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COMPANY REGISTRATION NUMBER: 12139920
MARINERS CHIPPY LIMITED
Filleted Unaudited Financial Statements
31 August 2023
MARINERS CHIPPY LIMITED
Financial Statements
Year ended 31 August 2023
Contents
Page
Director's report
1
Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
MARINERS CHIPPY LIMITED
Director's Report
Year ended 31 August 2023
The director presents her report and the unaudited financial statements of the company for the year ended 31 August 2023 .
Director
The director who served the company during the year was as follows:
Mrs H K Punia
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 25 August 2024 and signed on behalf of the board by:
Mrs H K Punia
Director
MARINERS CHIPPY LIMITED
Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of MARINERS CHIPPY LIMITED
Year ended 31 August 2023
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 August 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
VAGHELA & CO. (SERVICES) LTD. Chartered Certified Accountants
P.O. Box 10901 Birmingham B1 1ZQ
25 August 2024
MARINERS CHIPPY LIMITED
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
24,792
27,292
Tangible assets
6
28,020
38,232
--------
--------
52,812
65,524
Current assets
Stocks
4,580
3,940
Debtors
7
9,749
9,323
Cash at bank and in hand
4,131
4,808
--------
--------
18,460
18,071
Creditors: amounts falling due within one year
8
65,492
62,115
--------
--------
Net current liabilities
47,032
44,044
--------
--------
Total assets less current liabilities
5,780
21,480
Creditors: amounts falling due after more than one year
9
17,469
27,233
--------
--------
Net liabilities
( 11,689)
( 5,753)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 11,789)
( 5,853)
--------
-------
Shareholders deficit
( 11,689)
( 5,753)
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
MARINERS CHIPPY LIMITED
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 25 August 2024 , and are signed on behalf of the board by:
Mrs H K Punia
Director
Company registration number: 12139920
MARINERS CHIPPY LIMITED
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vaghela & Co (Services) Ltd, Studio 10 Clarks Courtyard, 145 Granville Street, Birmingham, B1 1SB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
15% straight line
Fixtures and fittings
-
15% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 8 ).
5. Intangible assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
50,000
--------
Amortisation
At 1 September 2022
22,708
Charge for the year
2,500
--------
At 31 August 2023
25,208
--------
Carrying amount
At 31 August 2023
24,792
--------
At 31 August 2022
27,292
--------
6. Tangible assets
Long leasehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 September 2022
3,200
68,657
71,857
Additions
476
476
-------
--------
--------
At 31 August 2023
3,200
69,133
72,333
-------
--------
--------
Depreciation
At 1 September 2022
2,880
30,745
33,625
Charge for the year
319
10,369
10,688
-------
--------
--------
At 31 August 2023
3,199
41,114
44,313
-------
--------
--------
Carrying amount
At 31 August 2023
1
28,019
28,020
-------
--------
--------
At 31 August 2022
320
37,912
38,232
-------
--------
--------
7. Debtors
2023
2022
£
£
Other debtors
9,749
9,323
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,648
10,648
Trade creditors
4,555
7,753
Social security and other taxes
19,222
7,013
Other creditors
170
Other creditors
31,067
36,531
--------
--------
65,492
62,115
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
17,469
27,233
--------
--------
10. Director's advances, credits and guarantees
At 31st August 2023, other creditors include the following amounts due to the director:- Mrs H K Punia £26,787 (2022 - £33,841) The loans are interest free and repayable on demand