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Registration number: 03599798

Automarine (UK) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Automarine (UK) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Automarine (UK) Limited

Company Information

Directors

PJ Phillips

N Phillips

Registered office

Units 1 & 2
Blackhill Road West
Holton Heath Trading Park
Poole
Dorset
BH16 6LE

Accountants

Addicus
Chartered Accountants
4 The Axium Centre Dorchester Road
Lytchett Minster
Poole
Dorset
BH16 6FE

 

Automarine (UK) Limited

(Registration number: 03599798)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

172,389

134,353

Current assets

 

Stocks

5

147,318

109,491

Debtors

6

359,313

459,787

Cash at bank and in hand

 

3,246,283

2,928,164

 

3,752,914

3,497,442

Creditors: Amounts falling due within one year

7

(227,482)

(174,924)

Net current assets

 

3,525,432

3,322,518

Total assets less current liabilities

 

3,697,821

3,456,871

Provisions for liabilities

(14,269)

(6,819)

Net assets

 

3,683,552

3,450,052

Capital and reserves

 

Called up share capital

2

2

Retained earnings

3,683,550

3,450,050

Shareholders' funds

 

3,683,552

3,450,052

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Automarine (UK) Limited

(Registration number: 03599798)
Balance Sheet as at 31 July 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

N Phillips
Director

   
     
 

Automarine (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Units 1 & 2
Blackhill Road West
Holton Heath Trading Park
Poole
Dorset
BH16 6LE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Automarine (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

Motor vehicles

25% reducing balance

Fixtures and fittings

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Automarine (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

 

Automarine (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 August 2023

167,724

-

47,604

3,589

Additions

-

49,151

13,995

-

At 31 July 2024

167,724

49,151

61,599

3,589

Depreciation

At 1 August 2023

67,080

-

18,442

1,629

Charge for the year

3,354

9,830

10,789

490

At 31 July 2024

70,434

9,830

29,231

2,119

Carrying amount

At 31 July 2024

97,290

39,321

32,368

1,470

At 31 July 2023

100,644

-

29,162

1,960

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

19,380

238,297

Additions

-

63,146

At 31 July 2024

19,380

301,443

Depreciation

At 1 August 2023

16,793

103,944

Charge for the year

647

25,110

At 31 July 2024

17,440

129,054

Carrying amount

At 31 July 2024

1,940

172,389

At 31 July 2023

2,587

134,353

 

Automarine (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Included within the net book value of land and buildings above is £97,290 (2023 - £100,644) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Work in progress

74,224

53,492

Other inventories

73,094

55,999

147,318

109,491

6

Debtors

2024
£

2023
£

Trade debtors

348,154

449,324

Other debtors

-

188

Prepayments

11,159

10,275

359,313

459,787

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

65,294

38,481

Taxation and social security

157,175

131,430

Accruals and deferred income

3,750

3,750

Other creditors

1,263

1,263

227,482

174,924

 

Automarine (UK) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

31,200

31,200