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REGISTERED NUMBER: 00985592 (England and Wales)












Falmouth Boat Construction Limited

Unaudited Financial Statements

for the Year Ended 31st May 2024






Falmouth Boat Construction Limited (Registered number: 00985592)






Contents of the Financial Statements
for the Year Ended 31st May 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Falmouth Boat Construction Limited

Company Information
for the Year Ended 31st May 2024







DIRECTOR: Mr J Fielding





SECRETARY: Mr J Fielding





REGISTERED OFFICE: 48 Arwenack Street
Falmouth
Cornwall
TR11 3JH





REGISTERED NUMBER: 00985592 (England and Wales)





ACCOUNTANTS: Hodgsons
Chartered Accountants
48 Arwenack Street
Falmouth
Cornwall
TR11 3JH

Falmouth Boat Construction Limited (Registered number: 00985592)

Statement of Financial Position
31st May 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 505 668
Tangible assets 5 225,797 246,759
Investments 6 1 1
226,303 247,428

CURRENT ASSETS
Stocks 42,400 28,700
Debtors 7 1,501,153 1,318,537
Cash at bank and in hand 201,780 823
1,745,333 1,348,060
CREDITORS
Amounts falling due within one year 8 (1,113,735 ) (1,064,682 )
NET CURRENT ASSETS 631,598 283,378
TOTAL ASSETS LESS CURRENT
LIABILITIES

857,901

530,806

CREDITORS
Amounts falling due after more than one
year

9

(368,650

)

(86,950

)

PROVISIONS FOR LIABILITIES (7,705 ) (8,938 )
NET ASSETS 481,546 434,918

CAPITAL AND RESERVES
Called up share capital 404,000 404,000
Retained earnings 77,546 30,918
SHAREHOLDERS' FUNDS 481,546 434,918

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

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

The director acknowledges his 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.

Falmouth Boat Construction Limited (Registered number: 00985592)

Statement of Financial Position - continued
31st May 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 director and authorised for issue on 12th June 2025 and were signed by:





Mr J Fielding - Director


Falmouth Boat Construction Limited (Registered number: 00985592)

Notes to the Financial Statements
for the Year Ended 31st May 2024

1. STATUTORY INFORMATION

Falmouth Boat Construction Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Preparation of consolidated financial statements
The financial statements contain information about Falmouth Boat Construction Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover represents net sales of goods and services, including the profit element of work-in-progress in accordance with UITF 40. Turnover is stated net of value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Rights and permissions are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - over the term of the lease
Demonstration boats - not provided
Pontoon development - Nil
Plant and machinery - 33% on cost, 25% on cost and 10% on cost
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on cost
Computer equipment - 25% on cost

The costs of developing the company's website have been treated as capital expenditure. Depreciation is provided in order to write off the asset over three years.

The costs incurred on the company's demonstration boats have been treated as capital expenditure. These assets are not currently in use as they are unfinished and therefore depreciation has not been provided on them.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

Falmouth Boat Construction Limited (Registered number: 00985592)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1st June 2023
and 31st May 2024 1,633
AMORTISATION
At 1st June 2023 965
Charge for year 163
At 31st May 2024 1,128
NET BOOK VALUE
At 31st May 2024 505
At 31st May 2023 668

Falmouth Boat Construction Limited (Registered number: 00985592)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024

5. TANGIBLE FIXED ASSETS
Short Demonstration Pontoon Plant and
leasehold boats development machinery
£    £    £    £   
COST
At 1st June 2023 621,773 34,939 31,644 560,602
Additions 6,834 - 11,000 15,839
Disposals - - - (440,926 )
At 31st May 2024 628,607 34,939 42,644 135,515
DEPRECIATION
At 1st June 2023 493,789 - - 528,522
Charge for year 24,256 - - 22,377
Eliminated on disposal - - - (440,926 )
At 31st May 2024 518,045 - - 109,973
NET BOOK VALUE
At 31st May 2024 110,562 34,939 42,644 25,542
At 31st May 2023 127,984 34,939 31,644 32,080

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st June 2023 35,023 46,366 27,899 1,358,246
Additions - - - 33,673
Disposals (14,973 ) - (25,257 ) (481,156 )
At 31st May 2024 20,050 46,366 2,642 910,763
DEPRECIATION
At 1st June 2023 30,315 31,659 27,202 1,111,487
Charge for year 940 6,300 515 54,388
Eliminated on disposal (14,726 ) - (25,257 ) (480,909 )
At 31st May 2024 16,529 37,959 2,460 684,966
NET BOOK VALUE
At 31st May 2024 3,521 8,407 182 225,797
At 31st May 2023 4,708 14,707 697 246,759

Falmouth Boat Construction Limited (Registered number: 00985592)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st June 2023 97,765 31,500 129,265
Additions 8,500 - 8,500
At 31st May 2024 106,265 31,500 137,765
DEPRECIATION
At 1st June 2023 89,954 16,794 106,748
Charge for year 7,727 6,300 14,027
At 31st May 2024 97,681 23,094 120,775
NET BOOK VALUE
At 31st May 2024 8,584 8,406 16,990
At 31st May 2023 7,811 14,706 22,517

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakin
£   
COST
At 1st June 2023
and 31st May 2024 1
NET BOOK VALUE
At 31st May 2024 1
At 31st May 2023 1

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 809,583 773,986
Amounts owed by group undertakings 394,480 281,843
Other debtors 297,090 262,708
1,501,153 1,318,537

Falmouth Boat Construction Limited (Registered number: 00985592)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 65,078 52,170
Hire purchase contracts (see note 10) 6,047 16,713
Trade creditors 301,295 294,498
Amounts owed to group undertakings 66,398 73,088
Taxation and social security 272,010 307,211
Other creditors 402,907 321,002
1,113,735 1,064,682

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 33,214 60,243
Hire purchase contracts (see note 10) 4,774 3,711
Other creditors 330,662 22,996
368,650 86,950

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 6,776 17,468
Between one and five years 5,231 3,787
12,007 21,255

Finance charges repayable:
Within one year 729 755
Between one and five years 457 76
1,186 831

Net obligations repayable:
Within one year 6,047 16,713
Between one and five years 4,774 3,711
10,821 20,424

Falmouth Boat Construction Limited (Registered number: 00985592)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024

10. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 1,697 12,463
Between one and five years 2,121 3,817
3,818 16,280

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loan 18,490 25,433
Other loan 275,000 -
293,490 25,433

The National Westminster Bank PLC bank loan includes a fixed and floating charge against the assets and undertaking of the company. The director has also given a personal guarantee for the amount borrowed.

The Nucleus Cash Flow FINANCE2 Limited loan includes a fixed and floating charge against the assets and undertaking of the company.

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st May 2024 and 31st May 2023:

2024 2023
£    £   
Mr J Fielding
Balance outstanding at start of year 151,636 263,773
Amounts advanced - 171,865
Amounts repaid (216 ) (284,002 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 151,420 151,636

Interest is charged on the overdrawn balances at the approved HMRC rates. (2024: £3,656, 2023: £4,739)