2022-04-012023-03-312023-03-31false08030133Mainline Baits 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Mainline Baits Limited

Registered Number
08030133
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

Mainline Baits Limited
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

Mr K Knight
Mrs L Knight
Mrs A Morgan
Mr S Morgan
Mr S Sawyer

Registered Address

10 Western Road
Romford
RM1 3JT

Registered Number

08030133 (England and Wales)
Mainline Baits Limited
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets8303,596230,200
303,596230,200
Current assets
Stocks11240,880277,720
Debtors12928,706439,049
Cash at bank and on hand2,560,6962,301,794
3,730,2823,018,563
Creditors amounts falling due within one year13(315,841)(399,158)
Net current assets (liabilities)3,414,4412,619,405
Total assets less current liabilities3,718,0372,849,605
Provisions for liabilities14(55,505)(36,656)
Net assets3,662,5322,812,949
Capital and reserves
Called up share capital400400
Profit and loss account3,662,1322,812,549
Shareholders' funds3,662,5322,812,949
The financial statements were approved and authorised for issue by the Board of Directors on 29 November 2023, and are signed on its behalf by:
Mr K Knight
Director
Mr S Sawyer
Director

Registered Company No. 08030133
Mainline Baits Limited
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activity of the company continued to be that of the manufacture and wholesale of fishing bait.
4.Basis of measurement used in financial statements
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).
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery15
Fixtures and fittings15
Vehicles25
Intangible assets policy
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years. For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
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.
Deferred tax policy
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.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
6.Employee information
The average monthly number of persons (including directors) employed by the company during the year was:

20232022
Average number of employees during the year1516
7.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 April 225,600,0005,600,000
At 31 March 235,600,0005,600,000
Amortisation and impairment
At 01 April 225,600,0005,600,000
At 31 March 235,600,0005,600,000
Net book value
At 31 March 23--
At 31 March 22--
8.Property, plant and equipment

Plant & machinery

Vehicles

Fixtures & fittings

Total

££££
Cost or valuation
At 01 April 22283,201101,387129,804514,392
Additions104,83930,7431,165136,747
Disposals-(19,476)-(19,476)
At 31 March 23388,040112,654130,969631,663
Depreciation and impairment
At 01 April 22150,48065,61568,097284,192
Charge for year35,63416,0769,43161,141
On disposals-(17,266)-(17,266)
At 31 March 23186,11464,42577,528328,067
Net book value
At 31 March 23201,92648,22953,441303,596
At 31 March 22132,72135,77261,707230,200
9.Directors advances, credits and guarantees
At the year end the company owed the directors £4,452 (2022 £5,273) by way of their current accounts.
10.Dividends proposed and payable

2023

2022

££
Dividends Paid505,873554,000
Total505,873554,000
Dividends totalling £505,873 (2022 - £554,000) were paid in the year in respect of shares held by the company’s directors and are included within the amounts shown above.
11.Stocks

2023

2022

££
Finished goods240,880277,720
Total240,880277,720
12.Debtors

2023

2022

££
Trade debtors / trade receivables618,907427,582
Other debtors292,436500
Prepayments and accrued income17,36310,967
Total928,706439,049
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.
13.Creditors within one year

2023

2022

££
Trade creditors / trade payables93,892101,010
Taxation and social security147,685281,777
Other creditors67,99110,009
Accrued liabilities and deferred income6,2736,362
Total315,841399,158
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.
14.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)55,50536,656
Total55,50536,656