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REGISTERED NUMBER: 06454516 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

THE WOLF ROCK BOAT COMPANY LIMITED

THE WOLF ROCK BOAT COMPANY LIMITED (REGISTERED NUMBER: 06454516)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE WOLF ROCK BOAT COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Mr P McCarthy
Mrs S McCarthy



REGISTERED OFFICE: Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



REGISTERED NUMBER: 06454516 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: NatWest Bank Plc
12-16 Old Town Street
Plymouth
Devon
PL1 1DG

THE WOLF ROCK BOAT COMPANY LIMITED (REGISTERED NUMBER: 06454516)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 637,053 649,283

CURRENT ASSETS
Stocks 5 1,162,070 1,590,484
Debtors 6 925,050 982,573
Cash at bank 113,551 -
2,200,671 2,573,057
CREDITORS
Amounts falling due within one year 7 1,172,564 1,011,123
NET CURRENT ASSETS 1,028,107 1,561,934
TOTAL ASSETS LESS CURRENT LIABILITIES 1,665,160 2,211,217

CREDITORS
Amounts falling due after more than one
year

8

(509,866

)

(1,183,850

)

PROVISIONS FOR LIABILITIES (42,576 ) (32,196 )
NET ASSETS 1,112,718 995,171

CAPITAL AND RESERVES
Called up share capital 1,050 1,050
Retained earnings 1,111,668 994,121
SHAREHOLDERS' FUNDS 1,112,718 995,171

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

THE WOLF ROCK BOAT COMPANY LIMITED (REGISTERED NUMBER: 06454516)

BALANCE SHEET - continued
31 DECEMBER 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 July 2025 and were signed on its behalf by:




Mr P McCarthy - Director



Mrs S McCarthy - Director


THE WOLF ROCK BOAT COMPANY LIMITED (REGISTERED NUMBER: 06454516)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

The Wolf Rock Boat Company 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.

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.

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 - 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

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 Statement of Income and Retained Earnings, 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.

THE WOLF ROCK BOAT COMPANY LIMITED (REGISTERED NUMBER: 06454516)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 19 ) .

4. TANGIBLE FIXED ASSETS
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 January 2024 405,953 37,425 141,970
Additions 12,253 - 26,235
Disposals - - -
At 31 December 2024 418,206 37,425 168,205
DEPRECIATION
At 1 January 2024 - 21,113 68,399
Charge for year - 1,813 19,961
Eliminated on disposal - - -
At 31 December 2024 - 22,926 88,360
NET BOOK VALUE
At 31 December 2024 418,206 14,499 79,845
At 31 December 2023 405,953 16,312 73,571

THE WOLF ROCK BOAT COMPANY LIMITED (REGISTERED NUMBER: 06454516)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2024 69,446 204,303 61,840 920,937
Additions - 81,643 935 121,066
Disposals - (97,318 ) - (97,318 )
At 31 December 2024 69,446 188,628 62,775 944,685
DEPRECIATION
At 1 January 2024 29,843 97,390 54,909 271,654
Charge for year 5,940 29,204 4,637 61,555
Eliminated on disposal - (25,577 ) - (25,577 )
At 31 December 2024 35,783 101,017 59,546 307,632
NET BOOK VALUE
At 31 December 2024 33,663 87,611 3,229 637,053
At 31 December 2023 39,603 106,913 6,931 649,283

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2024 90,818
Additions 45,393
Disposals (90,818 )
At 31 December 2024 45,393
DEPRECIATION
At 1 January 2024 22,704
Charge for year 11,348
Eliminated on disposal (22,704 )
At 31 December 2024 11,348
NET BOOK VALUE
At 31 December 2024 34,045
At 31 December 2023 68,114

5. STOCKS
2024 2023
£    £   
Stocks 1,162,070 1,590,484

THE WOLF ROCK BOAT COMPANY LIMITED (REGISTERED NUMBER: 06454516)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 393,268 256,415
Amounts owed by associates 464,346 499,708
Other debtors 35,000 35,000
Directors' current accounts - 2
Prepayments 32,436 191,448
925,050 982,573

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 63,127 72,057
Hire purchase contracts 7,900 15,554
Trade creditors 697,562 703,701
Tax 53,897 79,915
Social security and other taxes 18,884 17,163
VAT 148,347 65,135
Other creditors 170,834 50,291
Directors' current accounts - 1
Accrued expenses 12,013 7,306
1,172,564 1,011,123

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 2-5 years 73,342 207,993
Bank loans more 5 yr by instal 160,069 77,363
Other loans - 2-5 years 247,045 833,010
Hire purchase contracts 29,410 65,484
509,866 1,183,850

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 160,069 77,363

THE WOLF ROCK BOAT COMPANY LIMITED (REGISTERED NUMBER: 06454516)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 3,392
Bank loans 296,538 354,021
Hire purchase contracts 37,310 81,038
333,848 438,451

The directors Mr P and Mrs S McCarthy have given a personal guarantee in respect of the company's overdraft facility of £80,000 and credit card facility of £35,000.

The directors Mr P McCarthy and Mrs S McCarthy have also given a personal guarantee to their supplier GE for £80,000.

10. OTHER FINANCIAL COMMITMENTS

At 31 December 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £22,187 (last year £18,400).

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2024 2023
£    £   
Mr P McCarthy
Balance outstanding at start of year - (644 )
Amounts advanced - 44,410
Amounts repaid - (43,766 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Mrs S McCarthy
Balance outstanding at start of year - (644 )
Amounts advanced - 39,584
Amounts repaid - (38,940 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The loan is interest free and repayable on demand.

THE WOLF ROCK BOAT COMPANY LIMITED (REGISTERED NUMBER: 06454516)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


12. RELATED PARTY DISCLOSURES

During the period the company was repaid £35,675 by The Wolf Rock Holding Company Ltd, a company which Mr and Mrs McCarthy are also Directors. At the year end the balance outstanding was £463,656 (2023: £496,524). The loan is unsecured, interest free and repayable on demand.

The company is 100% owned by it;s parent company The Wolf Rock Holding Company Ltd. The registered office of this company is Vantage Point House, Decoy Industrial Estate, Silverhills Road, Newton Abbot, Devon, TQ12 5ND.