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Company registration number: 13568802
Bilway Marine Services Limited
Unaudited filleted financial statements
30 April 2023
Bilway Marine Services Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Bilway Marine Services Limited
Directors and other information
Directors Mr S Ingram
Mr A Branchflower
Mrs L Branchflower
Company number 13568802
Registered office 45/49 Greek Street
Stockport
SK3 8AX
Accountants Downham Morris & Co
45-49 Greek Street
Stockport
Cheshire
SK3 8AX
Bilway Marine Services Limited
Chartered certified accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Bilway Marine Services Limited
Period ended 30 April 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Bilway Marine Services Limited for the period ended 30 April 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Bilway Marine Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Bilway Marine Services Limited and state those matters that we have agreed to state to the board of directors of Bilway Marine Services Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Bilway Marine Services Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Bilway Marine Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Bilway Marine Services Limited. You consider that Bilway Marine Services Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Bilway Marine Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Downham Morris & Co
45-49 Greek Street
Stockport
Cheshire
SK3 8AX
13 February 2024
Bilway Marine Services Limited
Statement of financial position
30 April 2023
30/04/23 31/08/22
Note £ £ £ £
Fixed assets
Tangible assets 5 98,636 50,582
_______ _______
98,636 50,582
Current assets
Debtors 6 7,377 42,902
Cash at bank and in hand 195,683 121,931
_______ _______
203,060 164,833
Creditors: amounts falling due
within one year 7 ( 119,357) ( 97,855)
_______ _______
Net current assets 83,703 66,978
_______ _______
Total assets less current liabilities 182,339 117,560
_______ _______
Net assets 182,339 117,560
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 182,239 117,460
_______ _______
Shareholders funds 182,339 117,560
_______ _______
For the period ending 30 April 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 financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 February 2024 , and are signed on behalf of the board by:
.........................
Mr S Ingram
Director
Company registration number: 13568802
Bilway Marine Services Limited
Notes to the financial statements
Period ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 45/49 Greek Street, Stockport, SK3 8AX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 10 % reducing balance
Motor vehicles - 10 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 9 (2022: 9 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 September 2022 26,333 29,869 56,202
Additions 34,000 21,100 55,100
_______ _______ _______
At 30 April 2023 60,333 50,969 111,302
_______ _______ _______
Depreciation
At 1 September 2022 2,633 2,987 5,620
Charge for the year 3,847 3,199 7,046
_______ _______ _______
At 30 April 2023 6,480 6,186 12,666
_______ _______ _______
Carrying amount
At 30 April 2023 53,853 44,783 98,636
_______ _______ _______
At 31 August 2022 23,700 26,882 50,582
_______ _______ _______
6. Debtors
30/04/23 31/08/22
£ £
Trade debtors 422 42,902
Other debtors 6,955 -
_______ _______
7,377 42,902
_______ _______
7. Creditors: amounts falling due within one year
30/04/23 31/08/22
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 47,535 30,600
Corporation tax 27,055 29,761
Social security and other taxes 9,701 17,070
Other creditors 35,066 20,424
_______ _______
119,357 97,855
_______ _______
8. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 30/04/23
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr A Branchflower ( 13,902) ( 36,350) 28,506 ( 21,746)
Mrs L Branchflower ( 6,000) ( 9,320) 5,580 ( 9,740)
_______ _______ _______ _______
( 19,902) ( 45,670) 34,086 ( 31,486)
_______ _______ _______ _______
Year ended 31/08/22
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr A Branchflower - ( 23,400) 9,498 ( 13,902)
Mrs L Branchflower - ( 6,000) - ( 6,000)
_______ _______ _______ _______
- ( 29,400) 9,498 ( 19,902)
_______ _______ _______ _______
No interest is charged on loans with directors and loans are repayable on demand.
9. Controlling party
The company is under the control of its directors by virtue of their shareholding.