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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
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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
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Wathen Marine Catering Equipment Services Limited Statement of financial position as at 31 October 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
29,275 
45,749 
Current assets
Inventories
202,324 
204,978 
Debtors
192,954 
159,584 
Cash at bank and in hand
20 
80 
395,298 
364,642 
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)
Net assets
27,257 
43,132 
Capital and reserves
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
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Wathen Marine Catering Equipment Services Limited Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
Foreign exchange
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.
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Wathen Marine Catering Equipment Services Limited Notes to the Accounts for the year ended 31 October 2023
Pension costs
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 
Depreciation
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 
Net book value
At 31 October 2023
11,062 
16,707 
1,506 
29,275 
At 31 October 2022
21,866 
21,600 
2,283 
45,749 
5
Inventories
2023 
2022 
£ 
£ 
Raw materials
61,630 
68,273 
Work in progress
140,694 
136,705 
202,324 
204,978 
6
Debtors
2023 
2022 
£ 
£ 
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 
188,829 
159,584 
Amounts falling due after more than one year
Other debtors
4,125 
- 
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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 
VAT
15,946 
10,912 
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 
- 
Accruals
750 
41 
238,290 
168,293 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
159,026 
198,966 
9
Share capital
2023 
2022 
£ 
£ 
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 
133.00 
147.78 
10
Average number of employees
During the year the average number of employees was 6 (2022: 5).
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