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Registration number: 06595105

Flame Marine Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Flame Marine Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Flame Marine Limited

(Registration number: 06595105)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

7,625

7,402

Current assets

 

Debtors

6

50,748

58,128

Cash at bank and in hand

 

98,927

152,899

 

149,675

211,027

Creditors: Amounts falling due within one year

7

(262,790)

(270,320)

Net current liabilities

 

(113,115)

(59,293)

Total assets less current liabilities

 

(105,490)

(51,891)

Creditors: Amounts falling due after more than one year

7

(4,128,473)

(4,370,531)

Net liabilities

 

(4,233,963)

(4,422,422)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(4,234,063)

(4,422,522)

Shareholders' deficit

 

(4,233,963)

(4,422,422)

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 January 2024 and signed on its behalf by:
 

Mr J Hodges
Director

   
     
 

Flame Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
C/o Milsted Langdon Llp
Freshford House
Redcliffe Way
Bristol
BS1 6NL
England

These financial statements were authorised for issue by the Board on 30 January 2024.

2

Accounting policies

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 company, and rounded to the nearest £.

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.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

The company has a strong cash position and support from the directors', thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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 sales/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.

 

Flame Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the Balance Sheet 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

Furniture, fittings and equipment

25% reducing balance

Intangible assets

Intangible assets are intially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful like shall not exceed ten years.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Flame Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2022 - 2).

 

Flame Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Intangible assets

Intellectual property
 £

Total
£

Cost or valuation

At 1 June 2022

6,390,185

6,390,185

At 31 May 2023

6,390,185

6,390,185

Amortisation

At 1 June 2022

6,390,185

6,390,185

At 31 May 2023

6,390,185

6,390,185

Carrying amount

At 31 May 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
£

Total
£

Cost or valuation

At 1 June 2022

18,490

18,490

Additions

2,336

2,336

At 31 May 2023

20,826

20,826

Depreciation

At 1 June 2022

11,088

11,088

Charge for the year

2,113

2,113

At 31 May 2023

13,201

13,201

Carrying amount

At 31 May 2023

7,625

7,625

At 31 May 2022

7,402

7,402

 

Flame Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

6

Debtors

2023
£

2022
£

Trade debtors

49,921

57,548

Other debtors

827

580

50,748

58,128

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Loans and borrowings

9

3,673

-

Trade creditors

 

6,986

15,990

Amounts due to related parties

10

240,000

240,000

Accruals

 

12,131

14,330

 

262,790

270,320

Due after one year

 

Loans and borrowings

9

4,128,473

4,370,531

Creditors amounts falling due within one year includes £240,000 (2021 - £240,000) on which security has been given by the company. This amount is included within other related parties.

Creditors amounts falling due after more than one year includes £4,370,531 (2021 - £5,163,744) on which security has been given by the company. This amount is included within loans and borrowings and other related parties.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

56

56

56

56

Ordinary B shares of £1 each

44

44

44

44

 

100

100

100

100

The voting rights attached to Ordinary A shares is one vote per share held. Ordinary B shares are not entitled to vote at the meeting of the board of directors.

 

Flame Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

9

Loans and borrowings

Note

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

10

4,128,473

4,370,531

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

3,673

-

10

Related party transactions

Loans from related parties

2023

Key management
£

Total
£

At start of period

4,610,531

4,610,531

At end of period

4,610,531

4,610,531

2022

Key management
£

Total
£

At start of period

5,403,744

5,403,744

Advanced

258

258

Repaid

(793,471)

(793,471)

At end of period

4,610,531

4,610,531

Terms of loans from related parties

Loans from key management are interest free and repayable on demand.