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Registration number: 02666794

Admiral Marine Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

Pages for filing with Registrar

 

Admiral Marine Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Admiral Marine Limited

Company Information

Directors

J W Woollam

B R K Leah

Registered office

Beacon Tower
Colston Street
Bristol
BS1 4XE

Registered number

02666794

Accountants

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Admiral Marine Limited

(Registration number: 02666794)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

7,066

12,028

Current assets

 

Debtors

6

220,617

220,778

Cash at bank and in hand

 

835,629

797,776

 

1,056,246

1,018,554

Creditors: Amounts falling due within one year

7

(711,341)

(754,388)

Net current assets

 

344,905

264,166

Total assets less current liabilities

 

351,971

276,194

Provisions for liabilities

(2,619)

(2,619)

Net assets

 

349,352

273,575

Capital and reserves

 

Called up share capital

8

19,000

19,000

Share premium reserve

10,800

10,800

Capital redemption reserve

1,000

1,000

Profit and loss account

318,552

242,775

Total equity

 

349,352

273,575

 

Admiral Marine Limited

(Registration number: 02666794)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 13 August 2024 and signed on its behalf by:
 

.........................................

J W Woollam

Director

 

Admiral Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Beacon Tower
Colston Street
Bristol
BS1 4XE
England

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in compliance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. Given the company's profitability and financial resources, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

Revenue recognition

Turnover represents the insurance broking commission and fees receivable for insurances arranged in the year.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Admiral Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into sterling at the rates prevailing on the reporting period date. Exchange gains and losses are taken to profit and loss and classified within administrative expenses.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.


Deferred tax
Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred corporation tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Short leasehold land and buildings

Over the term of the lease

Furniture, fittings and equipment

25% on reducing balance

Office equipment

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

 

Admiral Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2

Accounting policies (continued)

Insurance debtors

Insurance debtors are recognised initially at the transaction price. They are subsequently measured less any provision for impairment. A provision for the impairment of insurance debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are recognised at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividends distributed to the company’s shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits, including the cost of any unused holiday entitlement, are recognised as a liability and an expense, in the period in which the employees' services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Admiral Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Taxation

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Fixed asset timing differences

2,619

2,619

2022

Liability
£

Fixed asset timing differences

2,619

2,619

 

Admiral Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible fixed assets

Short leasehold land and buildings
£

Office Equipment
 £

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 January 2023

24,801

70,682

29,652

125,135

Additions

-

41

-

41

At 31 December 2023

24,801

70,723

29,652

125,176

Depreciation

At 1 January 2023

24,801

60,234

28,072

113,107

Charge for the year

-

4,376

627

5,003

At 31 December 2023

24,801

64,610

28,699

118,110

Carrying amount

At 31 December 2023

-

6,113

953

7,066

At 31 December 2022

-

10,448

1,580

12,028

6

Debtors: amounts falling due within one year

2023
£

2022
£

Owed by group undertakings

219,780

219,780

Other debtors

 

-

157

Prepayments

 

837

841

 

220,617

220,778

 

Admiral Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

2023
£

2022
£

Trade creditors

 

5,754

157

Owed to group undertakings

25,747

31,463

Corporation tax

 

20,377

33,793

Social security and other taxes

 

1,756

2,499

Other creditors

 

647,456

676,599

Accruals

 

10,251

9,877

 

711,341

754,388

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

19,000

19,000

19,000

19,000

         

9

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Total

2,000

2,000

 

Admiral Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Parent and ultimate parent undertaking

The company's immediate parent is Hayes Parsons Holdings Limited, incorporated in England and Wales.

The ultimate parent is Wingardium Holdings Limited, incorporated in England and Wales.

The ultimate controlling party is Mr J W Woollam by virtue of his majority shareholding in Wingardium Holdings Limited.