8 false false false false false false false false false false true false false false false false false No description of principal activity 2022-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 07394194 2022-08-01 2023-07-31 07394194 2023-07-31 07394194 2022-07-31 07394194 2021-08-01 2022-07-31 07394194 2022-07-31 07394194 2021-07-31 07394194 core:PlantMachinery 2022-08-01 2023-07-31 07394194 core:FurnitureFittings 2022-08-01 2023-07-31 07394194 core:MotorVehicles 2022-08-01 2023-07-31 07394194 bus:Director2 2022-08-01 2023-07-31 07394194 core:LandBuildings 2022-07-31 07394194 core:PlantMachinery 2022-07-31 07394194 core:FurnitureFittings 2022-07-31 07394194 core:MotorVehicles 2022-07-31 07394194 core:LandBuildings 2023-07-31 07394194 core:PlantMachinery 2023-07-31 07394194 core:FurnitureFittings 2023-07-31 07394194 core:MotorVehicles 2023-07-31 07394194 core:WithinOneYear 2023-07-31 07394194 core:WithinOneYear 2022-07-31 07394194 core:AfterOneYear 2023-07-31 07394194 core:AfterOneYear 2022-07-31 07394194 core:ShareCapital 2023-07-31 07394194 core:ShareCapital 2022-07-31 07394194 core:RetainedEarningsAccumulatedLosses 2023-07-31 07394194 core:RetainedEarningsAccumulatedLosses 2022-07-31 07394194 core:LandBuildings 2022-07-31 07394194 core:PlantMachinery 2022-07-31 07394194 core:FurnitureFittings 2022-07-31 07394194 core:MotorVehicles 2022-07-31 07394194 bus:SmallEntities 2022-08-01 2023-07-31 07394194 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 07394194 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 07394194 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 07394194 bus:FullAccounts 2022-08-01 2023-07-31
COMPANY REGISTRATION NUMBER: 07394194
ACASTER MARINE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 July 2023
ACASTER MARINE LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
591,190
550,245
CURRENT ASSETS
Stocks
233,756
138,554
Debtors
6
34,581
60,330
Cash at bank and in hand
32,680
66,288
----------
----------
301,017
265,172
CREDITORS: amounts falling due within one year
7
246,151
222,345
----------
----------
NET CURRENT ASSETS
54,866
42,827
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
646,056
593,072
CREDITORS: amounts falling due after more than one year
8
338,091
320,262
PROVISIONS
Taxation including deferred tax
50,767
30,803
----------
----------
NET ASSETS
257,198
242,007
----------
----------
ACASTER MARINE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2023
2023
2022
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
257,098
241,907
----------
----------
SHAREHOLDERS FUNDS
257,198
242,007
----------
----------
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 July 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 .
These financial statements were approved by the board of directors and authorised for issue on 24 April 2024 , and are signed on behalf of the board by:
Mr G Hudson
Director
Company registration number: 07394194
ACASTER MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 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 The Boat House, Water Line Estate, Acaster Malbis, York, YO23 2UY.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. ACCOUNTING POLICIES
(a) 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.
(b) Going concern
In March 2020, the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. More latterly, the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
(d) Current & deferred 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
(f) 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:
Plant & machinery
-
15% reducing balance
Fixtures & fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
(g) 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.
(h) 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.
(i) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(j) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
(k) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
(l) 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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 8 (2022: 8 ).
5. TANGIBLE ASSETS
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2022
388,123
161,964
4,183
111,012
665,282
Additions
12,701
117,419
130,120
Disposals
( 71,412)
( 71,412)
----------
----------
-------
----------
----------
At 31 July 2023
388,123
174,665
4,183
157,019
723,990
----------
----------
-------
----------
----------
Depreciation
At 1 August 2022
77,168
2,375
35,494
115,037
Charge for the year
14,628
694
29,205
44,527
Disposals
( 26,764)
( 26,764)
----------
----------
-------
----------
----------
At 31 July 2023
91,796
3,069
37,935
132,800
----------
----------
-------
----------
----------
Carrying amount
At 31 July 2023
388,123
82,869
1,114
119,084
591,190
----------
----------
-------
----------
----------
At 31 July 2022
388,123
84,796
1,808
75,518
550,245
----------
----------
-------
----------
----------
6. DEBTORS
2023
2022
£
£
Trade debtors
9,740
30,449
Other debtors
24,841
29,881
--------
--------
34,581
60,330
--------
--------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
20,938
24,972
Trade creditors
62,707
40,819
Corporation tax
21,157
28,938
Social security and other taxes
57,243
54,004
Directors loan account
153
1,484
Company credit card
19,915
13,123
Other creditors
64,038
59,005
----------
----------
246,151
222,345
----------
----------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
219,750
242,200
Other creditors
118,341
78,062
----------
----------
338,091
320,262
----------
----------
Included within creditors: amounts falling due after more than one year is an amount of £155,323 (2022: £167,845) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
These liabilities are secured against the freehold property owned by the company.