Company registration number 11531866 (England and Wales)
AQUA MARINE PRODUCTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
AQUA MARINE PRODUCTS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
AQUA MARINE PRODUCTS LTD (REGISTERED NUMBER: 11531866)
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
28,357
37,810
Current assets
Stocks
592,305
580,859
Debtors
4
79,674
64,893
Cash at bank and in hand
62,441
127,804
734,420
773,556
Creditors: amounts falling due within one year
5
(436,311)
(479,805)
Net current assets
298,109
293,751
Total assets less current liabilities
326,466
331,561
Creditors: amounts falling due after more than one year
6
(34,837)
(44,483)
Net assets
291,629
287,078
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
291,627
287,076
Total equity
291,629
287,078

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial 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.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

AQUA MARINE PRODUCTS LTD (REGISTERED NUMBER: 11531866)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 October 2023 and are signed on its behalf by:
Mrs Jennifer Russell
Director
AQUA MARINE PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Aqua Marine Products Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Great Butts Farm, Cousley Wood, Wadhurst, East Sussex, TN5 6EP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
100% Straight Line Basis
Motor vehicles
25% reducing balance

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.

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction cost, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

 

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO)

AQUA MARINE PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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 current liabilities.

1.6
Taxation

The tax expense represents the sum of the tax currently payable.

1.7
Retirement benefits
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
2,387
48,474
50,861
Depreciation and impairment
At 1 April 2022
2,387
10,664
13,051
Depreciation charged in the year
-
0
9,453
9,453
At 31 March 2023
2,387
20,117
22,504
Carrying amount
At 31 March 2023
-
0
28,357
28,357
At 31 March 2022
-
0
37,810
37,810
AQUA MARINE PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
38,096
45,536
Other debtors
41,578
19,357
79,674
64,893

Trade debtors are amounts due from customers for merchandise sole or services performed in the ordinary course of business.

5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
500
126
Taxation and social security
22,782
11,082
Other creditors
413,029
468,597
436,311
479,805

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
34,837
44,483
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