Company registration number 04516550 (England and Wales)
FALMOUTH BOATYARD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
PAGES FOR FILING WITH REGISTRAR
FALMOUTH BOATYARD LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
FALMOUTH BOATYARD LIMITED
BALANCE SHEET
AS AT
31 MAY 2025
31 May 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,083
2,958
Tangible assets
4
68,710
89,811
70,793
92,769
Current assets
Debtors
5
87,068
69,644
Cash at bank and in hand
145,100
76,773
232,168
146,417
Creditors: amounts falling due within one year
6
(270,178)
(189,268)
Net current liabilities
(38,010)
(42,851)
Net assets
32,783
49,918
Capital and reserves
Called up share capital
100
100
Retained earnings
32,683
49,818
Total equity
32,783
49,918

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 May 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.

T he 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 6 January 2026 and are signed on its behalf by:
N J Offord
Director
Company Registration No. 04516550
FALMOUTH BOATYARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 2 -
1
Accounting policies
Company information

Falmouth Boatyard Limited is a private company limited by shares incorporated in England and Wales. The registered office is Maritime Buildings, Falmouth Road, Falmouth, Cornwall, United Kingdom, TR10 8AD.

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 a mounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Notwithstanding the net current liabilities of £38,010 (2024: £42,851), a true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Specifically shareholder loans are not required to be repaid until the company has sufficient available funds. T hus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the period.

Turnover from the provision of services is recognised as the services are performed.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Software
- 25% on cost
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and equipment
- 10%, 20% and 50% on cost
Fixtures and fittings
- 25% on cost

Assets in the course of construction are not depreciated.

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.

FALMOUTH BOATYARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 3 -
1.6
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

FALMOUTH BOATYARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

FALMOUTH BOATYARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
4
3
3
Intangible fixed assets
Software
£
Cost
At 1 June 2024 and 31 May 2025
3,500
Amortisation and impairment
At 1 June 2024
542
Amortisation charged for the year
875
At 31 May 2025
1,417
Carrying amount
At 31 May 2025
2,083
At 31 May 2024
2,958
FALMOUTH BOATYARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 6 -
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 June 2024
450,774
6,092
456,866
Additions
1,012
2,699
3,711
At 31 May 2025
451,786
8,791
460,577
Depreciation and impairment
At 1 June 2024
365,355
1,700
367,055
Depreciation charged in the year
23,270
1,542
24,812
At 31 May 2025
388,625
3,242
391,867
Carrying amount
At 31 May 2025
63,161
5,549
68,710
At 31 May 2024
85,419
4,392
89,811
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
49,821
52,497
Other debtors
37,247
17,147
87,068
69,644
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
56,481
52,172
Taxation and social security
23,879
2,353
Other creditors
189,818
134,743
270,178
189,268
7
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Name of related party
Nature of relationship
Castlematter Ltd
50% shareholder and director
Falmouth Maritime Ltd
50% shareholder
Rustler Yachts Ltd
Associated company
FALMOUTH BOATYARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
7
Related party transactions
(Continued)
- 7 -
Description of
Income
Payments
transaction
2025
2024
2025
2024
£
£
£
£
Castlematter Ltd
Management fees and wages recharges
3,239
-
0
50,427
65,500
Falmouth Maritime Ltd
Management fees
-
0
-
0
69,272
64,369
Rustler Yachts Ltd
Rent, management fees and wages recharges
16,875
2,827
76,347
118,676
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2025
2024
2025
2024
£
£
£
£
Castlematter Ltd
-
0
-
0
84,084
50,384
Falmouth Maritime Ltd
-
0
-
0
82,757
49,152
Rustler Yachts Ltd
642
3,376
-
0
-
0

During the prior year Castlematter Ltd advanced a loan of £50,000 to the company. During the year Castlematter Ltd advanced an additional loan of £30,000 to the company. At the balance sheet date £84,084 (2024: £54,084), including £4,084 (2024: £384) of interest, was owed to Castlematter Ltd as shown within Creditors due within one year. Interest is payable at 5% per annum and the loan is payable on demand.

During the prior year Falmouth Maritime Ltd advanced a loan of £50,000 to the company. During the year Falmouth Maritime Ltd advanced an additional loan of £30,000 to the company. At the balance sheet date £83,989 (2024: £50,384), including £3,989 (2024: £384) of accrued interest, was owed to Falmouth Maritime Ltd as shown within Creditors due within one year. Interest is payable at 5% per annum and the loan is payable on demand.

All other balances are interest free and at call.

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