8
false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
No description of principal activity
2019-12-01
Sage Accounts Production Advanced 2020 - FRS102_2019
4,667
4,667
4,667
xbrli:pure
xbrli:shares
iso4217:GBP
01089833
2019-12-01
2020-11-30
01089833
2020-11-30
01089833
2019-11-30
01089833
2018-12-01
2019-11-30
01089833
2019-11-30
01089833
core:LandBuildings
core:OwnedOrFreeholdAssets
2019-12-01
2020-11-30
01089833
core:PlantMachinery
2019-12-01
2020-11-30
01089833
bus:Director2
2019-12-01
2020-11-30
01089833
core:LandBuildings
2019-11-30
01089833
core:PlantMachinery
2019-11-30
01089833
core:FurnitureFittings
2019-11-30
01089833
core:LandBuildings
2020-11-30
01089833
core:PlantMachinery
2020-11-30
01089833
core:FurnitureFittings
2020-11-30
01089833
core:LandBuildings
core:OwnedOrFreeholdAssets
2020-11-30
01089833
core:LandBuildings
core:OwnedOrFreeholdAssets
2019-11-30
01089833
core:WithinOneYear
2020-11-30
01089833
core:WithinOneYear
2019-11-30
01089833
core:ShareCapital
2020-11-30
01089833
core:ShareCapital
2019-11-30
01089833
core:RevaluationReserve
2020-11-30
01089833
core:RevaluationReserve
2019-11-30
01089833
core:RetainedEarningsAccumulatedLosses
2020-11-30
01089833
core:RetainedEarningsAccumulatedLosses
2019-11-30
01089833
core:BetweenOneFiveYears
2020-11-30
01089833
core:BetweenOneFiveYears
2019-11-30
01089833
core:MoreThanFiveYears
2020-11-30
01089833
core:MoreThanFiveYears
2019-11-30
01089833
core:LandBuildings
2019-12-01
2020-11-30
01089833
core:FurnitureFittings
2019-12-01
2020-11-30
01089833
core:CostValuation
core:Non-currentFinancialInstruments
2020-11-30
01089833
core:Non-currentFinancialInstruments
2020-11-30
01089833
core:Non-currentFinancialInstruments
2019-11-30
01089833
core:LandBuildings
2019-11-30
01089833
core:PlantMachinery
2019-11-30
01089833
core:FurnitureFittings
2019-11-30
01089833
bus:SmallEntities
2019-12-01
2020-11-30
01089833
bus:AuditExemptWithAccountantsReport
2019-12-01
2020-11-30
01089833
bus:FullAccounts
2019-12-01
2020-11-30
01089833
bus:SmallCompaniesRegimeForAccounts
2019-12-01
2020-11-30
01089833
bus:PrivateLimitedCompanyLtd
2019-12-01
2020-11-30
COMPANY REGISTRATION NUMBER:
01089833
Abersoch Boatyard Limited
|
|
Filleted Unaudited Financial Statements
|
|
Abersoch Boatyard Limited
|
|
Year ended 30 November 2020
Notes to the financial statements
|
3 to 8
|
|
|
Abersoch Boatyard Limited
|
|
30 November 2020
Fixed assets
Tangible assets
|
5
|
618,699
|
622,053
|
Fixed Asset Investments
|
6
|
4,667
|
4,667
|
|
---------
|
---------
|
|
623,366
|
626,720
|
|
|
|
|
Current assets
Stocks
|
153,642
|
154,352
|
Debtors
|
7
|
61,797
|
73,707
|
Cash at bank and in hand
|
762,590
|
680,403
|
|
---------
|
---------
|
|
978,029
|
908,462
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
161,838
|
125,038
|
|
---------
|
---------
|
Net current assets
|
816,191
|
783,424
|
|
------------
|
------------
|
Total assets less current liabilities
|
1,439,557
|
1,410,144
|
|
|
|
|
Provisions
Taxation including deferred tax
|
89,500
|
80,000
|
|
------------
|
------------
|
Net assets
|
1,350,057
|
1,330,144
|
|
------------
|
------------
|
|
|
|
Capital and reserves
Called up share capital
|
100
|
100
|
Revaluation reserve
|
509,303
|
521,147
|
Profit and loss account
|
840,654
|
808,897
|
|
------------
|
------------
|
Shareholders funds
|
1,350,057
|
1,330,144
|
|
------------
|
------------
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 November 2020 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 year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Abersoch Boatyard Limited
|
|
Balance Sheet (continued)
|
|
30 November 2020
These financial statements were approved by the
board of directors
and authorised for issue on
1 September 2021
, and are signed on behalf of the board by:
Company registration number:
01089833
Abersoch Boatyard Limited
|
|
Notes to the Financial Statements
|
|
Year ended 30 November 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales, registration number
01089833
. The address of the registered office is The Saltings, Abersoch, Gwynedd, North Wales, LL53 7AR.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT) of goods and services provided in the normal course of business. Revenue is recognised when goods are despatched, which is the same day on which goods are delivered and hence the point at which the risks and rewards of ownership pass to the buyer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Land and Buildings
|
-
|
2% straight line
|
|
Plant and Machinery
|
-
|
15% reducing balance
|
|
Fixtures and Fittings
|
-
|
20% on reducing balance, computer equipment 25% straight line
|
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, and other costs incurred in bringing the stock to its present location and condition. Estimated selling price is the estimated proceeds from the sale of stock items, less all future costs to completion, costs to be incurred in marketing, selling and distributing.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal values. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
8
(2019:
10
).
5.
Tangible assets
|
Land and buildings
|
Plant and machinery
|
Fixtures and fittings
|
Total
|
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
At 1 December 2019 and 30 November 2020
|
632,000
|
883
|
41,735
|
674,618
|
|
---------
|
----
|
--------
|
---------
|
Depreciation
|
|
|
|
|
At 1 December 2019
|
11,628
|
490
|
40,447
|
52,565
|
Charge for the year
|
2,907
|
59
|
388
|
3,354
|
|
---------
|
----
|
--------
|
---------
|
At 30 November 2020
|
14,535
|
549
|
40,835
|
55,919
|
|
---------
|
----
|
--------
|
---------
|
Carrying amount
|
|
|
|
|
At 30 November 2020
|
617,465
|
334
|
900
|
618,699
|
|
---------
|
----
|
--------
|
---------
|
At 30 November 2019
|
620,372
|
393
|
1,288
|
622,053
|
|
---------
|
----
|
--------
|
---------
|
|
|
|
|
|
Tangible assets held at valuation
The freehold property was valued on 17 February 2010 by Beresford Adams Countrywide, Chartered Surveyors, on an open market basis.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
|
Freehold property
|
|
£
|
At 30 November 2020
|
|
Aggregate cost
|
61,824
|
Aggregate depreciation
|
(43,255)
|
|
--------
|
Carrying value
|
18,569
|
|
--------
|
|
|
At 30 November 2019
|
|
Aggregate cost
|
61,824
|
Aggregate depreciation
|
(42,692)
|
|
--------
|
Carrying value
|
19,132
|
|
--------
|
|
|
6.
Fixed asset investments
|
Other investments other than loans
|
|
£
|
Cost
|
|
At 1 December 2019 and 30 November 2020
|
4,667
|
|
-------
|
Impairment
|
|
At 1 December 2019 and 30 November 2020
|
–
|
|
-------
|
|
|
Carrying amount
|
|
At 30 November 2020
|
4,667
|
|
-------
|
At 30 November 2019
|
4,667
|
|
-------
|
|
|
7.
Debtors
|
2020
|
2019
|
|
£
|
£
|
Trade debtors
|
3,323
|
2,555
|
Other debtors
|
58,474
|
71,152
|
|
--------
|
--------
|
|
61,797
|
73,707
|
|
--------
|
--------
|
|
|
|
8.
Creditors:
amounts falling due within one year
|
2020
|
2019
|
|
£
|
£
|
Trade creditors
|
17,996
|
4,072
|
Corporation tax
|
21,000
|
6,500
|
Social security and other taxes
|
21,789
|
23,782
|
Other creditors
|
101,053
|
90,684
|
|
---------
|
---------
|
|
161,838
|
125,038
|
|
---------
|
---------
|
|
|
|
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2020
|
2019
|
|
£
|
£
|
Not later than 1 year
|
14,859
|
14,859
|
Later than 1 year and not later than 5 years
|
58,899
|
59,258
|
Later than 5 years
|
114,792
|
129,292
|
|
---------
|
---------
|
|
188,550
|
203,409
|
|
---------
|
---------
|
|
|
|
10.
Directors' advances, credits and guarantees
During the year one of the directors has maintained a current account with the company. The total balance on this account at the start of the year was £68,652 (2019 - £61,195). The total balance at the end of the year was £58,474 (2019 - £68,652). The maximum amount outstanding during the year was £68,652 (2019 - £68,652). Total advances to the director were £250 (2019 - £11,587). Total repayments by the director in the year were £10,428 (2019 - £4,130). The advances were on an interest free basis.