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Registered Number: 02877229
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 March 2023

for

DRAGONET MARINE SYSTEMS LTD

Directors Mr I Webb
Mrs F Webb
Registered Number 02877229
Registered Office Beck Farm Cottage
St Leonards's Road
Lymington
Hampshire
SO41 5SR
Accountants Numeric Accounting Limited
Chartered Certified Accountants
Suite 1, The Portway Centre,
Old Sarum Park,
Old Sarum
SP4 6EB
Secretary Mr I Webb
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 399    416 
399    416 
Current assets      
Stocks 4   16,984 
Debtors: amounts falling due within one year 5 796    5,802 
Cash at bank and in hand 16,513    7,402 
17,309    30,188 
Creditors: amount falling due within one year 6 (7,422)   (13,303)
Net current assets 9,887    16,885 
 
Total assets less current liabilities 10,286    17,301 
Creditors: amount falling due after more than one year 7 (8,715)   (12,548)
Net assets 1,571    4,753 
 

Capital and reserves
     
Called up share capital 8 800    800 
Profit and loss account 771    3,953 
Shareholder's funds 1,571    4,753 
 


For the year ended 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:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with Section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 05 November 2023 and were signed on its behalf by:


-------------------------------
Mr I Webb
Director
2
General Information
Dragonet Marine Systems Ltd is a private company, limited by shares, registered in England and Wales, registration number 02877229, registration address Beck Farm Cottage, St Leonards's Road, Lymington, Hampshire, SO41 5SR.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
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 balance sheet date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives.
Motor Vehicles 25% Reducing Balance
Computer Equipment 33% Straight Line
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
Financial instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.
2.

Average number of employees


Average number of employees during the year was 0 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Motor Vehicles   Computer Equipment   Total
  £   £   £
At 01 April 2022 7,695    10,936    18,631 
Additions   250    250 
Disposals    
At 31 March 2023 7,695    11,186    18,881 
Depreciation
At 01 April 2022 7,695    10,520    18,215 
Charge for year   267    267 
On disposals    
At 31 March 2023 7,695    10,787    18,482 
Net book values
Closing balance as at 31 March 2023   399    399 
Opening balance as at 01 April 2022   416    416 


4.

Stocks

2023
£
  2022
£
Work in Progress   16,984 
  16,984 

5.

Debtors: amounts falling due within one year

2023
£
  2022
£
Accrued Income   27 
Other Debtors 762    762 
Director: Mr I Webb   5,013 
VAT 34   
796    5,802 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Bank Loans & Overdrafts 3,833    3,470 
Corporation Tax   6,703 
PAYE & Social Security   9 
Accrued Expenses 1,100    1,050 
Director: Mr I Webb 2,489   
VAT   2,071 
7,422    13,303 

7.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 8,715    12,548 
8,715    12,548 

8.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
800 Ordinary shares of £1.00 each 800    800 
800    800 

9.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
Mr I Webb(2,489)5,013 

The loan is interest free with no fixed date of repayment.
10.

Dividend

During the year the company declared total dividends of £3,040 (2022 - £25,920) to the directors as follows:

I Webb  £1,995 (2022: £18,420)
J Webb  Nil (2022: Nil)
F Webb  £1,045 (2022: £7,500)

11.

Loan

The loan is unsecured for a period of 41 months and attracts interest of 2.5% per annum. Repayments are made monthly.
Amounts due for repayment:
Less than 1 year: £3,833 (2022: £3,470)
More than 1 year and less than 5 years: £8,715 (2022: £12,548)

3