Company registration number 03108212 (England and Wales)
WROXHAM MARINE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WROXHAM MARINE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
WROXHAM MARINE LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,261,886
1,256,199
Current assets
Stocks
112,500
49,858
Debtors
4
10,315
67,111
Cash at bank and in hand
9,632
23,647
132,447
140,616
Creditors: amounts falling due within one year
5
(162,162)
(191,527)
Net current liabilities
(29,715)
(50,911)
Total assets less current liabilities
1,232,171
1,205,288
Creditors: amounts falling due after more than one year
6
(7,420)
(10,409)
Provisions for liabilities
(210,229)
(159,774)
Deferred income
(81,014)
(52,814)
Net assets
933,508
982,291
Capital and reserves
Called up share capital
100
100
Revaluation reserve
7
630,689
681,144
Profit and loss reserves
302,719
301,047
Total equity
933,508
982,291

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

WROXHAM MARINE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 January 2024 and are signed on its behalf by:
Mr G Applegate
Director
Company registration number 03108212 (England and Wales)
WROXHAM MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
1
Accounting policies
Company information

Wroxham Marine Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Station Court, Station Approach, Wickford, Essex, SS11 7AT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Revaluation method
Plant and equipment
Revaluation method
Fixtures and fittings
25% on reduced balance
Computers
25% on reduced balance
Motor vehicles
25% on reduced balance
Mould tools
Revaluation method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

WROXHAM MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.8
Retirement benefits

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

WROXHAM MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
6
WROXHAM MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Mould tools
Total
£
£
£
£
£
£
£
Cost or valuation
At 1 October 2022
586,000
50,750
9,174
15,899
36,023
605,999
1,303,845
Additions
-
0
-
0
644
-
0
-
0
8,599
9,243
At 30 September 2023
586,000
50,750
9,818
15,899
36,023
614,598
1,313,088
Depreciation and impairment
At 1 October 2022
-
0
-
0
9,090
15,424
23,132
-
0
47,646
Depreciation charged in the year
-
0
-
0
182
151
3,223
-
0
3,556
At 30 September 2023
-
0
-
0
9,272
15,575
26,355
-
0
51,202
Carrying amount
At 30 September 2023
586,000
50,750
546
324
9,668
614,598
1,261,886
At 30 September 2022
586,000
50,750
84
475
12,891
605,999
1,256,199
WROXHAM MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -

Cost or valuation at 30 September 2023 is represented by:    

 

                            

Freehold Plant & Mould

         property machinery tools

             £         £     £

Valuation in 1997         -     - 50,000

Valuation in 2016         -         - 50,000

Valuation in 2020         300,422        40,618     399,878

Cost             285,578        10,132     114,720

            586,000        50,750     614,598

                                

                                

            Fixture                         

            and        Motor      Computer         

fittings vehicles equipment Totals

             £         £         £         £

Valuation in 1997         -         -         -     50,000

Valuation in 2016         -         -         -     50,000

Valuation in 2020         -         -         -     740,918

Cost            9,818        36,023        15,899         472,170

            9,174        36,023        15,899     1,313,088

 

 

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

 

Motor vehicles

£

COST OR VALUATION

At 1 October 2022                            22,135

Auditions                                 -

Disposals                                 -

At 30 September 2023                            22,135    

 

DEPRECIATION

At 1 October 2022                             9,684

Charge for year                                 3,113    

At 30 September 2023                             12,797

 

NET BOOK VALUE

At 30 September 2022                             12,451

At 30 September 2023                             9,338

 

 

 

 

 

Property, machinery and tools were valued on an open market basis on 30 September 2023 by the directors.

WROXHAM MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
3
Tangible fixed assets
(Continued)
- 8 -
2023
2022
£
£
Cost
1,071,375
1,062,132
Accumulated depreciation
(650,407)
(646,851)
Carrying value
420,968
415,281
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,929
64,526
Prepayments and accrued income
3,386
2,585
10,315
67,111
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
79,036
72,605
Obligations under finance leases
2,989
2,989
Trade creditors
21,212
23,842
Corporation tax
3,564
4,179
Other taxation and social security
9,108
26,893
Other creditors
43,542
58,917
Accruals and deferred income
2,711
2,102
162,162
191,527

The bank overdraft has fixed and floating charges secured over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.

 

The hire purchase is secured on the asset itself.

SECURED DEBTS

The following secured debts are included within creditors:

                         2023     2022    

                             £     £

Bank overdraft                        79,036     72,605

Hire purchase contracts                    10,409     13,398

                            89,445     86,003

WROXHAM MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
7,420
10,409
7
Revaluation reserve
2023
2022
£
£
At the beginning of the year
681,144
681,144
Deferred tax on revaluation of tangible assets
(50,455)
-
At the end of the year
630,689
681,144
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