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COMPANY REGISTRATION NUMBER: 07489682
B Marshall Marine Limited
Filleted Unaudited Financial Statements
31 January 2022
B Marshall Marine Limited
Financial Statements
Year ended 31 January 2022
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
B Marshall Marine Limited
Officers and Professional Advisers
The board of directors
Mr B Marshall
Mr B Marshall
Mr A Curtis
Mr C Jakeman
Registered office
Graving Dock
Dockside Road
Middlesbrough
Cleveland
TS3 8AT
Accountants
Aspire Accounting
Chartered Certified Accountants
27B Harmire Enterprise Park
Barnard Castle
County Durham
DL12 8BN
Bankers
National Westminster
106 Linthorpe Road
Middlesbrough
Cleveland
TS1 2JX
B Marshall Marine Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of B Marshall Marine Limited
Year ended 31 January 2022
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 January 2022, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Aspire Accounting Chartered Certified Accountants
27B Harmire Enterprise Park Barnard Castle County Durham DL12 8BN
10 May 2022
B Marshall Marine Limited
Statement of Financial Position
31 January 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
242,909
316,909
Current assets
Stocks
39,881
Debtors
6
18,355
51,914
Cash at bank and in hand
183,136
173,365
---------
---------
201,491
265,160
Creditors: amounts falling due within one year
7
63,808
62,036
---------
---------
Net current assets
137,683
203,124
---------
---------
Total assets less current liabilities
380,592
520,033
Provisions
45,184
56,480
---------
---------
Net assets
335,408
463,553
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
335,308
463,453
---------
---------
Shareholders funds
335,408
463,553
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 January 2022 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 .
B Marshall Marine Limited
Statement of Financial Position (continued)
31 January 2022
These financial statements were approved by the board of directors and authorised for issue on 10 May 2022 , and are signed on behalf of the board by:
Mr B Marshall
Director
Company registration number: 07489682
B Marshall Marine Limited
Notes to the Financial Statements
Year ended 31 January 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Graving Dock, Dockside Road, Middlesbrough, Cleveland, TS3 8AT.
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 and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation 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 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.
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 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:
Plant and machinery
-
25% reducing balance
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, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2021: 7 ).
5. Tangible assets
Plant and machinery
£
Cost
At 1 February 2021
743,920
Additions
673
---------
At 31 January 2022
744,593
---------
Depreciation
At 1 February 2021
427,011
Charge for the year
74,673
---------
At 31 January 2022
501,684
---------
Carrying amount
At 31 January 2022
242,909
---------
At 31 January 2021
316,909
---------
6. Debtors
2022
2021
£
£
Trade debtors
350
31,304
Other debtors
18,005
20,610
--------
--------
18,355
51,914
--------
--------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
19,915
23,524
Corporation tax
4,583
1,969
Social security and other taxes
4,867
2,561
Other creditors
34,443
33,982
--------
--------
63,808
62,036
--------
--------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A Curtis
( 32,128)
32,128
--------
--------
----
2021
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr A Curtis
( 152,128)
120,000
( 32,128)
---------
---------
--------