IRIS Accounts Production v24.1.9.2 11567240 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh115672402022-12-31115672402023-12-31115672402023-01-012023-12-31115672402021-12-31115672402022-01-012022-12-31115672402022-12-3111567240ns15:EnglandWales2023-01-012023-12-3111567240ns14:PoundSterling2023-01-012023-12-3111567240ns10:Director12023-01-012023-12-3111567240ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3111567240ns10:SmallEntities2023-01-012023-12-3111567240ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-3111567240ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3111567240ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3111567240ns10:FullAccounts2023-01-012023-12-311156724012023-01-012023-12-3111567240ns10:Director22023-01-012023-12-3111567240ns10:Director32023-01-012023-12-3111567240ns10:Director42023-01-012023-12-3111567240ns10:RegisteredOffice2023-01-012023-12-3111567240ns5:CurrentFinancialInstruments2023-12-3111567240ns5:CurrentFinancialInstruments2022-12-3111567240ns5:ShareCapital2023-12-3111567240ns5:ShareCapital2022-12-3111567240ns5:SharePremium2023-12-3111567240ns5:SharePremium2022-12-3111567240ns5:RetainedEarningsAccumulatedLosses2023-12-3111567240ns5:RetainedEarningsAccumulatedLosses2022-12-3111567240ns5:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3111567240ns5:PlantMachinery2023-01-012023-12-3111567240ns5:IntangibleAssetsOtherThanGoodwill2022-12-3111567240ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3111567240ns5:IntangibleAssetsOtherThanGoodwill2023-12-3111567240ns5:IntangibleAssetsOtherThanGoodwill2022-12-3111567240ns5:PlantMachinery2022-12-3111567240ns5:PlantMachinery2023-12-3111567240ns5:PlantMachinery2022-12-3111567240ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3111567240ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31
REGISTERED NUMBER: 11567240 (England and Wales)









CYCLOPS MARINE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






CYCLOPS MARINE LTD (REGISTERED NUMBER: 11567240)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


CYCLOPS MARINE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: I D Howarth
E Colby
M Woodhams
P Hiscocks





REGISTERED OFFICE: Unit 25,
The Slipway Marina Keep,
Port Solent,
Portsmouth,
Hants
PO6 4TR





REGISTERED NUMBER: 11567240 (England and Wales)





ACCOUNTANTS: Morris Crocker
Chartered Accountants
Station House
North Street
Havant
Hampshire
PO9 1QU

CYCLOPS MARINE LTD (REGISTERED NUMBER: 11567240)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,503 2,813
Tangible assets 5 10,301 6,254
12,804 9,067

CURRENT ASSETS
Stocks 171,567 123,597
Debtors 6 136,227 92,956
Cash at bank 772,251 83,433
1,080,045 299,986
CREDITORS
Amounts falling due within one year 7 140,911 137,085
NET CURRENT ASSETS 939,134 162,901
TOTAL ASSETS LESS CURRENT
LIABILITIES

951,938

171,968

CAPITAL AND RESERVES
Called up share capital 276 221
Share premium 2,154,834 1,154,919
Retained earnings (1,203,172 ) (983,172 )
951,938 171,968

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 directors acknowledge their 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2024 and were signed on its behalf by:



I D Howarth - Director


CYCLOPS MARINE LTD (REGISTERED NUMBER: 11567240)

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

1. STATUTORY INFORMATION

Cyclops 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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Website costs are being amortised evenly over their estimated useful life of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

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

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties and investments in non-puttable ordinary shares.

Trade and other debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other short-term highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Trade and other creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method


CYCLOPS MARINE LTD (REGISTERED NUMBER: 11567240)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 3,102
AMORTISATION
At 1 January 2023 289
Charge for year 310
At 31 December 2023 599
NET BOOK VALUE
At 31 December 2023 2,503
At 31 December 2022 2,813

CYCLOPS MARINE LTD (REGISTERED NUMBER: 11567240)

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

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 16,013
Additions 12,460
Disposals (62 )
At 31 December 2023 28,411
DEPRECIATION
At 1 January 2023 9,759
Charge for year 8,413
Eliminated on disposal (62 )
At 31 December 2023 18,110
NET BOOK VALUE
At 31 December 2023 10,301
At 31 December 2022 6,254

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 75,457 34,889
Other debtors 60,770 58,067
136,227 92,956

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 76,954 29,423
Taxation and social security 17,400 7,507
Other creditors 46,557 100,155
140,911 137,085