Silverfin false 30/08/2021 30/08/2021 31/08/2020 Alan Buchan 07/04/2000 29 August 2022 The principal activity of the Company during the financial year was that of refurbishment and sale of equipment and other goods. 03947548 2021-08-30 03947548 bus:Director1 2021-08-30 03947548 core:CurrentFinancialInstruments 2021-08-30 03947548 core:CurrentFinancialInstruments 2020-08-30 03947548 2020-08-30 03947548 core:ShareCapital 2021-08-30 03947548 core:ShareCapital 2020-08-30 03947548 core:SharePremium 2021-08-30 03947548 core:SharePremium 2020-08-30 03947548 core:RetainedEarningsAccumulatedLosses 2021-08-30 03947548 core:RetainedEarningsAccumulatedLosses 2020-08-30 03947548 core:OtherPropertyPlantEquipment 2020-08-30 03947548 core:OtherPropertyPlantEquipment 2021-08-30 03947548 bus:OrdinaryShareClass1 2021-08-30 03947548 2020-08-31 2021-08-30 03947548 bus:FullAccounts 2020-08-31 2021-08-30 03947548 bus:SmallEntities 2020-08-31 2021-08-30 03947548 bus:AuditExemptWithAccountantsReport 2020-08-31 2021-08-30 03947548 bus:PrivateLimitedCompanyLtd 2020-08-31 2021-08-30 03947548 bus:Director1 2020-08-31 2021-08-30 03947548 core:OtherPropertyPlantEquipment core:BottomRangeValue 2020-08-31 2021-08-30 03947548 core:OtherPropertyPlantEquipment core:TopRangeValue 2020-08-31 2021-08-30 03947548 2019-08-31 2020-08-30 03947548 core:OtherPropertyPlantEquipment 2020-08-31 2021-08-30 03947548 bus:OrdinaryShareClass1 2020-08-31 2021-08-30 03947548 bus:OrdinaryShareClass1 2019-08-31 2020-08-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03947548 (England and Wales)

MARINE SHIELD LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 AUGUST 2021
PAGES FOR FILING WITH THE REGISTRAR

MARINE SHIELD LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 AUGUST 2021

Contents

MARINE SHIELD LIMITED

BALANCE SHEET

AS AT 30 AUGUST 2021
MARINE SHIELD LIMITED

BALANCE SHEET (continued)

AS AT 30 AUGUST 2021
Note 2021 2020
£ £
Current assets
Debtors 4 411 53,637
Cash at bank and in hand 86,090 76,539
86,501 130,176
Creditors
Amounts falling due within one year 5 ( 3,572) ( 18,627)
Net current assets 82,929 111,549
Total assets less current liabilities 82,929 111,549
Net assets 82,929 111,549
Capital and reserves
Called-up share capital 6 300,001 300,001
Share premium account 259,500 259,500
Profit and loss account ( 476,572 ) ( 447,952 )
Total shareholder's funds 82,929 111,549

For the financial year ending 30 August 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Marine Shield Limited (registered number: 03947548) were approved and authorised for issue by the Director on 29 August 2022. They were signed on its behalf by:

Alan Buchan
Director
MARINE SHIELD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 AUGUST 2021
MARINE SHIELD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 AUGUST 2021
1. Accounting policies

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

General information and basis of accounting

Marine Shield 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 Davies Wallis & Foyster, 5 Castle Street, Liverpool, L2 4XE, United Kingdom.

The financial statements have been prepared under the historical cost convention 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

These financial statements are prepared on the going concern basis. The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the director is aware of a material uncertainty which may cause doubt on the company's ability to continue as a going concern. No future turnover is expected and the director is considering options for the company.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Employee benefits

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

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

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 4 - 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.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible 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).

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.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Basic financial liabilities
Basic financial liabilities, including creditors are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2021 2020
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 31 August 2020 2,144 2,144
Disposals ( 2,144) ( 2,144)
At 30 August 2021 0 0
Accumulated depreciation
At 31 August 2020 2,144 2,144
Disposals ( 2,144) ( 2,144)
At 30 August 2021 0 0
Net book value
At 30 August 2021 0 0
At 30 August 2020 0 0

4. Debtors

2021 2020
£ £
Other debtors 411 53,637

5. Creditors: amounts falling due within one year

2021 2020
£ £
Other creditors 2,500 18,627
Other taxation and social security 1,072 0
3,572 18,627

6. Called-up share capital

2021 2020
£ £
Allotted, called-up and fully-paid
600,002 A ordinary shares of £ 0.50 each 300,001 300,001

7. Related party transactions

Other related party transactions

2021 2020
£ £
Other related parties 0 50,000

The loan is interest free and there are no fixed repayment terms.