Company No: 13144189 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	31.03.2023		31.03.2022
		£		£
Fixed assets
Intangible assets	3	172,610		194,377
Tangible assets	4	1,064,934		1,109,596
		1,237,544		1,303,973
Current assets
Stocks		5,000		5,000
Debtors	5	31,575		56,804
Cash at bank and in hand		40,037		46,102
		76,612		107,906
Creditors: amounts falling due within one year	6	( 1,448,738)		( 1,464,475)
Net current liabilities		(1,372,126)		(1,356,569)
Total assets less current liabilities		(134,582)		(52,596)
Net liabilities		( 134,582)		( 52,596)
Capital and reserves
Called-up share capital	7	100		100
Profit and loss account		( 134,682 )		( 52,696 )
Total shareholders' deficit		( 134,582)		( 52,596)

For the financial period ending 31 March 2023 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 period 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 Weir Quay Boatyard Limited (registered number: 13144189) were approved and authorised for issue by the Director on 31 July 2023. They were signed on its behalf by:

Miss Georgina Acland Director

1. Accounting policies

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

General information and basis of accounting

Weir Quay Boatyard 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 The Manor, Notgrove, Cheltenham, GL54 3BT, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £134,595. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery	5 years straight line
Vehicles	5 years straight line
Computer equipment	5 years straight line

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.

Land is not depreciated.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	Year ended 31.03.2023		Period from 19.01.2021 to 31.03.2022
	Number		Number
Monthly average number of persons employed by the Company during the period, including directors	6		5

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2022	217,669		217,669
At 31 March 2023	217,669		217,669
Accumulated amortisation
At 01 April 2022	23,292		23,292
Charge for the financial period	21,767		21,767
At 31 March 2023	45,059		45,059
Net book value
At 31 March 2023	172,610		172,610
At 31 March 2022	194,377		194,377

4. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Computer equipment		Total
	£		£		£		£		£
Cost
At 01 April 2022	970,577		149,014		29,218		760		1,149,569
Additions	0		1,846		0		0		1,846
At 31 March 2023	970,577		150,860		29,218		760		1,151,415
Accumulated depreciation
At 01 April 2022	11,366		24,134		4,334		139		39,973
Charge for the financial period	10,543		29,969		5,844		152		46,508
At 31 March 2023	21,909		54,103		10,178		291		86,481
Net book value
At 31 March 2023	948,668		96,757		19,040		469		1,064,934
At 31 March 2022	959,211		124,880		24,884		621		1,109,596

5. Debtors

	31.03.2023		31.03.2022
	£		£
Trade debtors	19,485		48,075
Prepayments	12,090		7,862
VAT recoverable	0		867
	31,575		56,804

6. Creditors: amounts falling due within one year

	31.03.2023		31.03.2022
	£		£
Trade creditors	9,366		18,110
Amounts owed to directors	1,397,218		1,398,933
Accruals and deferred income	31,137		43,282
Other taxation and social security	8,217		3,302
Other creditors	2,800		848
	1,448,738		1,464,475

7. Called-up share capital

	31.03.2023		31.03.2022
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	31.03.2023		31.03.2022
	£		£
within one year	23,764		23,764
between one and five years	95,056		95,056
after five years	207,768		231,532
	326,588		350,352

9. Related party transactions

Transactions with the entity's directors

At the year end the company owed the directors £1,397,218 (2022:£1,398,932).