Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr G Harrington 31/08/2017 05 September 2024 The principal activity of the Company during the financial year is the sale of diving equipment. 06867960 2023-12-31 06867960 bus:Director1 2023-12-31 06867960 2022-12-31 06867960 core:CurrentFinancialInstruments 2023-12-31 06867960 core:CurrentFinancialInstruments 2022-12-31 06867960 core:ShareCapital 2023-12-31 06867960 core:ShareCapital 2022-12-31 06867960 core:RetainedEarningsAccumulatedLosses 2023-12-31 06867960 core:RetainedEarningsAccumulatedLosses 2022-12-31 06867960 core:Goodwill 2022-12-31 06867960 core:Goodwill 2023-12-31 06867960 core:FurnitureFittings 2022-12-31 06867960 core:FurnitureFittings 2023-12-31 06867960 core:ImmediateParent core:CurrentFinancialInstruments 2023-12-31 06867960 core:ImmediateParent core:CurrentFinancialInstruments 2022-12-31 06867960 bus:OrdinaryShareClass1 2023-12-31 06867960 bus:OrdinaryShareClass2 2023-12-31 06867960 2023-01-01 2023-12-31 06867960 bus:FilletedAccounts 2023-01-01 2023-12-31 06867960 bus:SmallEntities 2023-01-01 2023-12-31 06867960 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06867960 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06867960 bus:Director1 2023-01-01 2023-12-31 06867960 core:Goodwill core:TopRangeValue 2023-01-01 2023-12-31 06867960 core:FurnitureFittings 2023-01-01 2023-12-31 06867960 2022-01-01 2022-12-31 06867960 core:Goodwill 2023-01-01 2023-12-31 06867960 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 06867960 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 06867960 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 06867960 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06867960 (England and Wales)

MIKES DIVING LIMITED

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

MIKES DIVING LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

MIKES DIVING LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
MIKES DIVING LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR Mr G Harrington
REGISTERED OFFICE Sigma House Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
COMPANY NUMBER 06867960 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
MIKES DIVING LIMITED

BALANCE SHEET

As at 31 December 2023
MIKES DIVING LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
2023 2022
£ £
Current assets
Stocks 0 5,000
Debtors 5 81,632 145
Cash at bank and in hand 5,227 104,546
86,859 109,691
Creditors: amounts falling due within one year 6 ( 2,663) ( 23,833)
Net current assets 84,196 85,858
Total assets less current liabilities 84,196 85,858
Net assets 84,196 85,858
Capital and reserves
Called-up share capital 7 101 101
Profit and loss account 84,095 85,757
Total shareholder's funds 84,196 85,858

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 Mikes Diving Limited (registered number: 06867960) were approved and authorised for issue by the Director on 05 September 2024. They were signed on its behalf by:

Mr G Harrington
Director
MIKES DIVING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
MIKES DIVING 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

Mikes Diving 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

In December 2023, the directors made the decision that the Company would cease trading. As a result the financial statements have been prepared on a basis other than the going concern basis of preparation. The directors have included in the financial statements any provision for future costs of terminating the business, which were committed to at the balance sheet date and where appropriate the Company's assets have been written down to their net realisable value.

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.

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.

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 10 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 reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 20 % 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. Cost is calculated using the FIFO (first-in, first-out) method. 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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 125,000 125,000
Disposals ( 125,000) ( 125,000)
At 31 December 2023 0 0
Accumulated amortisation
At 01 January 2023 125,000 125,000
Disposals ( 125,000) ( 125,000)
At 31 December 2023 0 0
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Fixtures and fittings Total
£ £
Cost
At 01 January 2023 17,646 17,646
Disposals ( 17,646) ( 17,646)
At 31 December 2023 0 0
Accumulated depreciation
At 01 January 2023 17,646 17,646
Disposals ( 17,646) ( 17,646)
At 31 December 2023 0 0
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

5. Debtors

2023 2022
£ £
Amounts owed by Parent undertakings 81,632 0
Corporation tax 0 145
81,632 145

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 70 613
Amounts owed to Parent undertakings 0 20,634
Amounts owed to director 832 520
Accruals 1,750 1,750
Other taxation and social security 11 316
2,663 23,833

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
1 Ordinary B share of £ 1.00 1 1
101 101

8. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
At the balance sheet date the amount due to/(from) associated companies totalled (81,632) 20,634

9. Ultimate controlling party

Parent Company:

Two Bare Feet Limited