Registered number
09556540
Handfast Marine Ltd
Filleted Accounts
31 December 2023
Handfast Marine Ltd
Registered number: 09556540
Balance Sheet
as at 31 December 2023
Notes 31/12/23 30/4/23
£ £
Fixed assets
Intangible assets 3 - 39,950
Tangible assets 4 23,426 13,305
23,426 53,255
Current assets
Stocks 52,000 165,929
Debtors 5 121,230 17,219
Cash at bank and in hand 14,711 12,780
187,941 195,928
Creditors: amounts falling due within one year 6 (130,990) (179,625)
Net current assets 56,951 16,303
Net assets 80,377 69,558
Capital and reserves
Called up share capital 1 1
Profit and loss account 80,376 69,557
Shareholder's funds 80,377 69,558
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Angus Rose
Director
Approved by the board on 10 September 2024
Handfast Marine Ltd
Notes to the Accounts
for the period from 1 May 2023 to 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Motor vehicles 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 31/12/23 30/4/23
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Franchise fee:
Cost
At 1 May 2023 96,583
Disposals (96,583)
At 31 December 2023 -
Amortisation
At 1 May 2023 56,633
On disposals (56,633)
At 31 December 2023 -
Net book value
At 31 December 2023 -
At 30 April 2023 39,950
The franchise fee is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 May 2023 10,582 10,699 21,281
Additions 250 16,040 16,290
At 31 December 2023 10,832 26,739 37,571
Depreciation
At 1 May 2023 5,836 2,140 7,976
Charge for the period 1,249 4,920 6,169
At 31 December 2023 7,085 7,060 14,145
Net book value
At 31 December 2023 3,747 19,679 23,426
At 30 April 2023 4,746 8,559 13,305
5 Debtors 31/12/23 30/4/23
£ £
Trade debtors 15,480 -
Other debtors 105,750 17,219
121,230 17,219
6 Creditors: amounts falling due within one year 31/12/23 30/4/23
£ £
Taxation and social security costs 4,115 1,803
Other creditors 126,875 177,822
130,990 179,625
7 Controlling party
The ulimate controlling party is Angus Rose, who owns 100% of the company's shareholding.
8 Other information
Handfast Marine Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Clarke & Carter Suffolk Yacht Harbour
Levington
Ipswich
IP10 0LN
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