Company No:
Contents
DIRECTORS | C E Gadsdon |
H C Gadsdon | |
M G Gadsdon |
SECRETARY | M G Gadsdon |
REGISTERED OFFICE | Lowin House |
Tregolls Road | |
Truro | |
TR1 2NA | |
England | |
United Kingdom |
COMPANY NUMBER | 01968530 (England and Wales) |
CHARTERED ACCOUNTANTS | Francis Clark LLP |
Lowin House | |
Tregolls Road | |
Truro | |
Cornwall TR1 2NA |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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Investment property | 5 |
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2,096,935 | 2,130,187 | |||
Current assets | ||||
Stocks | 6 |
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Debtors | 7 |
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Investments | 8 |
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Cash at bank and in hand | 9 |
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436,514 | 394,171 | |||
Creditors: amounts falling due within one year | 10 | (
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Net current assets | 163,742 | 82,878 | ||
Total assets less current liabilities | 2,260,677 | 2,213,065 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 11 |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Marine Sports Limited (registered number:
C E Gadsdon
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Marine Sports Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Land and buildings |
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Plant and machinery |
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Vehicles |
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Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
The company holds the following financial instruments
• Short term trade and other debtors and creditors
• Cash and bank balances.
All financial instruments are classified as basic.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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. Included within other operating income is £nil (2022 - £3,648) of income received under the Job Retention Scheme.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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2023 | 2022 | ||
£ | £ | ||
Amounts recognised as distributions to equity holders in the financial year: | |||
Interim dividend for the financial year ended 28 February 2023 of £67(2022: £67) per ordinary share | 2,667 | 2,667 | |
Land and buildings | Plant and machinery | Vehicles | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 March 2022 |
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Additions |
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At 28 February 2023 |
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Accumulated depreciation | |||||||
At 01 March 2022 |
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Charge for the financial year |
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At 28 February 2023 |
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Net book value | |||||||
At 28 February 2023 |
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At 28 February 2022 |
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Investment property | |
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Valuation | |
As at 01 March 2022 |
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As at 28 February 2023 |
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There has been no valuation of the investment property by an independent valuer. The valuation of the property was made by the directors.
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£ | £ | ||
Stocks |
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£ | £ | ||
Trade debtors |
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Other debtors |
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£ | £ | ||
Other investments – at cost less impairment |
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2023 | 2022 | ||
£ | £ | ||
Cash at bank and in hand |
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2023 | 2022 | ||
£ | £ | ||
Trade creditors |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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