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Company No: 11551475 (England and Wales)

ELITE MARINE FINISHING LTD

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

ELITE MARINE FINISHING LTD

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

ELITE MARINE FINISHING LTD

BALANCE SHEET

As at 30 November 2023
ELITE MARINE FINISHING LTD

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 15,830 16,382
15,830 16,382
Current assets
Debtors 4 11,591 26,400
Cash at bank and in hand 91,351 46,665
102,942 73,065
Creditors: amounts falling due within one year 5 ( 72,472) ( 55,990)
Net current assets 30,470 17,075
Total assets less current liabilities 46,300 33,457
Creditors: amounts falling due after more than one year 6 ( 8,532) ( 16,822)
Net assets 37,768 16,635
Capital and reserves
Called-up share capital 200 200
Profit and loss account 37,568 16,435
Total shareholders' funds 37,768 16,635

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Elite Marine Finishing Ltd (registered number: 11551475) were approved and authorised for issue by the Board of Directors on 30 January 2024. They were signed on its behalf by:

M J Morris
Director
ELITE MARINE FINISHING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
ELITE MARINE FINISHING LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

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.

General information and basis of accounting

Elite Marine Finishing Ltd (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 Towngate House 2-8 Parkstone Road, Poole, BH15 2PW, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 2

3. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 December 2022 8,861 22,457 31,318
Additions 3,881 0 3,881
At 30 November 2023 12,742 22,457 35,199
Accumulated depreciation
At 01 December 2022 3,244 11,692 14,936
Charge for the financial year 1,742 2,691 4,433
At 30 November 2023 4,986 14,383 19,369
Net book value
At 30 November 2023 7,756 8,074 15,830
At 30 November 2022 5,617 10,765 16,382

4. Debtors

2023 2022
£ £
Trade debtors 7,418 22,158
Other debtors 4,173 4,242
11,591 26,400

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 6,720 6,720
Taxation and social security 45,260 33,050
Obligations under finance leases and hire purchase contracts 2,125 3,325
Other creditors 18,367 12,895
72,472 55,990

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 7,756 13,912
Obligations under finance leases and hire purchase contracts 776 2,910
8,532 16,822

There are no amounts included above in respect of which any security has been given by the small entity.