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REGISTERED NUMBER: 10870274 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2022

for

Mariners Penryn Ltd

Mariners Penryn Ltd (Registered number: 10870274)

Contents of the Financial Statements
for the Year Ended 31 March 2022










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Chartered Certified Accountant's Report 9

Mariners Penryn Ltd

Company Information
for the Year Ended 31 March 2022







DIRECTORS: Mrs M Mackfall
G J Mackfall





REGISTERED OFFICE: 62 Lower Market Street
Penryn
Cornwall
TR10 8BH





REGISTERED NUMBER: 10870274 (England and Wales)





ACCOUNTANT: Martin Laity Accounting & Tax Practitioner
Kelyn
Old Hill
Helston
Cornwall
TR13 8HT

Mariners Penryn Ltd (Registered number: 10870274)

Statement of Financial Position
31 March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 3,917
Tangible assets 5 97,003 97,728
Investments 6 100 100
97,103 101,745

CURRENT ASSETS
Stocks 5,500 5,500
Debtors 7 25,419 6,314
Cash at bank and in hand 78,577 87,169
109,496 98,983
CREDITORS
Amounts falling due within one year 8 79,952 77,358
NET CURRENT ASSETS 29,544 21,625
TOTAL ASSETS LESS CURRENT
LIABILITIES

126,647

123,370

CREDITORS
Amounts falling due after more than one
year

9

(7,221

)

(55,038

)

PROVISIONS FOR LIABILITIES (17,273 ) (18,020 )
NET ASSETS 102,153 50,312

Mariners Penryn Ltd (Registered number: 10870274)

Statement of Financial Position - continued
31 March 2022

2022 2021
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 101,953 50,112
SHAREHOLDERS' FUNDS 102,153 50,312

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2022 and were signed on its behalf by:




G J Mackfall - Director



Mrs M Mackfall - Director


Mariners Penryn Ltd (Registered number: 10870274)

Notes to the Financial Statements
for the Year Ended 31 March 2022


1. STATUTORY INFORMATION

Mariners Penryn Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is measured at the fair value of consideration for food goods sold, excluding Value Added Tax.

Turnover is recorded at the point of sale on a daily basis using the electronic till system.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of four years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Mariners Penryn Ltd (Registered number: 10870274)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2021 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2021
and 31 March 2022 47,000
AMORTISATION
At 1 April 2021 43,083
Charge for year 3,917
At 31 March 2022 47,000
NET BOOK VALUE
At 31 March 2022 -
At 31 March 2021 3,917

Mariners Penryn Ltd (Registered number: 10870274)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2021 3,605 143,698 147,303
Additions 4,692 26,129 30,821
Disposals - (12,999 ) (12,999 )
At 31 March 2022 8,297 156,828 165,125
DEPRECIATION
At 1 April 2021 721 48,854 49,575
Charge for year 1,515 22,719 24,234
Eliminated on disposal - (5,687 ) (5,687 )
At 31 March 2022 2,236 65,886 68,122
NET BOOK VALUE
At 31 March 2022 6,061 90,942 97,003
At 31 March 2021 2,884 94,844 97,728

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2021
and 31 March 2022 100
NET BOOK VALUE
At 31 March 2022 100
At 31 March 2021 100

A small number of shares are held in a supplier company and there is no other connection. The value is not material.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Other debtors 25,419 6,314

Mariners Penryn Ltd (Registered number: 10870274)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 2,785 10,213
Hire purchase contracts 3,209 2,091
Trade creditors 22,269 16,086
Taxation and social security 47,766 26,209
Other creditors 3,923 22,759
79,952 77,358

Directors Loan Account balances included in other creditors are non-interest bearing and repayable upon demand.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans - 47,785
Hire purchase contracts 7,221 7,253
7,221 55,038

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2022 and 31 March 2021:

2022 2021
£    £   
G J Mackfall and Mrs M Mackfall
Balance outstanding at start of year - -
Amounts advanced 19,999 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 19,999 -

During the year the Directors received a net advance of £9,999 each as a temporary loan.

The main conditions regarding advances and credits were that sums were to be repaid to the company as soon as possible and any overdrawn balance at a month end in excess of £10,000 each would incur interest at the official rate of interest. The official rate of interest during the period was 2.00% throughout the period.

11. RELATED PARTY DISCLOSURES

During the year, total dividends of £73,000 were paid to the directors .

Mariners Penryn Ltd (Registered number: 10870274)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022


11. RELATED PARTY DISCLOSURES - continued

The company operates from premises owned by the directors. At present no rent is charged to the company for occupation of the business premises. The company is required to maintain the interior of the business premises.

Chartered Certified Accountant's Report to the Board of Directors
on the Unaudited Financial Statements of
Mariners Penryn Ltd


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Mariners Penryn Ltd for the year ended 31 March 2022 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given me.

As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Mariners Penryn Ltd, as a body, in accordance with my terms of engagement. My work has been undertaken solely to prepare for your approval the financial statements of Mariners Penryn Ltd and state those matters that I have agreed to state to the Board of Directors of Mariners Penryn Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for my work or for this report.

It is your duty to ensure that Mariners Penryn Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Mariners Penryn Ltd. You consider that Mariners Penryn Ltd is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or a review of the financial statements of Mariners Penryn Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.






Martin Laity Accounting & Tax Practitioner
Kelyn
Old Hill
Helston
Cornwall
TR13 8HT


13 September 2022