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REGISTERED NUMBER: 12492318 (England and Wales)




































FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2023

FOR

MARINE CONCEPTS HOLDINGS LIMITED

MARINE CONCEPTS HOLDINGS LIMITED (REGISTERED NUMBER: 12492318)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


MARINE CONCEPTS HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2023







DIRECTORS: P J Hill
T G Stubington
K Jones





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





REGISTERED NUMBER: 12492318 (England and Wales)





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

MARINE CONCEPTS HOLDINGS LIMITED (REGISTERED NUMBER: 12492318)

BALANCE SHEET
30TH JUNE 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,438,157 409,564

CURRENT ASSETS
Debtors 5 51,978 350
Cash at bank 18,848 559,807
70,826 560,157
CREDITORS
Amounts falling due within one year 6 937,345 258,677
NET CURRENT (LIABILITIES)/ASSETS (866,519 ) 301,480
TOTAL ASSETS LESS CURRENT LIABILITIES 571,638 711,044

PROVISIONS FOR LIABILITIES 86,480 43,242
NET ASSETS 485,158 667,802

CAPITAL AND RESERVES
Called up share capital 7 350 350
Retained earnings 484,808 667,452
SHAREHOLDERS' FUNDS 485,158 667,802

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.

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 25th October 2023 and were signed on its behalf by:





T G Stubington - Director


MARINE CONCEPTS HOLDINGS LIMITED (REGISTERED NUMBER: 12492318)

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


1. STATUTORY INFORMATION

Marine Concepts Holdings 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 20% on cost
Improvements to property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33.3% on cost

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

MARINE CONCEPTS HOLDINGS LIMITED (REGISTERED NUMBER: 12492318)

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


2. ACCOUNTING POLICIES - continued

Basic financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 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, where 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.

The company's financial assets and liabilities consist of cash and cash equivalents, short term investments, trade and other debtors, trade and other creditor, and accrued expenses. The fair value of these items approximates their carrying value due to their short term value. Unless otherwise noted, the company is not exposed to significant interest, foreign exchange or credit risks arising from these instruments.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Short Long to Plant and
leasehold leasehold property machinery
£    £    £    £   
COST
At 1st July 2022 56,693 - 131,884 295,845
Additions - 674,260 297,040 129,103
Disposals (56,693 ) - - -
At 30th June 2023 - 674,260 428,924 424,948
DEPRECIATION
At 1st July 2022 4,233 - 2,369 74,474
Charge for year 11,339 - 8,579 52,571
Eliminated on disposal (15,572 ) - - -
At 30th June 2023 - - 10,948 127,045
NET BOOK VALUE
At 30th June 2023 - 674,260 417,976 297,903
At 30th June 2022 52,460 - 129,515 221,371

MARINE CONCEPTS HOLDINGS LIMITED (REGISTERED NUMBER: 12492318)

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


4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st July 2022 592 4,849 12,015 501,878
Additions 53,383 - 1,695 1,155,481
Disposals - - - (56,693 )
At 30th June 2023 53,975 4,849 13,710 1,600,666
DEPRECIATION
At 1st July 2022 164 2,122 8,952 92,314
Charge for year 8,072 682 4,524 85,767
Eliminated on disposal - - - (15,572 )
At 30th June 2023 8,236 2,804 13,476 162,509
NET BOOK VALUE
At 30th June 2023 45,739 2,045 234 1,438,157
At 30th June 2022 428 2,727 3,063 409,564

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Other debtors 51,978 350

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade creditors 272,349 -
Amounts owed to group undertakings 462,849 256,678
Other creditors 202,147 1,999
937,345 258,677

7. 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