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REGISTERED NUMBER: 01030362 (England and Wales)















WINTERS MARINE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






WINTERS MARINE LIMITED (REGISTERED NUMBER: 01030362)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


WINTERS MARINE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J C Langham
A D Deves
Mrs V L Soole



SECRETARY: A D Deves



REGISTERED OFFICE: Binghams Melcombe
Dorchester
Dorset
DT2 7PZ



BUSINESS ADDRESS: Lincombe Boatyard
Lincombe
Salcombe
Devon
TQ8 8NQ



REGISTERED NUMBER: 01030362 (England and Wales)



SENIOR STATUTORY AUDITOR: Michael Argyle BSc ACA



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

WINTERS MARINE LIMITED (REGISTERED NUMBER: 01030362)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 3 556,517 591,166
Investments 4 5,400 5,400
561,917 596,566

CURRENT ASSETS
Debtors 5 54,388 53,061
Cash at bank 355,302 504,941
409,690 558,002
CREDITORS
Amounts falling due within one year 6 210,608 208,453
NET CURRENT ASSETS 199,082 349,549
TOTAL ASSETS LESS CURRENT LIABILITIES 760,999 946,115

PROVISIONS FOR LIABILITIES 34,066 31,443
NET ASSETS 726,933 914,672

CAPITAL AND RESERVES
Called up share capital 7 250,000 250,000
Retained earnings 476,933 664,672
SHAREHOLDERS' FUNDS 726,933 914,672

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:





J C Langham - Director


WINTERS MARINE LIMITED (REGISTERED NUMBER: 01030362)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The company is a subsidiary of Langham Industries Limited. Consolidated financial statements of Langham
Industries Limited can be obtained from:

Companies House
Crown Way
Cardiff
CF14 3UZ

Revenue
Revenue represents sales at invoice value less trade discounts allowed and excluding value added tax. Revenue is recognised in the period in which services are performed.

Property, plant and equipment
Property, plant and equipment assets are held at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its useful economic life.

Leasehold improvements- 4% on cost
Plant and equipment- 4%, 10% or 33.33% on cost
Motor vehicles- 25% on cost

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is any indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment is recognised immediately in the income statement.

WINTERS MARINE LIMITED (REGISTERED NUMBER: 01030362)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs
The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the income statement.

Consolidated accounts
Consolidated accounts have not been prepared since the company is a subsidiary of Langham Industries Limited and is exempted from the requirement to prepare group accounts under Section 400 of the Companies Act 2006.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

WINTERS MARINE LIMITED (REGISTERED NUMBER: 01030362)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. PROPERTY, PLANT AND EQUIPMENT
Short Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 January 2023 560,283 789,935 11,907 1,362,125
Additions - 8,636 - 8,636
At 31 December 2023 560,283 798,571 11,907 1,370,761
DEPRECIATION
At 1 January 2023 69,002 690,050 11,907 770,959
Charge for year 22,212 21,073 - 43,285
At 31 December 2023 91,214 711,123 11,907 814,244
NET BOOK VALUE
At 31 December 2023 469,069 87,448 - 556,517
At 31 December 2022 491,281 99,885 - 591,166

4. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 5,400
NET BOOK VALUE
At 31 December 2023 5,400
At 31 December 2022 5,400

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 35,886 36,758
Other debtors and prepayments 18,502 16,303
54,388 53,061

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,608 7,873
Amounts owed to group undertakings 53,225 52,822
Other taxes and social security 26,049 22,919
Other creditors and accruals 129,726 124,839
210,608 208,453

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
250,000 Ordinary £1 250,000 250,000

WINTERS MARINE LIMITED (REGISTERED NUMBER: 01030362)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Argyle BSc ACA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

9. CONTINGENT LIABILITIES

There are unlimited inter-company guarantees given by the company, thirteen fellow subsidiary companies and the parent company, in favour of Barclays plc. The total amount secured in respect of fellow group companies as at 31 December 2023, excluding this company, was 124,578 (2022 - £183,827).

10. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 30,939 -

11. OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments as shown below.

Minimum lease payments under non-cancellable operating leases fall due as follows :

20232022
££
Within one year11,80011,800
Between two and five year47,20047,200
In more than five years14,51426,314
73,51485,314

12. EVENTS AFTER THE REPORTING PERIOD

A dividend of 40p per Ordinary A share (totalling £100,000) was declared on 25 April 2024. These financial statements do not reflect the dividends payable, which will be accounted for in shareholder's equity as an appropriation of retained earnings in the year ended 31 December 2024.

13. ULTIMATE PARENT COMPANY

The ultimate parent company is Langham Industries Limited which is registered in England and Wales. The ultimate parent company's registered office is the same as that shown on the company information page.

The ultimate controlling party of Langham Industries Limited is the Langham family.