Company registration number 04415830 (England and Wales)
WADEBRIDGE BOATYARD LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
WADEBRIDGE BOATYARD LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WADEBRIDGE BOATYARD LTD.
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
35,793
37,781
Tangible assets
4
143,068
117,077
178,861
154,858
Current assets
Stocks
20,000
25,500
Debtors
5
6,861
13,795
Cash at bank and in hand
177,561
42,159
204,422
81,454
Creditors: amounts falling due within one year
6
(142,260)
(87,823)
Net current assets/(liabilities)
62,162
(6,369)
Total assets less current liabilities
241,023
148,489
Provisions for liabilities
(20,360)
(10,893)
Net assets
220,663
137,596
Capital and reserves
Called up share capital
1
1
Revaluation reserve
7
99,769
99,769
Profit and loss reserves
120,893
37,826
Total equity
220,663
137,596
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 August 2025 and are signed on its behalf by:
Mr N Chapman
Mrs D Chapman
Director
Director
Company registration number 04415830 (England and Wales)
WADEBRIDGE BOATYARD LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information
Wadebridge Boatyard Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is 9 Tregarne Terrace, St Austell, Cornwall, PL25 4DD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings leasehold
5% per annum on the straight line method
Plant and machinery
15% per annum on the reducing balance method and 25% per annum on the straight line method
Computer equipment
33.33% per annum on the reducing balance method
Motor vehicles
25% per annum on the reducing balance method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
WADEBRIDGE BOATYARD LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
5
5
WADEBRIDGE BOATYARD LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
39,769
Amortisation and impairment
At 1 April 2024
1,988
Amortisation charged for the year
1,988
At 31 March 2025
3,976
Carrying amount
At 31 March 2025
35,793
At 31 March 2024
37,781
4
Tangible fixed assets
Land and buildings leasehold
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 April 2024
64,341
155,119
500
37,995
257,955
Additions
3,320
51,534
1,171
5,000
61,025
Disposals
(700)
(500)
(1,200)
At 31 March 2025
67,661
205,953
1,171
42,995
317,780
Depreciation and impairment
At 1 April 2024
4,594
126,448
303
9,533
140,878
Depreciation charged in the year
1,439
24,567
451
8,366
34,823
Eliminated in respect of disposals
(621)
(368)
(989)
At 31 March 2025
6,033
150,394
386
17,899
174,712
Carrying amount
At 31 March 2025
61,628
55,559
785
25,096
143,068
At 31 March 2024
59,747
28,671
197
28,462
117,077
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
2025
2024
£
£
Cost
60,000
60,000
Accumulated depreciation
(2,400)
(1,373)
WADEBRIDGE BOATYARD LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
4
Tangible fixed assets
(Continued)
- 5 -
Carrying value
57,600
58,627
Leasehold property was revalued when the directors acquired the company on the 1 April 2023.
5
Debtors: amounts falling due within one year
2025
2024
£
£
Trade debtors
5,545
12,888
Other debtors
1,316
907
6,861
13,795
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
16,001
27,480
Corporation tax
47,484
8,385
Other taxation and social security
36,223
8,882
Other creditors
42,552
43,076
142,260
87,823
7
Revaluation reserve
2025
2024
£
£
At the beginning of the year
99,769
Revaluation surplus arising in the year
99,769
At the end of the year
99,769
99,769
The revaluation reserve consists of Leasehold property and goodwill which was revalued when the directors acquired the company on the 1 April 2023.