Registered number
09425899
Marine Protective Coatings Ltd
Filleted Accounts
28 February 2023
Marine Protective Coatings Ltd
Registered number: 09425899
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 25,172 29,367
Tangible assets 4 31,353 29,257
56,525 58,624
Current assets
Debtors 5 242,631 113,742
Cash at bank and in hand 95,364 281,267
337,995 395,009
Creditors: amounts falling due within one year 6 (156,049) (236,774)
Net current assets 181,946 158,235
Total assets less current liabilities 238,471 216,859
Creditors: amounts falling due after more than one year 7 (22,500) (32,500)
Provisions for liabilities (5,957) (5,559)
Net assets 210,014 178,800
Capital and reserves
Called up share capital 52 52
Profit and loss account 209,962 178,748
Shareholders' funds 210,014 178,800
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Daniel Douglas Plimmer
Director
Approved by the board on 28 November 2023
Marine Protective Coatings Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% Reducing balance
Motor Vehicles 25% Reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 14 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 41,953
At 28 February 2023 41,953
Amortisation
At 1 March 2022 12,586
Provided during the year 4,195
At 28 February 2023 16,781
Net book value
At 28 February 2023 25,172
At 28 February 2022 29,367
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 50,231
Additions 6,294
At 28 February 2023 56,525
Depreciation
At 1 March 2022 20,974
Charge for the year 4,198
At 28 February 2023 25,172
Net book value
At 28 February 2023 31,353
At 28 February 2022 29,257
5 Debtors 2023 2022
£ £
Trade debtors 135,386 108,742
Other debtors 107,245 5,000
242,631 113,742
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 286 132
Taxation and social security costs 126,253 205,903
Other creditors 19,510 20,739
156,049 236,774
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 22,500 32,500
8 Related party transactions
At the period end the company owed £1,033 (2022: £17,194) to Mr Daniel Douglas Plimmer and Mrs Lynda Claire Plimmer, directors. The loan is interest free and repayable in less than one year.
9 Controlling party
The company is ultimately controlled by Mr Daniel Douglas Plimmer, director, who owns 100% of the issued A share capital.
10 Other information
Marine Protective Coatings Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Tre-Ru House
The Leats
Truro
Cornwall
TR1 3AG
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