Company No: 11075955 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	32,854		43,805
Investments	4	50		50
		32,904		43,855
Current assets
Stocks	5	921,859		916,323
Debtors	6	119,962		273,215
Cash at bank and in hand		6,515		933
		1,048,336		1,190,471
Creditors: amounts falling due within one year	7	( 916,191)		( 1,001,946)
Net current assets		132,145		188,525
Total assets less current liabilities		165,049		232,380
Creditors: amounts falling due after more than one year	8	( 45,055)		( 57,015)
Net assets		119,994		175,365
Capital and reserves
Called-up share capital	9	100		100
Profit and loss account		119,894		175,265
Total shareholders' funds		119,994		175,365

For the financial year ending 30 November 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 financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Tidal Reach Construction Limited (registered number: 11075955) were approved and authorised for issue by the Board of Directors on 17 November 2025. They were signed on its behalf by:

Mr J J Fabby Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Tidal Reach Construction Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents proceeds from the sale of development property and is stated net of VAT and is recognised on completion of the underlying sale contract.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

The company holds the following financial statements:

1. Short term trade and other debtors and creditors;
2. Bank loans; and
3. Cash and bank balances.

All financial instruments are classified as basic.

Recognition and Measurement

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 December 2023	66,750		66,750
At 30 November 2024	66,750		66,750
Accumulated depreciation
At 01 December 2023	22,945		22,945
Charge for the financial year	10,951		10,951
At 30 November 2024	33,896		33,896
Net book value
At 30 November 2024	32,854		32,854
At 30 November 2023	43,805		43,805

4. Fixed asset investments

	Investments in associates		Total
	£		£
Cost or valuation before impairment
At 01 December 2023	50		50
At 30 November 2024	50		50
Carrying value at 30 November 2024	50		50
Carrying value at 30 November 2023	50		50

Investments in shares

Name of entity	Registered office	Principal activity	Class of shares	Ownership 30.11.2024	Ownership 30.11.2023
Project Developments South West Limited	Whyfield Truro Business Park, Threemilestone, Truro, Cornwall, TR4 9LF	Property Development	Ordinary	50.00%	50.00%

5. Stocks

	2024		2023
	£		£
Work in progress	921,859		916,323

6. Debtors

	2024		2023
	£		£
Trade debtors	1,440		357
Deferred tax asset	41,629		24,521
Corporation tax	4,700		4,701
Other debtors	72,193		243,636
	119,962		273,215

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	3,333		3,333
Trade creditors	4,924		3,432
Amounts owed to directors	2,634		1,093
Other loans (secured)	641,262		766,461
Accruals	248,031		212,500
Obligations under finance leases and hire purchase contracts (secured)	13,370		13,370
Other creditors	2,637		1,757
	916,191		1,001,946

Hire purchase liabilities are secured on the assets to which they relate. Other loans include amounts totalling £227,506 that are secured (2023 £274,705).

8. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	25,000		25,000
Obligations under finance leases and hire purchase contracts (secured)	20,055		32,015
	45,055		57,015

Hire purchase liabilities are secured on the assets to which they relate.

9. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
50 Ordinary A shares of £ 1.00 each	50		50
50 Ordinary B shares of £ 1.00 each	50		50
	100		100

10. Related party transactions

Transactions with owners holding a participating interest in the entity

	2024		2023
	£		£
Guberno Limited	(155,505)		(194,705)
C B Morris	(411,755)		(491,755)
Guberno Capital Limited	(2,000)		0

Included in creditors due within one year is a loan of £155,505 (2023 - £194,705) from Guberno Ltd, a company under the control of Mr J J Fabby. This loan is secured and interest is accruing at 6% pa. Included in creditors due within one year are loans totalling £411,755 (2023 - £491,755) from Mr C B Morris. These loans are unsecured and interest is accruing at 6% pa.
Included in creditors due within one year is a loan of £2,000 (2023 - £nil) from Guberno Capital Limited, a company under the control of Mr J J Fabby. This loan is not secured.

Transactions with entities in which the entity itself has a participating interest

	2024		2023
	£		£
Project Developments South West Limited	64,533		236,175

Included in debtors is a loan of £64,533 (2023 £236,175) advance to the associated company. The loan is interest free and unsecured.

Transactions with the entity's directors

	2024		2023
	£		£
J J Fabby	(2,634)		(1,093)

The company owed Mr J J Fabby £2,634 (2023 - £1,093) on a director loan account at the year end.