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COMPANY REGISTRATION NUMBER: 01198109
Highway Marine Limited
Filleted Unaudited Financial Statements
31 December 2023
Highway Marine Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Highway Marine Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
458,020
412,260
Current assets
Stocks
2,000
6,500
Debtors
6
33,733
15,165
Cash at bank and in hand
128,413
171,438
---------
---------
164,146
193,103
Creditors: amounts falling due within one year
7
96,879
82,363
---------
---------
Net current assets
67,267
110,740
---------
---------
Total assets less current liabilities
525,287
523,000
---------
---------
Net assets
525,287
523,000
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
524,287
522,000
---------
---------
Shareholders funds
525,287
523,000
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 December 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 year 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 .
Highway Marine Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 4 April 2024 , and are signed on behalf of the board by:
J H W Blackmore
R J W Blackmore
Director
Director
Company registration number: 01198109
Highway Marine Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Freehold property
-
2% straight line
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
519,435
140,838
50,639
19,000
729,912
Additions
60,000
60,000
---------
---------
--------
--------
---------
At 31 December 2023
519,435
200,838
50,639
19,000
789,912
---------
---------
--------
--------
---------
Depreciation
At 1 January 2023
185,980
62,033
50,639
19,000
317,652
Charge for the year
6,339
7,901
14,240
---------
---------
--------
--------
---------
At 31 December 2023
192,319
69,934
50,639
19,000
331,892
---------
---------
--------
--------
---------
Carrying amount
At 31 December 2023
327,116
130,904
458,020
---------
---------
--------
--------
---------
At 31 December 2022
333,455
78,805
412,260
---------
---------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
15,549
9,768
Other debtors
18,184
5,397
--------
--------
33,733
15,165
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
55,002
26,063
Social security and other taxes
1,898
Other creditors
41,877
54,402
--------
--------
96,879
82,363
--------
--------
8. Related party transactions
At the year end the company owed a director £1,500 (2022: £Nil).