Company Registration No. 09771486 (England and Wales)
Wathen Marine Catering Equipment Services Limited
Unaudited accounts
for the year ended 31 October 2023
Wathen Marine Catering Equipment Services Limited
Unaudited accounts
Contents
Wathen Marine Catering Equipment Services Limited
Company Information
for the year ended 31 October 2023
Directors
Ieuan Wathen
Melanie Wathen
Company Number
09771486 (England and Wales)
Registered Office
Unit A1 The Premier Centre
Abbey Park Industrial Estate
Romsey
SO51 9DG
United Kingdom
Accountants
Infinity Financial Solutions Limited
29-31 High Street
Fordingbridge
SP6 1AS
Wathen Marine Catering Equipment Services Limited
Statement of financial position
as at 31 October 2023
Tangible assets
29,275
45,749
Inventories
202,324
204,978
Cash at bank and in hand
20
80
Creditors: amounts falling due within one year
(238,290)
(168,293)
Net current assets
157,008
196,349
Total assets less current liabilities
186,283
242,098
Creditors: amounts falling due after more than one year
(159,026)
(198,966)
Called up share capital
133
148
Capital redemption reserve
15
-
Profit and loss account
27,109
42,984
Shareholders' funds
27,257
43,132
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 8 March 2024 and were signed on its behalf by
Ieuan Wathen
Director
Company Registration No. 09771486
Wathen Marine Catering Equipment Services Limited
Notes to the Accounts
for the year ended 31 October 2023
Wathen Marine Catering Equipment Services Limited is a private company, limited by shares, registered in England and Wales, registration number 09771486. The registered office is Unit A1 The Premier Centre, Abbey Park Industrial Estate , Romsey, SO51 9DG, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Straight Line
Motor vehicles
20% Straight Line
Fixtures & fittings
20% Straight Line
Computer equipment
33% Straight Line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Expenditure on research and development is written off in the year in which it is incurred.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Wathen Marine Catering Equipment Services Limited
Notes to the Accounts
for the year ended 31 October 2023
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 November 2022
60,944
54,000
5,808
120,752
Additions
170
6,950
481
7,601
At 31 October 2023
61,114
60,950
6,289
128,353
At 1 November 2022
39,078
32,400
3,525
75,003
Charge for the year
10,974
11,843
1,258
24,075
At 31 October 2023
50,052
44,243
4,783
99,078
At 31 October 2023
11,062
16,707
1,506
29,275
At 31 October 2022
21,866
21,600
2,283
45,749
Raw materials
61,630
68,273
Work in progress
140,694
136,705
Amounts falling due within one year
Trade debtors
113,670
74,979
Accrued income and prepayments
13,761
11,050
Other debtors
61,398
73,555
Amounts falling due after more than one year
Wathen Marine Catering Equipment Services Limited
Notes to the Accounts
for the year ended 31 October 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
58,981
63,546
Trade creditors
100,199
57,340
Taxes and social security
13,779
17,076
Other creditors
38,475
19,378
Loans from directors
10,160
-
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
159,026
198,966
Allotted, called up and fully paid:
10,000 Ordinary of £0.01 each
100.00
100.00
3,300 Ordinary B of £0.01 each
33.00
33.00
- Ordinary B of £0.01 each
-
14.78
10
Average number of employees
During the year the average number of employees was 6 (2022: 5).