64 false false false false false false false false false true false false false false false false No description of principal activity 2022-09-01 Sage Accounts Production Advanced 2023 - FRS102_2023 367,250 50,000 317,150 367,150 100 317,250 xbrli:pure xbrli:shares iso4217:GBP 3240923 2022-09-01 2023-08-31 3240923 2023-08-31 3240923 2022-08-31 3240923 2021-09-01 2022-08-31 3240923 2022-08-31 3240923 2021-08-31 3240923 core:PlantMachinery 2022-09-01 2023-08-31 3240923 core:MotorVehicles 2022-09-01 2023-08-31 3240923 bus:Director1 2022-09-01 2023-08-31 3240923 bus:Director2 2022-09-01 2023-08-31 3240923 bus:Director4 2022-09-01 2023-08-31 3240923 core:PlantMachinery 2022-08-31 3240923 core:MotorVehicles 2022-08-31 3240923 core:PlantMachinery 2023-08-31 3240923 core:MotorVehicles 2023-08-31 3240923 core:WithinOneYear 2023-08-31 3240923 core:WithinOneYear 2022-08-31 3240923 core:AfterOneYear 2023-08-31 3240923 core:AfterOneYear 2022-08-31 3240923 core:ShareCapital 2023-08-31 3240923 core:ShareCapital 2022-08-31 3240923 core:RetainedEarningsAccumulatedLosses 2023-08-31 3240923 core:RetainedEarningsAccumulatedLosses 2022-08-31 3240923 core:CostValuation core:Non-currentFinancialInstruments 2023-08-31 3240923 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2022-08-31 3240923 core:FurtherSpecificIncreaseDecreaseInProvisionsForImpairmentInvestments1ComponentCorrespondingTotal core:Non-currentFinancialInstruments 2023-08-31 3240923 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-08-31 3240923 core:Non-currentFinancialInstruments 2023-08-31 3240923 core:Non-currentFinancialInstruments 2022-08-31 3240923 core:PlantMachinery 2022-08-31 3240923 core:MotorVehicles 2022-08-31 3240923 bus:Director1 2022-08-31 3240923 bus:Director1 2023-08-31 3240923 bus:Director2 2022-08-31 3240923 bus:Director2 2023-08-31 3240923 bus:Director4 2022-08-31 3240923 bus:Director4 2023-08-31 3240923 bus:Director1 2021-08-31 3240923 bus:Director1 2022-08-31 3240923 bus:Director2 2021-08-31 3240923 bus:Director2 2022-08-31 3240923 bus:Director4 2021-08-31 3240923 bus:Director4 2022-08-31 3240923 bus:Director1 2021-09-01 2022-08-31 3240923 bus:Director2 2021-09-01 2022-08-31 3240923 bus:Director4 2021-09-01 2022-08-31 3240923 bus:SmallEntities 2022-09-01 2023-08-31 3240923 bus:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 3240923 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 3240923 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 3240923 bus:FullAccounts 2022-09-01 2023-08-31
COMPANY REGISTRATION NUMBER: 3240923
Smith Brothers Marine Limited
Filleted Unaudited Financial Statements
31 August 2023
Smith Brothers Marine Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
224,954
281,580
Investments
6
100
317,250
---------
---------
225,054
598,830
Current assets
Stocks
42,623
93,332
Debtors
7
2,152,472
2,478,422
Cash at bank and in hand
2,052,598
1,255,242
------------
------------
4,247,693
3,826,996
Creditors: amounts falling due within one year
8
912,669
1,172,195
------------
------------
Net current assets
3,335,024
2,654,801
------------
------------
Total assets less current liabilities
3,560,078
3,253,631
Creditors: amounts falling due after more than one year
9
77,317
149,218
Provisions
Taxation including deferred tax
2,677
Other provisions
21,000
14,000
--------
--------
21,000
16,677
------------
------------
Net assets
3,461,761
3,087,736
------------
------------
Capital and reserves
Called up share capital
200
200
Profit and loss account
3,461,561
3,087,536
------------
------------
Shareholders funds
3,461,761
3,087,736
------------
------------
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Smith Brothers Marine Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 27 August 2024 , and are signed on behalf of the board by:
R Smith Esq
R Smith Esq
Director
Director
Company registration number: 3240923
Smith Brothers Marine 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 TML House, 1a The Anchorage, Gosport, Hampshire, PO12 1LY.
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.
Judgements and key sources of estimation uncertainty
No significant judgements have been made by the director in preparing these financial statements.
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.
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:
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 64 (2022: 64 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 September 2022
28,503
691,914
72,859
793,276
Additions
2,000
27,500
1,427
30,927
Disposals
( 855)
( 112,392)
( 17,367)
( 130,614)
--------
---------
--------
---------
At 31 August 2023
29,648
607,022
56,919
693,589
--------
---------
--------
---------
Depreciation
At 1 September 2022
20,805
435,739
55,152
511,696
Charge for the year
1,926
62,532
2,381
66,839
Disposals
( 788)
( 95,005)
( 14,107)
( 109,900)
--------
---------
--------
---------
At 31 August 2023
21,943
403,266
43,426
468,635
--------
---------
--------
---------
Carrying amount
At 31 August 2023
7,705
203,756
13,493
224,954
--------
---------
--------
---------
At 31 August 2022
7,698
256,175
17,707
281,580
--------
---------
--------
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 September 2022 and 31 August 2023
367,250
---------
Impairment
At 1 September 2022
50,000
Revaluations
317,150
---------
At 31 August 2023
367,150
---------
Carrying amount
At 31 August 2023
100
---------
At 31 August 2022
317,250
---------
The company owns 100% of the issued share capital in Scientific Services Paisley Limited
2023
2022
£
£
Aggregate capital and reserves
133
273,225
Profit and (loss) for the year
(8,840)
(6,980)
7. Debtors
2023
2022
£
£
Trade debtors
926,380
1,254,327
Other debtors
1,226,092
1,224,095
------------
------------
2,152,472
2,478,422
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
356,172
727,677
Corporation tax
366,565
333,402
Social security and other taxes
76,050
8,662
Other creditors
113,882
102,454
---------
------------
912,669
1,172,195
---------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
77,317
149,218
--------
---------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
R Smith Esq
444,291
5,124
449,415
R Smith Esq
81,477
2,290
83,767
M A Walton Esq
71,112
75,132
146,244
---------
--------
---------
596,880
82,546
679,426
---------
--------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
R Smith Esq
398,461
45,830
444,291
R Smith Esq
80,446
1,031
81,477
M A Walton Esq
37,596
33,516
71,112
---------
--------
---------
516,503
80,377
596,880
---------
--------
---------