Company registration number 12275497 (England and Wales)
JAY MARINE ENGINEERING SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023
4 Brackley Close
Bournemouth International Airport
Christchurch
Dorset
BH23 6SE
JAY MARINE ENGINEERING SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
JAY MARINE ENGINEERING SERVICES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
48,125
8,115
Current assets
Debtors
4
51,459
Cash at bank and in hand
2,707
24,206
54,166
24,206
Creditors: amounts falling due within one year
5
(23,076)
(24,481)
Net current assets/(liabilities)
31,090
(275)
Total assets less current liabilities
79,215
7,840
Creditors: amounts falling due after more than one year
6
(28,621)
Provisions for liabilities
(9,144)
(1,358)
Net assets
41,450
6,482
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
41,350
6,382
Total equity
41,450
6,482
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
JAY MARINE ENGINEERING SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 July 2024
Mr J Yates
Director
Company registration number 12275497 (England and Wales)
JAY MARINE ENGINEERING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
JAY Marine Engineering Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 48 Ensbury Avenue, Bournemouth, Dorset, BH10 4HG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
Computers
4 years straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
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.
1.5
Financial instruments
Classification of financial liabilities
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 company after deducting all of its liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised on taxable profit for the current and, where not previously recognised, 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.
JAY MARINE ENGINEERING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
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.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 November 2022
874
278
10,000
11,152
Additions
14,613
175
34,994
49,782
At 31 October 2023
15,487
453
44,994
60,934
Depreciation and impairment
At 1 November 2022
467
70
2,500
3,037
Depreciation charged in the year
1,959
106
7,707
9,772
At 31 October 2023
2,426
176
10,207
12,809
Carrying amount
At 31 October 2023
13,061
277
34,787
48,125
At 31 October 2022
407
208
7,500
8,115
JAY MARINE ENGINEERING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
51,459
5
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
9,092
6,789
Other creditors
13,984
17,692
23,076
24,481
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
28,621