2023-01-012023-12-312023-12-31false04445603Tides Marine International 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Tides Marine International Limited

Registered Number
04445603
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Tides Marine International Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

I Nuttall
J Strong

Registered Address

Unit 5 Birch Copse
Technology Road
Poole
BH17 7FH

Registered Number

04445603 (England and Wales)
Tides Marine International Limited
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets439,95946,332
Investments57,3617,361
47,32053,693
Current assets
Stocks6463,072459,207
Debtors206,320106,552
Cash at bank and on hand1,110,532792,821
1,779,9241,358,580
Creditors amounts falling due within one year9(269,565)(248,551)
Net current assets (liabilities)1,510,3591,110,029
Total assets less current liabilities1,557,6791,163,722
Provisions for liabilities10(109,398)(108,802)
Net assets1,448,2811,054,920
Capital and reserves
Called up share capital100100
Profit and loss account1,448,1811,054,820
Shareholders' funds1,448,2811,054,920
The financial statements were approved and authorised for issue by the Board of Directors on 5 March 2024, and are signed on its behalf by:
I Nuttall
Director
Registered Company No. 04445603
Tides Marine International Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain assets. The financial statements are prepared in sterling, which is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Plant and machinery15-
Fixtures and fittings15-
Vehicles25-
Office Equipment-3
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20232022
Average number of employees during the year44
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 January 236,0006,000
At 31 December 236,0006,000
Amortisation and impairment
At 01 January 236,0006,000
At 31 December 236,0006,000
Net book value
At 31 December 23--
At 31 December 22--
4.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 January 233,65284,50323,10939,178150,442
Additions3,134-2742,1595,567
At 31 December 236,78684,50323,38341,337156,009
Depreciation and impairment
At 01 January 233,02544,47820,27036,337104,110
Charge for year27310,0064291,23211,940
At 31 December 233,29854,48420,69937,569116,050
Net book value
At 31 December 233,48830,0192,6843,76839,959
At 31 December 2262740,0252,8392,84146,332
5.Fixed asset investments

Other investments1

Total

££
Cost or valuation
At 01 January 237,3617,361
At 31 December 237,3617,361
Net book value
At 31 December 237,3617,361
At 31 December 227,3617,361

Notes

1Other investments other than loans
6.Stocks

2023

2022

££
Raw materials and consumables463,072459,207
Total463,072459,207
7.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables190,91894,679
Prepayments and accrued income15,40211,873
Total206,320106,552
8.Debtors: amounts due after one year
9.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables128,641139,880
Taxation and social security135,749101,063
Accrued liabilities and deferred income5,1757,608
Total269,565248,551
10.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)9,3988,802
Other provisions100,000100,000
Total109,398108,802