Silverfin false 31/05/2023 01/06/2022 31/05/2023 Mr B G Curtis Mr E J Lilley 25/05/1994 11 October 2023 The principal activity of the Company during the financial year was that of boat mooring facilities and provision of car parking facilities. 02252850 2023-05-31 02252850 bus:Director2 2023-05-31 02252850 2022-05-31 02252850 core:CurrentFinancialInstruments 2023-05-31 02252850 core:CurrentFinancialInstruments 2022-05-31 02252850 core:ShareCapital 2023-05-31 02252850 core:ShareCapital 2022-05-31 02252850 core:FurtherSpecificReserve1ComponentTotalEquity 2023-05-31 02252850 core:FurtherSpecificReserve1ComponentTotalEquity 2022-05-31 02252850 core:RetainedEarningsAccumulatedLosses 2023-05-31 02252850 core:RetainedEarningsAccumulatedLosses 2022-05-31 02252850 core:LandBuildings 2022-05-31 02252850 core:PlantMachinery 2022-05-31 02252850 core:OfficeEquipment 2022-05-31 02252850 core:LandBuildings 2023-05-31 02252850 core:PlantMachinery 2023-05-31 02252850 core:OfficeEquipment 2023-05-31 02252850 core:CostValuation 2022-05-31 02252850 core:RevaluationsIncreaseDecreaseInInvestments 2023-05-31 02252850 core:CostValuation 2023-05-31 02252850 core:ProvisionsForImpairmentInvestments 2022-05-31 02252850 core:ProvisionsForImpairmentInvestments 2023-05-31 02252850 2022-06-01 2023-05-31 02252850 bus:FullAccounts 2022-06-01 2023-05-31 02252850 bus:SmallEntities 2022-06-01 2023-05-31 02252850 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 02252850 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 02252850 bus:Director1 2022-06-01 2023-05-31 02252850 bus:Director2 2022-06-01 2023-05-31 02252850 core:PlantMachinery 2022-06-01 2023-05-31 02252850 core:OfficeEquipment 2022-06-01 2023-05-31 02252850 2021-06-01 2022-05-31 02252850 core:LandBuildings 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Company No: 02252850 (England and Wales)

AUTOMARINE SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

AUTOMARINE SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

AUTOMARINE SERVICES LIMITED

COMPANY INFORMATION

For the financial year ended 31 May 2023
AUTOMARINE SERVICES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2023
DIRECTORS Mr B G Curtis
Mr E J Lilley
SECRETARY Mr E J Lilley
REGISTERED OFFICE Leanne House
6 Avon Close
Weymouth
DT4 9UX
United Kingdom
COMPANY NUMBER 02252850 (England and Wales)
CHARTERED ACCOUNTANTS Albert Goodman LLP
Leanne House
6 Avon Close
Weymouth
Dorset
DT4 9UX
AUTOMARINE SERVICES LIMITED

BALANCE SHEET

As at 31 May 2023
AUTOMARINE SERVICES LIMITED

BALANCE SHEET (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 390,317 391,044
Investment property 4 1,210,000 1,210,000
Investments 5 94,651 91,742
1,694,968 1,692,786
Current assets
Debtors 6 318,501 330,097
Cash at bank and in hand 878,132 751,145
1,196,633 1,081,242
Creditors: amounts falling due within one year 7 ( 201,206) ( 172,593)
Net current assets 995,427 908,649
Total assets less current liabilities 2,690,395 2,601,435
Provision for liabilities ( 1,003) ( 1,150)
Net assets 2,689,392 2,600,285
Capital and reserves
Called-up share capital 1,027,129 1,027,129
Fair value reserve 155,832 152,923
Profit and loss account 1,506,431 1,420,233
Total shareholders' funds 2,689,392 2,600,285

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Automarine Services Limited (registered number: 02252850) were approved and authorised for issue by the Board of Directors on 11 October 2023. They were signed on its behalf by:

Mr B G Curtis
Director
AUTOMARINE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
AUTOMARINE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
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

Automarine Services 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 Leanne House, 6 Avon Close, Weymouth, DT4 9UX, 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 £.

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.

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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, 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:

Land and buildings not depreciated
Plant and machinery 15 % reducing balance
Office equipment 10 % reducing balance

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The fair value is determined annually by the directors, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

The company is run and administered by the directors of the company for whom no formal contracts of service are in place.

3. Tangible assets

Land and buildings Plant and machinery Office equipment Total
£ £ £ £
Cost
At 01 June 2022 384,989 44,459 64,876 494,324
At 31 May 2023 384,989 44,459 64,876 494,324
Accumulated depreciation
At 01 June 2022 0 42,027 61,253 103,280
Charge for the financial year 0 365 362 727
At 31 May 2023 0 42,392 61,615 104,007
Net book value
At 31 May 2023 384,989 2,067 3,261 390,317
At 31 May 2022 384,989 2,432 3,623 391,044

4. Investment property

Investment property
£
Valuation
As at 01 June 2022 1,210,000
As at 31 May 2023 1,210,000

Valuation

The investment properties class of fixed assets were adjusted on 31 May 2023 to fair value by the directors who are internal to the company. The basis of this valuation was open market value.

Historic cost

If the investment properties had been accounted for cost accounting rules, the properties would have been measured as follows:

2023 2022
£ £
Historic cost 1,052,745 1,052,745

5. Fixed asset investments

Listed investments Total
£ £
Carrying value before impairment
At 01 June 2022 91,742 91,742
Movement in fair value 2,909 2,909
At 31 May 2023 94,651 94,651
Provisions for impairment
At 01 June 2022 0 0
At 31 May 2023 0 0
Carrying value at 31 May 2023 94,651 94,651
Carrying value at 31 May 2022 91,742 91,742

6. Debtors

2023 2022
£ £
Prepayments and accrued income 13,169 10,637
Other debtors 305,332 319,460
318,501 330,097

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 66
Taxation and social security 33,174 28,560
Other creditors 168,032 143,967
201,206 172,593

8. Related party transactions

Transactions with the entity's directors

The Directors loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 June 2022, the balance owed to the director was £78,964. During the year, £263,910 was advanced to the director, and £285,487 was repaid by the director. At 31 May 2023, the balance owed to the director was £100,541.
At 1 June 2021 the balance owed to the director was £88,059. During the year, £39,407 was advanced to the director, and £30,312 was repaid by the director. At 31 May 2022, the balance owed to the director was £78,964.