Tidal Reach Construction Limited - Period Ending 2020-11-30

Tidal Reach Construction Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

Tidal Reach Construction Limited

Company Information

Directors

Mr J J Fabby Mr C B Morris

Registered office

Lowin House Tregolls Road Truro Cornwall TR1 2NA

Accountants

Francis Clark LLP Chartered Accountants Lowin House Tregolls Road Truro Cornwall TR1 2NA

Tidal Reach Construction Limited

Balance Sheet

30 November 2020

	Note	2020 £	2019 £
Current assets
Stocks	4	1,455,455	-
Debtors	5	54,488	-
Cash at bank and in hand		188,028	1
		1,697,971	1
Creditors: Amounts falling due within one year	6	(1,669,389)	-
Total assets less current liabilities		28,582	1
Creditors: Amounts falling due after more than one year	6	(45,000)	-
Net (liabilities)/assets		(16,418)	1
Capital and reserves
Called up share capital	8	100	1
Profit and loss account		(16,518)	-
Shareholders' (deficit)/funds		(16,418)	1

Tidal Reach Construction Limited

Balance Sheet

30 November 2020

For the financial 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 November 2021 and signed on its behalf by:
 

......................................... Mr J J Fabby Director

Company Registration Number: 11075955

Tidal Reach Construction Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2020

1	General information

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

The address of its registered office is:
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

These financial statements were authorised for issue by the Board on 29 November 2021.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The company is in the start up phase of operations. In thr opinion of the directors, adequate funding is in place to allow completion of the development and for the payment of all liabilities as they fall due. The financial statements have therefore been prepared on a going concern basis.

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 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.

Tidal Reach Construction Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2020

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• 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.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 1).

4

Stocks

	2020 £	2019 £
Work in progress	1,455,455	-

5

Debtors

	2020 £	2019 £
Prepayments	10,286	-
Other debtors	44,202	-
	54,488	-

Tidal Reach Construction Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2020

6

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Loans and borrowings	7	1,559,342	-
Trade creditors		26,007	-
Taxation and social security		2,034	-
Accruals and deferred income		59,683	-
Other creditors		22,323	-
		1,669,389	-

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	7	45,000	-

7	Loans and borrowings

	2020 £	2019 £
Loans and borrowings due after one year
Bank borrowings	45,000	-

	2020 £	2019 £
Current loans and borrowings
Bank borrowings	596,307	-
Other borrowings	963,035	-
	1,559,342	-

Bank borrowings

Included in bank borrowings due in less than one year are amounts totalling £591,307 that are secured (2019 - £nil).

Tidal Reach Construction Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2020

Other borrowings

Included in other borrowings due in less than one year are amounts totalling £325,584 that are secured (2019 - £nil).

8	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	100	100	1	1

9	Related party transactions

Summary of transactions with other related parties

The directors
 Included in creditors due within one year is a loan of £325,584 from Guberno Ltd, a company under the control of Mr J J Fabby. This loan is secured and interest is charged at 6% pa. In addition the company owed Mr J J Fabby £20,568 on a director loan account at the year end.

Included in creditors due within one year are loans totalling £637,541 from Mr C B Morris. These loans are unsecured and interest is charged at 6% pa.