REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
BUTTERWORTH MARINE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
BUTTERWORTH MARINE LIMITED |
BUTTERWORTH MARINE LIMITED (REGISTERED NUMBER: 09676777) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
BUTTERWORTH MARINE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Business Advisors & Accountants |
5&6 Manor Court |
Manor Garth |
Scarborough |
North Yorkshire |
YO11 3TU |
BUTTERWORTH MARINE LIMITED (REGISTERED NUMBER: 09676777) |
BALANCE SHEET |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 | ( |
) | ( |
) |
Retained earnings |
SHAREHOLDERS' FUNDS |
BUTTERWORTH MARINE LIMITED (REGISTERED NUMBER: 09676777) |
BALANCE SHEET - continued |
30 JUNE 2023 |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
BUTTERWORTH MARINE LIMITED (REGISTERED NUMBER: 09676777) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
Butterworth Marine Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The level of rounding used in the financial statements is to the nearest £1. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
The turnover shown in the profit and loss account represents the total invoice value, excluding value added tax, of sales made during the year. Sales are recognised in the profit and loss account when the service is provided, subject to provisions for contracts for services as detailed below. |
Contracts for services |
Where the substance of a contract is that the contractual obligations are performed gradually over time, revenue is recognised as contract activity progresses to reflect the partial performance of the contractual obligations. The amount of revenue included reflects the accrual of the right to consideration as contract activity progresses by reference to value of the work performed. |
Tangible fixed assets |
Freehold property | - |
Fittings and equipment | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment properties are properties held to earn rentals or for capital appreciation or both. |
Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss in the period in which they arise. Deferred taxation is provided on these gains. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
BUTTERWORTH MARINE LIMITED (REGISTERED NUMBER: 09676777) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Government grants |
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fittings |
Freehold | and | Motor | Computer |
property | equipment | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2022 |
and 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2022 |
and 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
BUTTERWORTH MARINE LIMITED (REGISTERED NUMBER: 09676777) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
5. | INVESTMENT PROPERTY - continued |
Investment properties included at fair value would have been included on a historical cost basis at: |
2023 | 2022 |
£ | £ |
Cost | 513,699 | 513,699 |
The completed investment properties are stated at fair value in accordance with the requirements of Section 1A ''Small Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland''. |
The investment properties have been valued by the director and professional valuers at fair value taking into account existing tenancy arrangements. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by associates |
Amounts recoverable on contracts |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Other creditors |
BUTTERWORTH MARINE LIMITED (REGISTERED NUMBER: 09676777) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The company's bank borrowings included in creditors due within and over one year are secured by a fixed and floating charge over the company's assets and a first legal charge over the freehold and investment properties. |
10. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 July 2022 | ( |
) |
Deferred tax on investment |
property | 1,422 |
At 30 June 2023 | ( |
) |
11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The loan is unsecured and repayable on demand. Interest has been charged at a rate of 2% from 6 April 2021 and 2.25% from 6 April 2023 on any outstanding advances granted to the Director. |
12. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemption conferred by section 1AC.35 of FRS 102 Section 1A not to disclose transactions with wholly owned group members. |
13. | CONTROLLING PARTY |
The company is a wholly owned subsidiary of Butterworth Marine Holdings Limited, whose company reference is 13813855 and who's registered office and principal place of business is Belgrave House, 15 Belgrave Crescent, Scarborough, North Yorkshire, England, YO11 1UB. |
Butterworth Marine Holdings Limited is under the control of its director Mr I Butterworth, and as such he is deemed the ultimate controlling party. |