IRIS Accounts Production v24.1.0.578 00560811 director 1.1.23 31.12.23 31.12.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure005608112022-12-31005608112023-12-31005608112023-01-012023-12-31005608112021-12-31005608112022-01-012022-12-31005608112022-12-3100560811ns16:EnglandWales2023-01-012023-12-3100560811ns15:PoundSterling2023-01-012023-12-3100560811ns11:Director12023-01-012023-12-3100560811ns11:PrivateLimitedCompanyLtd2023-01-012023-12-3100560811ns11:SmallEntities2023-01-012023-12-3100560811ns11:AuditExemptWithAccountantsReport2023-01-012023-12-3100560811ns11:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3100560811ns11:SmallCompaniesRegimeForAccounts2023-01-012023-12-3100560811ns11:FullAccounts2023-01-012023-12-310056081112023-01-012023-12-3100560811ns11:RegisteredOffice2023-01-012023-12-3100560811ns6:CurrentFinancialInstruments2023-12-3100560811ns6:CurrentFinancialInstruments2022-12-3100560811ns6:Non-currentFinancialInstruments2023-12-3100560811ns6:Non-currentFinancialInstruments2022-12-3100560811ns6:ShareCapital2023-12-3100560811ns6:ShareCapital2022-12-3100560811ns6:RetainedEarningsAccumulatedLosses2023-12-3100560811ns6:RetainedEarningsAccumulatedLosses2022-12-3100560811ns6:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3100560811ns6:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3100560811ns6:LandBuildings2023-01-012023-12-3100560811ns6:PlantMachinery2023-01-012023-12-310056081112023-01-012023-12-3100560811ns6:IntangibleAssetsOtherThanGoodwill2022-12-3100560811ns6:IntangibleAssetsOtherThanGoodwill2023-12-3100560811ns6:IntangibleAssetsOtherThanGoodwill2022-12-3100560811ns6:LandBuildings2022-12-3100560811ns6:PlantMachinery2022-12-3100560811ns6:LandBuildings2023-12-3100560811ns6:PlantMachinery2023-12-3100560811ns6:LandBuildings2022-12-3100560811ns6:PlantMachinery2022-12-3100560811ns6:WithinOneYearns6:CurrentFinancialInstruments2023-12-3100560811ns6:WithinOneYearns6:CurrentFinancialInstruments2022-12-3100560811ns6:Secured2023-12-3100560811ns6:Secured2022-12-310056081112023-01-012023-12-31
REGISTERED NUMBER: 00560811 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

DEESIDE MARINE LTD.

DEESIDE MARINE LTD. (REGISTERED NUMBER: 00560811)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

DEESIDE MARINE LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: R Gidney



REGISTERED OFFICE: Two Humber Quays
Wellington Street West
HULL
HU1 2BN



REGISTERED NUMBER: 00560811 (England and Wales)



ACCOUNTANTS: Bell Ogilvy
Chartered Accountants
36 King Street
Castle Douglas
Dumfries & Galloway
DG7 1AF



BANKERS: Virgin Money
84-86 High Street
DUMFRIES
DG1 2BJ

DEESIDE MARINE LTD. (REGISTERED NUMBER: 00560811)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 16,462 16,494
Tangible assets 5 53,693 92,869
70,155 109,363

CURRENT ASSETS
Stocks 6 315,271 347,410
Debtors 7 93,040 147,439
Cash at bank and in hand 73,984 111,385
482,295 606,234
CREDITORS
Amounts falling due within one year 8 156,484 210,607
NET CURRENT ASSETS 325,811 395,627
TOTAL ASSETS LESS CURRENT
LIABILITIES

395,966

504,990

CREDITORS
Amounts falling due after more than one
year

9

(18,000

)

(26,250

)

PROVISIONS FOR LIABILITIES (5,650 ) (12,996 )
NET ASSETS 372,316 465,744

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 372,216 465,644
SHAREHOLDERS' FUNDS 372,316 465,744

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

DEESIDE MARINE LTD. (REGISTERED NUMBER: 00560811)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 May 2024 and were signed by:





R Gidney - Director


DEESIDE MARINE LTD. (REGISTERED NUMBER: 00560811)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Deeside Marine Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
The turnover shown in the profit and loss account represents the value of all goods sold during the year, less returns received, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

The assets are reviewed for impairment if there are any factors that indicate the carrying amount may be impaired.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - in accordance with the property
Plant and machinery etc - 25% on reducing balance, 15% on cost and 10% on cost

Amounts written off each asset over the estimated useful life represent cost less residual value.
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Stocks are valued at the lower of cost, being average purchase price, and net realisable value, after making due allowance for obsolete and slow moving items..Stocks consist of consumables and machinery for repair and resale.

DEESIDE MARINE LTD. (REGISTERED NUMBER: 00560811)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Cash
Cash and cash equivalents comprise cash on hand and call deposits, and other short term high liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors
Trade debtors are amounts due from customers for the sale of goods and services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price and represent the full value of the goods and services charged to customers, including any amounts charged on for third parties.

Trade Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Accounts payable are classified as current liabilities if the company does not have conditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date they are represented as non current liabilities.

Borrowings
Interest bearing borrowings are initially recorded at fair value, net of transaction costs. Interest bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of financial activities over the period of the relevant borrowing.

Provisions and contingencies
Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

DEESIDE MARINE LTD. (REGISTERED NUMBER: 00560811)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

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.

Revenue recognition
In accordance with the principle of revenue recognition, income is recognised as the right to consideration through performance of contractual obligations and is included in the financial statements when the company is legally entitled to the income.

Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 22,405
Additions 1,111
At 31 December 2023 23,516
AMORTISATION
At 1 January 2023 5,911
Charge for year 1,143
At 31 December 2023 7,054
NET BOOK VALUE
At 31 December 2023 16,462
At 31 December 2022 16,494

DEESIDE MARINE LTD. (REGISTERED NUMBER: 00560811)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 54,525 227,651 282,176
Disposals - (28,916 ) (28,916 )
At 31 December 2023 54,525 198,735 253,260
DEPRECIATION
At 1 January 2023 38,560 150,747 189,307
Charge for year - 12,501 12,501
Eliminated on disposal - (2,241 ) (2,241 )
At 31 December 2023 38,560 161,007 199,567
NET BOOK VALUE
At 31 December 2023 15,965 37,728 53,693
At 31 December 2022 15,965 76,904 92,869

6. STOCKS
2023 2022
£    £   
Stocks 246,351 301,010
Work-in-progress 68,920 46,400
315,271 347,410

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 93,040 147,426
Other debtors - 13
93,040 147,439

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,000 9,000
Trade creditors 39,364 63,584
Amounts owed to group undertakings 80,961 81,974
Taxation and social security 22,981 51,694
Other creditors 4,178 4,355
156,484 210,607

DEESIDE MARINE LTD. (REGISTERED NUMBER: 00560811)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 18,000 26,250

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 27,000 35,250

The bank loan is secured by way of fixed and floating charges over the company assets.

11. OTHER FINANCIAL COMMITMENTS

At 31 December 2023, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £22,500 (2022: £45,000).

12. RELATED PARTY DISCLOSURES

During the year dividends of £77,000 (2022: £39,000) were paid to its parent company Tough Tines Limited. A balance of £89,961 was owing to the parent company at the year end.

During the year the director made an interest free loan to the company. An amount of £968 was owing to the Director at 31 December 2023.

No other transactions with related parties were undertaken such as are required to be disclosed.

13. ULTIMATE CONTROLLING PARTY

The company was under the control of the holders of the ordinary share capital, Tough Tines Ltd, Dee Walk, Kirkcudbright, DG6 4DR. Mr Richard Gidney is the sole Director and shareholder of Tough Tines Limited.

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
DEESIDE MARINE LTD.


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Deeside Marine Ltd. for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Deeside Marine Ltd. in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Deeside Marine Ltd. and state those matters that we have agreed to state to the director of Deeside Marine Ltd. in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Deeside Marine Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Deeside Marine Ltd.. You consider that Deeside Marine Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Deeside Marine Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Bell Ogilvy
Chartered Accountants
36 King Street
Castle Douglas
Dumfries & Galloway
DG7 1AF


1 May 2024