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REGISTERED NUMBER: 07372894 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

BILL HIGHAM MARINE LTD

BILL HIGHAM MARINE LTD (REGISTERED NUMBER: 07372894)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


BILL HIGHAM MARINE LTD (REGISTERED NUMBER: 07372894)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 41,195 38,848

CURRENT ASSETS
Stocks 753,338 780,296
Debtors 5 81,370 99,110
Cash at bank and in hand 99,912 28,717
934,620 908,123
CREDITORS
Amounts falling due within one year 6 644,518 537,383
NET CURRENT ASSETS 290,102 370,740
TOTAL ASSETS LESS CURRENT
LIABILITIES

331,297

409,588

CREDITORS
Amounts falling due after more than one
year

7

(202,471

)

(288,462

)

PROVISIONS FOR LIABILITIES (7,360 ) -
NET ASSETS 121,466 121,126

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 121,464 121,124
121,466 121,126

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

BILL HIGHAM MARINE LTD (REGISTERED NUMBER: 07372894)

BALANCE SHEET - continued
31 MARCH 2024


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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2024 and were signed on its behalf by:





S Higham - Director


BILL HIGHAM MARINE LTD (REGISTERED NUMBER: 07372894)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Bill Higham Marine Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 07372894

Registered office: Talybont Uchaf Farm
Talybont
Bangor
Gwynedd
LL57 3YW

The presentation currency of the financial statements is the Pound Sterling (£).


2. 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 under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance, 25% on cost and 10% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 balance sheet date.


BILL HIGHAM MARINE LTD (REGISTERED NUMBER: 07372894)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 11 ) .

BILL HIGHAM MARINE LTD (REGISTERED NUMBER: 07372894)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 82,919
Additions 18,496
Disposals (5,343 )
At 31 March 2024 96,072
DEPRECIATION
At 1 April 2023 44,071
Charge for year 15,054
Eliminated on disposal (4,248 )
At 31 March 2024 54,877
NET BOOK VALUE
At 31 March 2024 41,195
At 31 March 2023 38,848

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 19,800
DEPRECIATION
At 1 April 2023 8,663
Charge for year 2,784
At 31 March 2024 11,447
NET BOOK VALUE
At 31 March 2024 8,353
At 31 March 2023 11,137

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 68,061 53,627
Other debtors 13,309 45,483
81,370 99,110

BILL HIGHAM MARINE LTD (REGISTERED NUMBER: 07372894)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 81,779 81,667
Hire purchase contracts 4,325 4,325
Trade creditors 209,103 125,784
Taxation and social security 72,502 71,397
Other creditors 276,809 254,210
644,518 537,383

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 201,389 283,056
Hire purchase contracts 1,082 5,406
202,471 288,462

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 283,056 364,723

HSBC have a fixed and floating charge over the assets of the company.