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COMPANY REGISTRATION NUMBER: 05778698
Paper Mill Lock Cruises Limited
Filleted Unaudited Financial Statements
31 March 2024
Paper Mill Lock Cruises Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Paper Mill Lock Cruises Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
34,397
37,680
Current assets
Stocks
5,533
4,123
Debtors
6
563
Cash at bank and in hand
129,353
123,685
---------
---------
134,886
128,371
Creditors: amounts falling due within one year
7
35,982
34,526
---------
---------
Net current assets
98,904
93,845
---------
---------
Total assets less current liabilities
133,301
131,525
---------
---------
Net assets
133,301
131,525
---------
---------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
133,201
131,425
---------
---------
Shareholders funds
133,301
131,525
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Paper Mill Lock Cruises Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 30 October 2024 , and are signed on behalf of the board by:
Mr E Cox
Director
Company registration number: 05778698
Paper Mill Lock Cruises Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
10% Straight Line & 25% Reducing Balance
Fixtures & fittings
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2023: 17 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
76,959
9,071
86,030
Additions
664
1,630
2,294
--------
--------
--------
At 31 March 2024
77,623
10,701
88,324
--------
--------
--------
Depreciation
At 1 April 2023
41,333
7,017
48,350
Charge for the year
4,953
624
5,577
--------
--------
--------
At 31 March 2024
46,286
7,641
53,927
--------
--------
--------
Carrying amount
At 31 March 2024
31,337
3,060
34,397
--------
--------
--------
At 31 March 2023
35,626
2,054
37,680
--------
--------
--------
6. Debtors
2024
2023
£
£
Prepayments and accrued income
563
----
----
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,162
6,039
Accruals and deferred income
5,448
2,975
Corporation tax
1,796
3,463
Social security and other taxes
7,068
6,579
Director loan accounts
11,948
12,625
Other creditors
3,560
2,845
--------
--------
35,982
34,526
--------
--------
8. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
98
98
98
98
Ordinary B shares of £ 1 each
2
2
2
2
----
----
----
----
100
100
100
100
----
----
----
----
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
35,777
35,777
Later than 1 year and not later than 5 years
55,402
91,179
--------
---------
91,179
126,956
--------
---------
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
Directors loan account
(30,000)
(30,000)
( 11,948)
( 12,625)
--------
--------
--------
--------