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REGISTERED NUMBER: 03581070 (England and Wales)




































FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2023

FOR

MARINE CONCEPTS LIMITED

MARINE CONCEPTS LIMITED (REGISTERED NUMBER: 03581070)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MARINE CONCEPTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2023







DIRECTORS: T G Stubington
P J Hill
Mrs J N Stubington
Mrs K L Bull
J R Stubington



REGISTERED OFFICE: Venture House
The Tanneries
East Street, Titchfield
Fareham
Hampshire
PO14 4AR



REGISTERED NUMBER: 03581070 (England and Wales)



ACCOUNTANTS: Compass Accountants Limited
Chartered Accountants
Venture House
The Tanneries
East Street
Titchfield
Hampshire
PO14 4AR



BANKERS: HSBC
31 Chequer Street
St Albans
Hertfordshire
AL1 3YN

MARINE CONCEPTS LIMITED (REGISTERED NUMBER: 03581070)

BALANCE SHEET
30TH JUNE 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 82,009 99,510

CURRENT ASSETS
Stocks 678,921 554,134
Debtors 5 2,054,945 1,628,022
Cash at bank and in hand 52,166 323
2,786,032 2,182,479
CREDITORS
Amounts falling due within one year 6 1,657,628 1,389,089
NET CURRENT ASSETS 1,128,404 793,390
TOTAL ASSETS LESS CURRENT LIABILITIES 1,210,413 892,900

CREDITORS
Amounts falling due after more than one year 7 (17,829 ) (32,823 )

PROVISIONS FOR LIABILITIES (20,502 ) (18,907 )
NET ASSETS 1,172,082 841,170

CAPITAL AND RESERVES
Called up share capital 10 350 350
Retained earnings 1,171,732 840,820
SHAREHOLDERS' FUNDS 1,172,082 841,170

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2023 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.

MARINE CONCEPTS LIMITED (REGISTERED NUMBER: 03581070)

BALANCE SHEET - continued
30TH JUNE 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6th November 2023 and were signed on its behalf by:





T G Stubington - Director


MARINE CONCEPTS LIMITED (REGISTERED NUMBER: 03581070)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023


1. STATUTORY INFORMATION

Marine Concepts Limited 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

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.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

MARINE CONCEPTS LIMITED (REGISTERED NUMBER: 03581070)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


2. ACCOUNTING POLICIES - continued

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.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 83 (2022 - 80 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st July 2022
and 30th June 2023 105,386 34,328 139,714
DEPRECIATION
At 1st July 2022 31,622 8,582 40,204
Charge for year 11,064 6,437 17,501
At 30th June 2023 42,686 15,019 57,705
NET BOOK VALUE
At 30th June 2023 62,700 19,309 82,009
At 30th June 2022 73,764 25,746 99,510

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st July 2022
and 30th June 2023 105,386 34,328 139,714
DEPRECIATION
At 1st July 2022 31,622 8,582 40,204
Charge for year 11,064 6,437 17,501
At 30th June 2023 42,686 15,019 57,705
NET BOOK VALUE
At 30th June 2023 62,700 19,309 82,009
At 30th June 2022 73,764 25,746 99,510

MARINE CONCEPTS LIMITED (REGISTERED NUMBER: 03581070)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 1,504,068 1,291,886
Amounts owed by group undertakings 462,849 256,678
Other debtors 88,028 79,458
2,054,945 1,628,022

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts - 67,204
Hire purchase contracts (see note 8) 14,995 29,878
Trade creditors 611,059 549,438
Taxation and social security 491,393 250,613
Other creditors 540,181 491,956
1,657,628 1,389,089

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.23 30.6.22
£    £   
Hire purchase contracts (see note 8) 17,829 32,823

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.6.23 30.6.22
£    £   
Net obligations repayable:
Within one year 14,995 29,878
Between one and five years 17,829 32,823
32,824 62,701

Non-cancellable operating leases
30.6.23 30.6.22
£    £   
Within one year 168,000 2,763
Between one and five years 672,000 -
840,000 2,763

The business leased two properties from Hightide Holdings Limited until July 2022.

The business entered into a new lease agreement with Hightide Holdings Limited for 5 years from 7th November 2022.

9. SECURED DEBTS

HSBC Bank plc holds a fixed and floating charge over all assets. Floating charge covers all property or undertakings of the company.

MARINE CONCEPTS LIMITED (REGISTERED NUMBER: 03581070)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
142 Ordinary £1 142 142
71 Ordinary A £1 71 71
50 Ordinary B £1 50 50
71 Ordinary C £1 71 71
8 Ordinary D £1 8 8
8 Ordinary E £1 8 8
350 350

The Ordinary shares, the 'A' Ordinary Shares, the 'B' Ordinary Shares and the 'C' Ordinary Shares shall have the same rights and privileges and shall rank pair passu, except the holders of the 'B' ordinary shares do not have any voting rights and do not have any entitlement to capital on a winding up or sale.