Registered number
07807780
Sentini Marine Limited
Unaudited Filleted Financial Statements
For the Year Ended
31 October 2023
Sentini Marine Limited
Registered number: 07807780
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,891 525
Current assets
Debtors 4 212,873 92,120
Cash at bank and in hand 46,962 63,762
259,835 155,882
Creditors: amounts falling due within one year 5 (159,799) (52,472)
Net current assets 100,036 103,410
Total assets less current liabilities 104,927 103,935
Creditors: amounts falling due after more than one year 6 (24,822) (26,294)
Net assets 80,105 77,641
Capital and reserves
Called up share capital 120 120
Profit and loss account 79,985 77,521
Shareholders' funds 80,105 77,641
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J. Lee
Director
Approved by the board on 31 July 2024
Sentini Marine Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The directors believe the company is experiencing healthy levels of sales and profitability and that it is well placed to manage its business risks successfully. Accordingly they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
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 from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures & Fittings 4 years straight line
Computer Equipment 33.33% straight line
Website 20% straight line
Stocks
Stocks are measured at the lower of cost and net realisable value.
Work in progress
Work in progress is reflected in the accounts on a conract by contract basis by recording turnover and related costs as contract activity progresses.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. Current and deferred tax assets and liabilities are not discounted.
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 profit or loss.
Grants
Grants are recognised using the accrual model per section 24 of FRS102. Revenue grants appear as other operating income on a sytematic basis over the period the company expects to incur the related costs the grant is intended to compensate for.
Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis.
Pensions
The company makes contributions into the personal defined contribution pension schemes of the directors. All contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company (including directors) during the year 3 3
3 Tangible fixed assets
Fixtures & Fittings Computer Equipment Website Total
£ £ £ £
Cost
At 1 November 2022 4,789 2,300 1,805 8,894
Additions 5,029 - - 5,029
At 31 October 2023 9,818 2,300 1,805 13,923
Depreciation
At 1 November 2022 4,266 2,299 1,804 8,369
Charge for the year 663 - - 663
At 31 October 2023 4,929 2,299 1,804 9,032
Net book value
At 31 October 2023 4,889 1 1 4,891
At 31 October 2022 523 1 1 525
4 Debtors 2023 2022
£ £
Trade debtors 77,294 68,301
Taxes recoverable 26,708 13,101
Amounts recoverable on contracts 95,300 -
Prepayments 13,571 10,718
212,873 92,120
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans 4,557 10,091
Trade creditors 108,329 1,656
Other creditors 5,945 1,028
Related party balance 26,922 22,993
Taxation and social security costs 9,257 12,108
Accruals 4,789 4,596
159,799 52,472
The bank loans carry commercial rates of interest and therefore have carrying amounts equivalent to their fair value.
The related party is a company under common control of the directors. The balance was interest free and carried no fixed repayment terms but was legally repayable on demand.
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 24,822 26,294
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than 5 years 7,644 -
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 7,950 -
9 Other information
Sentini Marine Limited is a private company limited by shares and incorporated in England. Its registered office is : Aspley Wharf Marina, St. Andrews Road, Huddersfield, West Yorkshire, HD1 6SD.
The financial statements are presented in Sterling, which is the functional currency of the company.
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