WicorMarine Limited Filleted Accounts Cover
WicorMarine Limited
Company No. 00948155
Information for Filing with The Registrar
31 March 2024
WicorMarine Limited Directors Report Registrar
The Director presents his report and the accounts for the year ended 31 March 2024.
Principal activities
The principal activity of the company during the year under review was that of a marina.
Director
The Director who served at any time during the year was as follows:
S.M. Waddington
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
S.M. Waddington
Director
16 September 2024
WicorMarine Limited Balance Sheet Registrar
at
31 March 2024
Company No.
00948155
Notes
2024
2023
£
£
Fixed assets
Tangible assets
4
579,564554,631
579,564554,631
Current assets
Debtors
5
84,19290,044
Cash at bank and in hand
270,534245,582
354,726335,626
Creditors: Amount falling due within one year
6
(689,307)
(618,596)
Net current liabilities
(334,581)
(282,970)
Total assets less current liabilities
244,983271,661
Creditors: Amounts falling due after more than one year
7
(166,471)
(196,443)
Provisions for liabilities
Deferred taxation
(53,772)
(74,867)
Net assets
24,740351
Capital and reserves
Called up share capital
105105
Profit and loss account
10
24,635246
Total equity
24,740351
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 23 September 2024 and signed on its behalf by:
S.M. Waddington
Director
16 September 2024
WicorMarine Limited Notes to the Accounts Registrar
for the year ended 31 March 2024
1
General information
WicorMarine Limited is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 00948155
Its registered office is:
Cranleigh Road
Portchester
Fareham
Hampshire
PO16 9DR
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Leasehold land and buildings
2% and 10% on cost
Plant and machinery
20% Reducing balance
Motor vehicles
25% Reducing balance
Furniture, fittings and equipment
25% Reducing balance
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Leased assets
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Defined contribution pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Provisions
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.
3
Employees
2024
2023
Number
Number
The average monthly number of employees (including directors) during the year was:
89
4
Tangible fixed assets
Land and buildings
Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Total
£
£
£
£
£
Cost or revaluation
At 1 April 2023
379,705671,88054,330117,5991,223,514
Additions
-95,43410,3629,512115,308
Disposals
-
(449)
--
(449)
At 31 March 2024
379,705766,86564,692127,1111,338,373
Depreciation
At 1 April 2023
122,568451,4809,63785,198668,883
Charge for the year
7,59459,73813,5489,44690,326
Disposals
-
(400)
--
(400)
At 31 March 2024
130,162510,81823,18594,644758,809
Net book values
At 31 March 2024
249,543256,04741,50732,467579,564
At 31 March 2023
257,137
220,400
44,693
32,401
554,631
5
Debtors
2024
2023
£
£
Trade debtors
58,13835,308
Loans to directors
9,98810,799
Other debtors
7,27329,773
Prepayments and accrued income
8,79314,164
84,19290,044
6
Creditors:
amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
27,27427,000
Trade creditors
11,6372,432
Taxes and social security
102,553
92,092
Other creditors
6861,107
Accruals and deferred income
547,157495,965
689,307618,596
7
Creditors:
amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
166,471196,443
166,471196,443
Liabilities repayable in more than five years after the balance sheet date
Amount repayable by instalments
23,471
88,443
23,47188,443
The mortgage is secured by a fixed and floating charge over the undertaking and all its property and assets. This includes a charge over the freehold property of the site occupied by the company, which is owned personally by the director C M Waddington.
8
Creditors: secured liabilities
2024
2023
£
£
The aggregate amount of secured liabilities included within creditors
198,471223,443
9
Share Capital
The share capital is made up 100 Ordinary A share and 5 Ordinary B share. All are allocated, called up and fully paid
10
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
11
Guarantees and commitments
2024
2023
£
£
Pension commitments, included in above total
6861,107
12
Dividends
2024
2023
£
£
Dividends for the period:
Dividends paid in the period
100,000
86,000
100,000
86,000
Dividends by type:
Equity dividends
100,00086,000
100,000
86,000
13
Advances and credits to directors
2024
£
At 1 April 2023
10,799
At 31 March 2024
10,799
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