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REGISTERED NUMBER: 04815363 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2023

for

Safe-Line Marine After Sales Ltd

Safe-Line Marine After Sales Ltd (Registered number: 04815363)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Safe-Line Marine After Sales Ltd

Company Information
for the Year Ended 30 June 2023







DIRECTORS: J Convery
M Grant





SECRETARY: M Grant





REGISTERED OFFICE: 28 Royal Industrial Estate
Jarrow
Tyne and Wear
NE32 3HR





REGISTERED NUMBER: 04815363 (England and Wales)

Safe-Line Marine After Sales Ltd (Registered number: 04815363)

Statement of Financial Position
30 June 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 61,094 76,520

CURRENT ASSETS
Stocks - 6,375
Debtors 5 942,608 2,085,943
Cash at bank and in hand 3,374,280 2,068,567
4,316,888 4,160,885
CREDITORS
Amounts falling due within one year 6 209,613 354,310
NET CURRENT ASSETS 4,107,275 3,806,575
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,168,369

3,883,095

PROVISIONS FOR LIABILITIES 15,271 14,539
NET ASSETS 4,153,098 3,868,556

CAPITAL AND RESERVES
Called up share capital 66 66
Capital redemption reserve 34 34
Retained earnings 4,152,998 3,868,456
4,153,098 3,868,556

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

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

Safe-Line Marine After Sales Ltd (Registered number: 04815363)

Statement of Financial Position - continued
30 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 22 November 2023 and were signed on its behalf by:




J Convery - Director



M Grant - Director


Safe-Line Marine After Sales Ltd (Registered number: 04815363)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Safe-Line Marine After Sales Ltd 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.

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 and represents amounts receivable for Marine After Sales, started net of discounts and of Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity , and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 12% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Safe-Line Marine After Sales Ltd (Registered number: 04815363)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 18 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 July 2022 5,947 21,716 21,320 178,372 227,355
Additions - 591 2,326 - 2,917
Disposals - (241 ) (2,796 ) - (3,037 )
At 30 June 2023 5,947 22,066 20,850 178,372 227,235
DEPRECIATION
At 1 July 2022 5,203 7,439 13,493 124,700 150,835
Charge for year 744 2,159 1,332 13,418 17,653
Eliminated on disposal - (64 ) (2,283 ) - (2,347 )
At 30 June 2023 5,947 9,534 12,542 138,118 166,141
NET BOOK VALUE
At 30 June 2023 - 12,532 8,308 40,254 61,094
At 30 June 2022 744 14,277 7,827 53,672 76,520

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 715,170 1,972,320
Amounts recoverable on contract 216,197 100,000
Other debtors 11,241 13,623
942,608 2,085,943

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade creditors 89,921 22,790
Taxation and social security 92,808 294,307
Other creditors 26,884 37,213
209,613 354,310

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.6.23 30.6.22
£    £   
Within one year 20,000 20,000
Between one and five years 40,000 60,000
60,000 80,000

Safe-Line Marine After Sales Ltd (Registered number: 04815363)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other creditor are interest-free loans provided by Mr J Convery and Mr M Grant who are directors of the company, that are repayable on demand. As at 30 June 2023 the company owed Mr J Convery £1,732 (2022 = Mr J Convery was owed £2,000) and Mr M Grant £14 (2022 = Mr M Grant was owed £2,000).