2022-08-012023-07-312023-07-31false12118617REED MARINE LIMITED2024-07-3082990iso4217:GBPxbrli:pure121186172022-08-01121186172023-07-31121186172022-08-012023-07-31121186172021-08-01121186172022-07-31121186172021-08-012022-07-3112118617bus:SmallEntities2022-08-012023-07-3112118617bus:AuditExempt-NoAccountantsReport2022-08-012023-07-3112118617bus:FullAccounts2022-08-012023-07-3112118617bus:PrivateLimitedCompanyLtd2022-08-012023-07-3112118617core:WithinOneYear2023-07-3112118617core:AfterOneYear2023-07-3112118617core:WithinOneYear2022-07-3112118617core:AfterOneYear2022-07-3112118617core:ShareCapital2023-07-3112118617core:SharePremium2023-07-3112118617core:RevaluationReserve2023-07-3112118617core:OtherReservesSubtotal2023-07-3112118617core:RetainedEarningsAccumulatedLosses2023-07-3112118617core:ShareCapital2022-07-3112118617core:SharePremium2022-07-3112118617core:RevaluationReserve2022-07-3112118617core:OtherReservesSubtotal2022-07-3112118617core:RetainedEarningsAccumulatedLosses2022-07-3112118617core:LandBuildings2023-07-3112118617core:PlantMachinery2023-07-3112118617core:Vehicles2023-07-3112118617core:FurnitureFittings2023-07-3112118617core:OfficeEquipment2023-07-3112118617core:NetGoodwill2023-07-3112118617core:IntangibleAssetsOtherThanGoodwill2023-07-3112118617core:ListedExchangeTraded2023-07-3112118617core:UnlistedNon-exchangeTraded2023-07-3112118617core:LandBuildings2022-07-3112118617core:PlantMachinery2022-07-3112118617core:Vehicles2022-07-3112118617core:FurnitureFittings2022-07-3112118617core:OfficeEquipment2022-07-3112118617core:NetGoodwill2022-07-3112118617core:IntangibleAssetsOtherThanGoodwill2022-07-3112118617core:ListedExchangeTraded2022-07-3112118617core:UnlistedNon-exchangeTraded2022-07-3112118617core:LandBuildings2022-08-012023-07-3112118617core:PlantMachinery2022-08-012023-07-3112118617core:Vehicles2022-08-012023-07-3112118617core:FurnitureFittings2022-08-012023-07-3112118617core:OfficeEquipment2022-08-012023-07-3112118617core:NetGoodwill2022-08-012023-07-3112118617core:IntangibleAssetsOtherThanGoodwill2022-08-012023-07-3112118617core:ListedExchangeTraded2022-08-012023-07-3112118617core:UnlistedNon-exchangeTraded2022-08-012023-07-3112118617core:MoreThanFiveYears2022-08-012023-07-3112118617core:Non-currentFinancialInstruments2023-07-3112118617core:Non-currentFinancialInstruments2022-07-3112118617dpl:CostSales2022-08-012023-07-3112118617dpl:DistributionCosts2022-08-012023-07-3112118617core:LandBuildings2022-08-012023-07-3112118617core:PlantMachinery2022-08-012023-07-3112118617core:Vehicles2022-08-012023-07-3112118617core:FurnitureFittings2022-08-012023-07-3112118617core:OfficeEquipment2022-08-012023-07-3112118617dpl:AdministrativeExpenses2022-08-012023-07-3112118617core:NetGoodwill2022-08-012023-07-3112118617core:IntangibleAssetsOtherThanGoodwill2022-08-012023-07-3112118617dpl:GroupUndertakings2022-08-012023-07-3112118617dpl:ParticipatingInterests2022-08-012023-07-3112118617dpl:GroupUndertakingscore:ListedExchangeTraded2022-08-012023-07-3112118617core:ListedExchangeTraded2022-08-012023-07-3112118617dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-08-012023-07-3112118617core:UnlistedNon-exchangeTraded2022-08-012023-07-3112118617dpl:CostSales2021-08-012022-07-3112118617dpl:DistributionCosts2021-08-012022-07-3112118617core:LandBuildings2021-08-012022-07-3112118617core:PlantMachinery2021-08-012022-07-3112118617core:Vehicles2021-08-012022-07-3112118617core:FurnitureFittings2021-08-012022-07-3112118617core:OfficeEquipment2021-08-012022-07-3112118617dpl:AdministrativeExpenses2021-08-012022-07-3112118617core:NetGoodwill2021-08-012022-07-3112118617core:IntangibleAssetsOtherThanGoodwill2021-08-012022-07-3112118617dpl:GroupUndertakings2021-08-012022-07-3112118617dpl:ParticipatingInterests2021-08-012022-07-3112118617dpl:GroupUndertakingscore:ListedExchangeTraded2021-08-012022-07-3112118617core:ListedExchangeTraded2021-08-012022-07-3112118617dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-08-012022-07-3112118617core:UnlistedNon-exchangeTraded2021-08-012022-07-3112118617core:NetGoodwill2023-07-3112118617core:IntangibleAssetsOtherThanGoodwill2023-07-3112118617core:LandBuildings2023-07-3112118617core:PlantMachinery2023-07-3112118617core:Vehicles2023-07-3112118617core:FurnitureFittings2023-07-3112118617core:OfficeEquipment2023-07-3112118617core:AfterOneYear2023-07-3112118617core:WithinOneYear2023-07-3112118617core:ListedExchangeTraded2023-07-3112118617core:UnlistedNon-exchangeTraded2023-07-3112118617core:ShareCapital2023-07-3112118617core:SharePremium2023-07-3112118617core:RevaluationReserve2023-07-3112118617core:OtherReservesSubtotal2023-07-3112118617core:RetainedEarningsAccumulatedLosses2023-07-3112118617core:NetGoodwill2022-07-3112118617core:IntangibleAssetsOtherThanGoodwill2022-07-3112118617core:LandBuildings2022-07-3112118617core:PlantMachinery2022-07-3112118617core:Vehicles2022-07-3112118617core:FurnitureFittings2022-07-3112118617core:OfficeEquipment2022-07-3112118617core:AfterOneYear2022-07-3112118617core:WithinOneYear2022-07-3112118617core:ListedExchangeTraded2022-07-3112118617core:UnlistedNon-exchangeTraded2022-07-3112118617core:ShareCapital2022-07-3112118617core:SharePremium2022-07-3112118617core:RevaluationReserve2022-07-3112118617core:OtherReservesSubtotal2022-07-3112118617core:RetainedEarningsAccumulatedLosses2022-07-3112118617core:NetGoodwill2021-08-0112118617core:IntangibleAssetsOtherThanGoodwill2021-08-0112118617core:LandBuildings2021-08-0112118617core:PlantMachinery2021-08-0112118617core:Vehicles2021-08-0112118617core:FurnitureFittings2021-08-0112118617core:OfficeEquipment2021-08-0112118617core:AfterOneYear2021-08-0112118617core:WithinOneYear2021-08-0112118617core:ListedExchangeTraded2021-08-0112118617core:UnlistedNon-exchangeTraded2021-08-0112118617core:ShareCapital2021-08-0112118617core:SharePremium2021-08-0112118617core:RevaluationReserve2021-08-0112118617core:OtherReservesSubtotal2021-08-0112118617core:RetainedEarningsAccumulatedLosses2021-08-0112118617core:AfterOneYear2022-08-012023-07-3112118617core:WithinOneYear2022-08-012023-07-3112118617core:Non-currentFinancialInstrumentscore:CostValuation2022-08-012023-07-3112118617core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2022-08-012023-07-3112118617core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2022-08-012023-07-3112118617core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2022-08-012023-07-3112118617core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2022-08-012023-07-3112118617core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2022-08-012023-07-3112118617core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2022-08-012023-07-3112118617core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2022-08-012023-07-3112118617core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2022-08-012023-07-3112118617core:Non-currentFinancialInstrumentscore:CostValuation2023-07-3112118617core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-07-3112118617core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-07-3112118617core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-07-3112118617core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-07-3112118617core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-07-3112118617core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-07-3112118617core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-07-3112118617core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-07-3112118617core:Non-currentFinancialInstrumentscore:CostValuation2022-07-3112118617core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2022-07-3112118617core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2022-07-3112118617core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2022-07-3112118617core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2022-07-3112118617core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2022-07-3112118617core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2022-07-3112118617core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2022-07-3112118617core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2022-07-3112118617bus:Director12022-08-012023-07-3112118617bus:Director22022-08-012023-07-31

REED MARINE LIMITED

Registered Number
12118617
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2023

REED MARINE LIMITED
Company Information
for the year from 1 August 2022 to 31 July 2023

Directors

REED, Clive
REED, Deborah Bernice

Registered Address

James Watson House Montgomery Way
Rosehill Industrial Estate
Carlisle
CA1 2UU

Registered Number

12118617 (England and Wales)
REED MARINE LIMITED
Statement of Financial Position
31 July 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets314,70615,176
14,70615,176
Current assets
Debtors4183,814239,949
Cash at bank and on hand27,64840,613
211,462280,562
Creditors amounts falling due within one year5(52,742)(59,194)
Net current assets (liabilities)158,720221,368
Total assets less current liabilities173,426236,544
Creditors amounts falling due after one year6(23,333)(33,333)
Provisions for liabilities7(3,700)(3,700)
Net assets146,393199,511
Capital and reserves
Called up share capital125125
Profit and loss account146,268199,386
Shareholders' funds146,393199,511
The financial statements were approved and authorised for issue by the Board of Directors on 30 July 2024, and are signed on its behalf by:
REED, Clive
Director
Registered Company No. 12118617
REED MARINE LIMITED
Notes to the Financial Statements
for the year ended 31 July 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.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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 the Income Statement
Current taxation
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
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement. 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.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20232022
Average number of employees during the year22
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 August 2211,64533,94445,589
Additions-4,0554,055
At 31 July 2311,64537,99949,644
Depreciation and impairment
At 01 August 22-30,41330,413
Charge for year1,7472,7784,525
At 31 July 231,74733,19134,938
Net book value
At 31 July 239,8984,80814,706
At 31 July 2211,6453,53115,176
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables62,257-
Other debtors112,696160,130
Prepayments and accrued income8,86179,819
Total183,814239,949
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables-2,975
Bank borrowings and overdrafts10,00010,000
Taxation and social security35,59340,576
Accrued liabilities and deferred income7,1495,643
Total52,74259,194
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts23,33333,333
Total23,33333,333
The aggregate amount of liabilities repayable by installments more than five years after the balance sheet date is £Nil (2022 - £Nil).
7.Provisions for liabilities
The provision for deferred tax is made up of accelerated capital allowances on fixed assets.

2023

2022

££
Net deferred tax liability (asset)3,7003,700
Total3,7003,700
8.Directors advances, credits and guarantees
On 1 August 2022 the directors owed the company £160,130. During the period the directors were advanced a further £212,571 and repaid £271,378. At 31 July 2023 the directors owed the company £101,323. Interest totalling £2,941 (2022 - £3,146) was charged on this loan at the HMRC official rate. The loan is repayable on demand.