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REGISTERED NUMBER: 09676777 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

BUTTERWORTH MARINE LIMITED

BUTTERWORTH MARINE LIMITED (REGISTERED NUMBER: 09676777)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


BUTTERWORTH MARINE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTOR: Mr Iain Matthew Butterworth





REGISTERED OFFICE: Belgrave House
15 Belgrave Crescent
Scarborough
North Yorkshire
YO11 1UB





REGISTERED NUMBER: 09676777 (England and Wales)





ACCOUNTANTS: Fortus North Limited
Business Advisors & Accountants
5&6 Manor Court
Manor Garth
Scarborough
North Yorkshire
YO11 3TU

BUTTERWORTH MARINE LIMITED (REGISTERED NUMBER: 09676777)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 132,308 151,749
Investment property 5 490,000 490,000
622,308 641,749

CURRENT ASSETS
Debtors 6 85,527 90,991
Cash at bank and in hand 63,935 38,047
149,462 129,038
CREDITORS
Amounts falling due within one year 7 80,732 74,156
NET CURRENT ASSETS 68,730 54,882
TOTAL ASSETS LESS CURRENT LIABILITIES 691,038 696,631

CREDITORS
Amounts falling due after more than one
year

8

300,534

320,177
NET ASSETS 390,504 376,454

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 10 (17,774 ) (19,196 )
Retained earnings 408,178 395,550
SHAREHOLDERS' FUNDS 390,504 376,454

BUTTERWORTH MARINE LIMITED (REGISTERED NUMBER: 09676777)

BALANCE SHEET - continued
30 JUNE 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 March 2024 and were signed by:





Mr Iain Matthew Butterworth - Director


BUTTERWORTH MARINE LIMITED (REGISTERED NUMBER: 09676777)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


1. STATUTORY INFORMATION

Butterworth Marine Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The level of rounding used in the financial statements is to the nearest £1.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
The turnover shown in the profit and loss account represents the total invoice value, excluding value added tax, of sales made during the year. Sales are recognised in the profit and loss account when the service is provided, subject to provisions for contracts for services as detailed below.

Contracts for services
Where the substance of a contract is that the contractual obligations are performed gradually over time, revenue is recognised as contract activity progresses to reflect the partial performance of the contractual obligations. The amount of revenue included reflects the accrual of the right to consideration as contract activity progresses by reference to value of the work performed.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Fittings and equipment - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

Investment property
Investment properties are properties held to earn rentals or for capital appreciation or both.

Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss in the period in which they arise. Deferred taxation is provided on these gains.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


BUTTERWORTH MARINE LIMITED (REGISTERED NUMBER: 09676777)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fittings
Freehold and Motor Computer
property equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 July 2022
and 30 June 2023 135,000 37,838 42,365 32,585 247,788
DEPRECIATION
At 1 July 2022 7,538 30,023 34,080 24,398 96,039
Charge for year 2,700 5,477 5,994 5,270 19,441
At 30 June 2023 10,238 35,500 40,074 29,668 115,480
NET BOOK VALUE
At 30 June 2023 124,762 2,338 2,291 2,917 132,308
At 30 June 2022 127,462 7,815 8,285 8,187 151,749

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022
and 30 June 2023 490,000
NET BOOK VALUE
At 30 June 2023 490,000
At 30 June 2022 490,000

BUTTERWORTH MARINE LIMITED (REGISTERED NUMBER: 09676777)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


5. INVESTMENT PROPERTY - continued

Investment properties included at fair value would have been included on a historical cost basis at:

2023 2022
£ £

Cost 513,699 513,699

The completed investment properties are stated at fair value in accordance with the requirements of Section 1A ''Small Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland''.

The investment properties have been valued by the director and professional valuers at fair value taking into account existing tenancy arrangements.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,012 18,266
Amounts owed by associates 13,687 10,488
Amounts recoverable on contracts 4,145 6,468
Other debtors 64,683 55,769
85,527 90,991

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 19,000 20,000
Trade creditors 4,147 7,636
Taxation and social security 13,034 361
Other creditors 44,551 46,159
80,732 74,156

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 300,274 319,527
Other creditors 260 650
300,534 320,177

BUTTERWORTH MARINE LIMITED (REGISTERED NUMBER: 09676777)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 319,274 339,527

The company's bank borrowings included in creditors due within and over one year are secured by a fixed and floating charge over the company's assets and a first legal charge over the freehold and investment properties.

10. RESERVES
Fair
value
reserve
£   
At 1 July 2022 (19,196 )
Deferred tax on investment
property 1,422

At 30 June 2023 (17,774 )

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 2022
£    £   
Mr Iain Matthew Butterworth
Balance outstanding at start of year 37,947 26,475
Amounts advanced 21,024 49,143
Amounts repaid (22,583 ) (37,671 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 36,388 37,947

The loan is unsecured and repayable on demand. Interest has been charged at a rate of 2% from 6 April 2021 and 2.25% from 6 April 2023 on any outstanding advances granted to the Director.

12. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption conferred by section 1AC.35 of FRS 102 Section 1A not to disclose transactions with wholly owned group members.

13. CONTROLLING PARTY

The company is a wholly owned subsidiary of Butterworth Marine Holdings Limited, whose company reference is 13813855 and who's registered office and principal place of business is Belgrave House, 15 Belgrave Crescent, Scarborough, North Yorkshire, England, YO11 1UB.

Butterworth Marine Holdings Limited is under the control of its director Mr I Butterworth, and as such he is deemed the ultimate controlling party.