Turnchapel Boatyard Limited

(Registration number: 02924374)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	701,386	702,836
Current assets
Stocks	5	13,009	29,971
Debtors	6	78,477	78,401
Cash at bank and in hand		995	2,984
		92,481	111,356
Creditors: Amounts falling due within one year	7	(586,850)	(599,248)
Net current liabilities		(494,369)	(487,892)
Net assets		207,017	214,944
Capital and reserves
Called up share capital	8	250,000	250,000
Retained earnings		(42,983)	(35,056)
Shareholders' funds		207,017	214,944

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Turnchapel Boatyard Limited

(Registration number: 02924374)
Balance Sheet as at 31 March 2025
(continued)

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 December 2025
 

......................................... Mr A H Collins Director

Turnchapel Boatyard Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA
England

The principal place of business is:
The Old Boatyard
Clovelly View
Turnchapel
Plymouth
PL9 9SY

These financial statements were authorised for issue by the director on 23 December 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).

Turnchapel Boatyard Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
(continued)

2	Accounting policies (continued)

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.

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.

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.

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

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
Freehold land	Nil
Freehold buildings	2% of cost per annum
Plant and machinery	15% of cost per annum
Fixtures and fittings	20% of cost per annum
Computer equipment	33% of cost per annum

Turnchapel Boatyard Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
(continued)

2	Accounting policies (continued)

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.

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 inventories 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.

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2024 - 2).

Turnchapel Boatyard Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
(continued)

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2024	699,675	23,645	723,320
At 31 March 2025	699,675	23,645	723,320
Depreciation
At 1 April 2024	-	20,484	20,484
Charge for the year	-	1,450	1,450
At 31 March 2025	-	21,934	21,934
Carrying amount
At 31 March 2025	699,675	1,711	701,386
At 31 March 2024	699,675	3,161	702,836

Included within the net book value of land and buildings above is £699,675 (2024 - £699,675) in respect of freehold land and buildings.
 

5

Stocks

	2025 £	2024 £
Other inventories	13,009	29,971

Turnchapel Boatyard Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025
(continued)

6

Debtors

	2025 £	2024 £
Prepayments	1,920	1,844
Other debtors	76,557	76,557
	78,477	78,401

7

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Trade creditors	2,290	-
Accruals and deferred income	1,496	1,425
Other creditors	583,064	597,823
	586,850	599,248

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary of £1 each	250,000	250,000	250,000	250,000