreciation

At 1 July 2023

67,289

11,737

260,981

340,007

Charge for the year

8,759

2,080

18,411

29,250

Eliminated on disposal

-

(8,450)

(29,611)

(38,061)

At 30 June 2024

76,048

5,367

249,781

331,196

Carrying amount

At 30 June 2024

873,594

16,210

188,866

1,078,670

At 30 June 2023

879,081

9,721

181,154

1,069,956

Included within the net book value of land and buildings above is £873,593 (2023 - £879,081) in respect of freehold land and buildings.
 

 

Robertsons of Woodbridge (Boat Builders) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Investment properties

2024
£

At 1 July

1,039,436

Fair value adjustments

45,564

At 30 June

1,085,000

The directors have valued the property by considering current market prices adjusted for comparable real estate and if necessary for any difference in the nature, location or condition of the specific asset determined on an annual basis. Changes in fair value are recognised in profit or loss.

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2023
£

Trade debtors

32,533

34,441

Prepayments

13,588

13,548

Other debtors

1,871

6,691

 

47,992

54,680

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,000

10,000

Trade creditors

 

13,984

14,514

Taxation and social security

 

7,868

5,952

Accruals and deferred income

 

37,349

43,609

Other creditors

 

62,144

1,993,118

 

131,345

2,067,193

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

14,166

24,167

 

Robertsons of Woodbridge (Boat Builders) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2,105,000

2,105,000

70,000

70,000

       

During the year the company issued 2,035,000 ordinary £1 shares for a total consideration of £2,035,000.

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,166

24,167

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £35,700 (2023 - £37,800). Financial commitments consist of amounts payable for lease of property.

11

Related party transactions

Other transactions with directors

One of the directors had provided a loan to the business and during the year part of the loan, amounting to £2,035,000, was converted into 2,035,000 ordinary £1 shares in the company. At the year end the director had provided an interest free loan to the company which was repayable on demand amounting to £16,421 (2023 - £1,943,753).