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Registration number: 397150

Salter's Steamers Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Salter's Steamers Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Salter's Steamers Limited

(Registration number: 397150)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,560,067

2,515,535

Current assets

 

Stocks

5

505,369

510,369

Debtors

6

24,499

36,647

Cash at bank and in hand

 

215,692

204,313

 

745,560

751,329

Creditors: Amounts falling due within one year

7

(2,042,608)

(1,999,652)

Net current liabilities

 

(1,297,048)

(1,248,323)

Total assets less current liabilities

 

1,263,019

1,267,212

Creditors: Amounts falling due after more than one year

7

(192,960)

(190,827)

Provisions for liabilities

(73,912)

(73,912)

Net assets

 

996,147

1,002,473

Capital and reserves

 

Called up share capital

8

70

70

Revaluation reserve

1,017,056

1,017,056

Retained earnings

(20,979)

(14,653)

Shareholders' funds

 

996,147

1,002,473

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Salter's Steamers Limited

(Registration number: 397150)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 22 August 2024 and signed on its behalf by:
 

.........................................
Mr J S E Salter
Director

 

Salter's Steamers Limited

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

1

General information

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

The address of its registered office is:
Folly Bridge
Oxford
OX1 4LA

These financial statements were authorised for issue by the Board on 22 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current and deferred 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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Salter's Steamers Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

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

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Property improvements

0%

Plant and machinery

5% reducing balance

Motor vehicles

25% reducing balance

Fixtures and fittings

15% reducing balance

Small boats, punts etc

2.5% straight line

Motor launches

0%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade 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.

 

Salter's Steamers Limited

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Salter's Steamers Limited

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

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

Salter's Steamers Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

46,992

2,608,225

68,762

2,723,979

Additions

-

26,350

45,353

71,703

Disposals

-

-

(18,285)

(18,285)

At 31 December 2023

46,992

2,634,575

95,830

2,777,397

Depreciation

At 1 January 2023

-

149,711

58,733

208,444

Charge for the year

-

12,706

11,210

23,916

Eliminated on disposal

-

-

(15,030)

(15,030)

At 31 December 2023

-

162,417

54,913

217,330

Carrying amount

At 31 December 2023

46,992

2,472,158

40,917

2,560,067

At 31 December 2022

46,992

2,458,514

10,029

2,515,535

Included within the net book value of land and buildings above is £46,992 (2022 - £46,992) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

505,369

510,369

 

Salter's Steamers Limited

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

6

Debtors

2023
£

2022
£

Trade debtors

6,741

2,499

Prepayments

1,796

80

Other debtors

15,962

34,068

24,499

36,647

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

1,227,325

1,184,287

Trade creditors

 

18,134

20,318

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

698,635

686,230

Taxation and social security

 

6,412

7,481

Accruals and deferred income

 

8,800

15,500

Other creditors

 

83,302

85,836

 

2,042,608

1,999,652

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

192,960

190,827

 

Salter's Steamers Limited

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

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share Capital of £1 each

70

70

70

70

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

159,281

190,827

Hire purchase contracts

33,679

-

192,960

190,827

Current loans and borrowings

2023
£

2022
£

Bank borrowings

30,068

28,590

Bank overdrafts

1,182,702

1,155,697

Hire purchase contracts

14,555

-

1,227,325

1,184,287

10

Related party transactions

Salter Bros Limited owns 100% of the share capital of Salter's Steamers Limited. Mr J Salter controls Salter Bros Limited.