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Company No: 04982951 (England and Wales)

CHRIS HOYLE MARINE LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

CHRIS HOYLE MARINE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

CHRIS HOYLE MARINE LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
CHRIS HOYLE MARINE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR Mr C G Hoyle
SECRETARY Ms S M Dinsdale
REGISTERED OFFICE Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
COMPANY NUMBER 04982951 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
CHRIS HOYLE MARINE LIMITED

BALANCE SHEET

As at 31 December 2023
CHRIS HOYLE MARINE LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 1,000 2,000
Tangible assets 4 4,384 5,848
5,384 7,848
Current assets
Stocks 27,489 19,526
Debtors 5 6,977 8,682
Cash at bank and in hand 92,050 94,582
126,516 122,790
Creditors: amounts falling due within one year 6 ( 33,665) ( 20,779)
Net current assets 92,851 102,011
Total assets less current liabilities 98,235 109,859
Provision for liabilities ( 833) ( 1,111)
Net assets 97,402 108,748
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account 97,401 108,747
Total shareholder's funds 97,402 108,748

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.

Director's responsibilities:

The financial statements of CHRIS HOYLE MARINE LIMITED (registered number: 04982951) were approved and authorised for issue by the Director on 30 August 2024. They were signed on its behalf by:

Mr C G Hoyle
Director
CHRIS HOYLE MARINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
CHRIS HOYLE MARINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

CHRIS HOYLE MARINE LIMITED (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House, Oak View Close, Edginswell Park, Torquay, TQ2 7FF.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/ reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 4

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 20,000 20,000
At 31 December 2023 20,000 20,000
Accumulated amortisation
At 01 January 2023 18,000 18,000
Charge for the financial year 1,000 1,000
At 31 December 2023 19,000 19,000
Net book value
At 31 December 2023 1,000 1,000
At 31 December 2022 2,000 2,000

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 January 2023 19,113 2,500 10,683 32,296
At 31 December 2023 19,113 2,500 10,683 32,296
Accumulated depreciation
At 01 January 2023 16,774 2,486 7,188 26,448
Charge for the financial year 586 4 874 1,464
At 31 December 2023 17,360 2,490 8,062 27,912
Net book value
At 31 December 2023 1,753 10 2,621 4,384
At 31 December 2022 2,339 14 3,495 5,848

5. Debtors

2023 2022
£ £
Trade debtors 3,796 5,421
Other debtors 3,181 3,261
6,977 8,682

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 23,924 6,849
Amounts owed to director 2,187 637
Accruals 2,400 2,180
Corporation tax 3,869 5,534
Other taxation and social security 294 5,150
Other creditors 991 429
33,665 20,779

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1