New Wave Marine Limited 08903417 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is that of providing industrial cleaning services. Digita Accounts Production Advanced 6.30.9574.0 true true 08903417 2022-03-01 2023-02-28 08903417 2023-02-28 08903417 core:FinanceLeases core:CurrentFinancialInstruments 2023-02-28 08903417 core:FinanceLeases core:Non-currentFinancialInstruments 2023-02-28 08903417 core:CurrentFinancialInstruments 2023-02-28 08903417 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 08903417 core:Non-currentFinancialInstruments 2023-02-28 08903417 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 08903417 core:FurnitureFittings 2023-02-28 08903417 core:LandBuildings core:LongLeaseholdAssets 2023-02-28 08903417 core:MotorVehicles 2023-02-28 08903417 core:PlantMachinery 2023-02-28 08903417 bus:SmallEntities 2022-03-01 2023-02-28 08903417 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 08903417 bus:FullAccounts 2022-03-01 2023-02-28 08903417 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 08903417 bus:RegisteredOffice 2022-03-01 2023-02-28 08903417 bus:Director1 2022-03-01 2023-02-28 08903417 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 08903417 core:FurnitureFittings 2022-03-01 2023-02-28 08903417 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 08903417 core:LandBuildings core:LongLeaseholdAssets 2022-03-01 2023-02-28 08903417 core:LeaseholdImprovements 2022-03-01 2023-02-28 08903417 core:MotorVehicles 2022-03-01 2023-02-28 08903417 core:PlantMachinery 2022-03-01 2023-02-28 08903417 core:Vehicles 2022-03-01 2023-02-28 08903417 countries:AllCountries 2022-03-01 2023-02-28 08903417 2022-02-28 08903417 core:FurnitureFittings 2022-02-28 08903417 core:LandBuildings core:LongLeaseholdAssets 2022-02-28 08903417 core:MotorVehicles 2022-02-28 08903417 core:PlantMachinery 2022-02-28 08903417 2021-03-01 2022-02-28 08903417 2022-02-28 08903417 core:FinanceLeases core:CurrentFinancialInstruments 2022-02-28 08903417 core:FinanceLeases core:Non-currentFinancialInstruments 2022-02-28 08903417 core:CurrentFinancialInstruments 2022-02-28 08903417 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 08903417 core:Non-currentFinancialInstruments 2022-02-28 08903417 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 08903417 core:FurnitureFittings 2022-02-28 08903417 core:LandBuildings core:LongLeaseholdAssets 2022-02-28 08903417 core:MotorVehicles 2022-02-28 08903417 core:PlantMachinery 2022-02-28 iso4217:GBP xbrli:pure

Registration number: 08903417

New Wave Marine Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

New Wave Marine Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

New Wave Marine Limited

(Registration number: 08903417)
Statement of Financial Position as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

206,939

176,080

Current assets

 

Debtors

5

400,541

384,378

Cash at bank and in hand

 

199,766

67,224

 

600,307

451,602

Creditors: Amounts falling due within one year

6

(361,551)

(237,500)

Net current assets

 

238,756

214,102

Total assets less current liabilities

 

445,695

390,182

Creditors: Amounts falling due after more than one year

6

(206,978)

(201,962)

Provisions for liabilities

(35,351)

(26,612)

Net assets

 

203,366

161,608

Capital and reserves

 

Called up share capital

2,000

2,000

Profit and loss account

201,366

159,608

Shareholders' funds

 

203,366

161,608

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 27 November 2023
 

 

New Wave Marine Limited

(Registration number: 08903417)
Statement of Financial Position as at 28 February 2023 (continued)

.........................................
Mr Jason Charles Parsons
Director

 

New Wave Marine Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Timberly
South Street
Axminster
Devon
EX13 5AD

Principal activity

The principal activity of the company is that of providing industrial cleaning services.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

New Wave Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

New Wave Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Property

Nil

Plant & machinery

15% Reducing balance

Fittings fixtures and equipment

25% Reducing balance

Motor vehicles

25% Reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

New Wave Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

2

Accounting policies (continued)

Borrowings

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 costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

 

New Wave Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2022 - 16).

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 March 2022

3,272

20,361

166,167

183,185

Additions

-

-

20,145

57,000

At 28 February 2023

3,272

20,361

186,312

240,185

Depreciation

At 1 March 2022

-

13,959

54,424

128,522

Charge for the year

-

1,604

16,767

27,915

At 28 February 2023

-

15,563

71,191

156,437

Carrying amount

At 28 February 2023

3,272

4,798

115,121

83,748

At 28 February 2022

3,272

6,402

111,743

54,663

 

New Wave Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

4

Tangible assets (continued)

Total
£

Cost or valuation

At 1 March 2022

372,985

Additions

77,145

At 28 February 2023

450,130

Depreciation

At 1 March 2022

196,905

Charge for the year

46,286

At 28 February 2023

243,191

Carrying amount

At 28 February 2023

206,939

At 28 February 2022

176,080

Included within the net book value of land and buildings above is £3,272 (2022 - £3,272) in respect of long leasehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Trade debtors

275,659

355,366

Prepayments

120,882

7,390

Other debtors

4,000

21,622

 

400,541

384,378

 

New Wave Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

58,180

42,331

Trade creditors

 

196,958

103,962

Taxation and social security

 

83,087

77,255

Accruals and deferred income

 

3,332

4,498

Other creditors

 

19,994

9,454

 

361,551

237,500

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

206,978

201,962

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

175,789

192,261

Finance lease liabilities

31,189

9,701

206,978

201,962

 

New Wave Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023 (continued)

8

Loans and borrowings (continued)

2023
£

2022
£

Current loans and borrowings

Bank borrowings

32,208

28,573

Finance lease liabilities

25,972

13,758

58,180

42,331