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REGISTERED NUMBER: 01972300 (England and Wales)















Lochin Marine International Limited

Unaudited Financial Statements for the Year Ended 28 February 2023






Lochin Marine International Limited (Registered number: 01972300)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Lochin Marine International Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: Mr S J Thomas
Mr M Hofford





REGISTERED OFFICE: Wilson House
48 Brooklyn Road
Seaford
East Sussex
BN25 2DX





REGISTERED NUMBER: 01972300 (England and Wales)





ACCOUNTANTS: Swindells LLP
Chartered Accountants
Atlantic House
8 Bell Lane
Bellbrook Industrial Estate
Uckfield
East Sussex
TN22 1QL

Lochin Marine International Limited (Registered number: 01972300)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,624 6,674

CURRENT ASSETS
Debtors 5 11,226 19,806
Cash at bank 206,924 211,092
218,150 230,898
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR

6

29,918

46,258
NET CURRENT ASSETS 188,232 184,640
TOTAL ASSETS LESS CURRENT
LIABILITIES

189,856

191,314

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 189,756 191,214
SHAREHOLDERS' FUNDS 189,856 191,314

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

Lochin Marine International Limited (Registered number: 01972300)

Balance Sheet - continued
28 February 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 November 2023 and were signed on its behalf by:





Mr S J Thomas - Director


Lochin Marine International Limited (Registered number: 01972300)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Lochin Marine International 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 represents revenue, net of VAT, from commercial transactions under which the company supplies customers the goods and services that it is in business to provide and it is recognised when it obtains, through performance under contract, the right to consideration for those goods and services.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - over the term of the lease
Plant and machinery - 20% on cost
Computer and office equipment - 33% on reducing balance and 15% on reducing balance
Motor vehicles - 20% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Lochin Marine International Limited (Registered number: 01972300)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued
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.

Deferred tax on plant and machinery held at deemed cost is measured using the rates and allowances that would apply to the sale of the assets.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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 contributes to a defined contribution pension scheme on behalf of staff. Contributions to the scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

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

Lochin Marine International Limited (Registered number: 01972300)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

4. TANGIBLE FIXED ASSETS
Computer
and
Long Plant and office Motor
leasehold machinery equipment vehicles Totals
£    £    £    £    £   
COST
At 1 March 2022
and 28 February 2023 52,500 9,500 32,437 13,554 107,991
DEPRECIATION
At 1 March 2022 52,500 6,650 31,531 10,636 101,317
Charge for year - 1,900 232 2,918 5,050
At 28 February 2023 52,500 8,550 31,763 13,554 106,367
NET BOOK VALUE
At 28 February 2023 - 950 674 - 1,624
At 28 February 2022 - 2,850 906 2,918 6,674

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,131 612
Other debtors 10,095 19,194
11,226 19,806

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,414 1,102
Taxation and social security 10,470 21,036
Other creditors 18,034 24,120
29,918 46,258

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary shares £1 100 100

Lochin Marine International Limited (Registered number: 01972300)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company made advances to a director of £31,238 (2022: £28,367) and was repaid £29,473 (2022: £29,653). At the balance sheet date the company owed the director the sum of £5,326 (2022: £7,091).

The loan is unsecured, interest free and repayable on demand.

9. RELATED PARTY DISCLOSURES

During the year, the company paid dividends to a director totalling £26,000 (2022: £26,000).