Company registration number 07138236 (England and Wales)
PORT MARINE BATHROOMS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
30-31 St. James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
PORT MARINE BATHROOMS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
PORT MARINE BATHROOMS LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr N M Morgan
Company number
07138236
Registered office
30 - 31 St James Place
Mangotsfield
Bristol
BS16 9JB
Accountants
TC Group
30-31 St. James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
PORT MARINE BATHROOMS LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
13,304
29,411
Current assets
Stocks
165,000
205,000
Debtors
5
41,449
99,200
Cash at bank and in hand
16,320
6,346
222,769
310,546
Creditors: amounts falling due within one year
6
(199,912)
(290,812)
Net current assets
22,857
19,734
Total assets less current liabilities
36,161
49,145
Creditors: amounts falling due after more than one year
7
(29,167)
(40,278)
Provisions for liabilities
(3,939)
(5,589)
Net assets
3,055
3,278
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,955
3,178
Total equity
3,055
3,278
PORT MARINE BATHROOMS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 3 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 6 November 2024
Mr N M Morgan
Director
Company Registration No. 07138236
PORT MARINE BATHROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information

Port Marine Bathrooms Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 - 31 St James Place, Mangotsfield, Bristol, BS16 9JB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
33% Straight Line
Fixtures and fittings
33% Straight Line
Motor vehicles
33% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

PORT MARINE BATHROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

PORT MARINE BATHROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2023 and 29 February 2024
28,240
22,705
76,305
127,250
Depreciation and impairment
At 1 March 2023
15,393
20,835
61,611
97,839
Depreciation charged in the year
7,667
1,011
7,429
16,107
At 29 February 2024
23,060
21,846
69,040
113,946
Carrying amount
At 29 February 2024
5,180
859
7,265
13,304
At 28 February 2023
12,847
1,870
14,694
29,411
PORT MARINE BATHROOMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
10,205
50,903
Other debtors
31,244
48,297
41,449
99,200
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
5,556
-
0
Trade creditors
59,822
75,571
Taxation and social security
13,741
8,553
Other creditors
120,793
206,688
199,912
290,812
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
29,167
40,278
2024-02-292023-03-01false06 November 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr N M Morganfalsefalse071382362023-03-012024-02-2907138236bus:Director12023-03-012024-02-2907138236bus:RegisteredOffice2023-03-012024-02-29071382362024-02-29071382362023-02-2807138236core:PlantMachinery2024-02-2907138236core:FurnitureFittings2024-02-2907138236core:MotorVehicles2024-02-2907138236core:PlantMachinery2023-02-2807138236core:FurnitureFittings2023-02-2807138236core:MotorVehicles2023-02-2807138236core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-2907138236core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2807138236core:Non-currentFinancialInstrumentscore:AfterOneYear2024-02-2907138236core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-2807138236core:CurrentFinancialInstruments2024-02-2907138236core:CurrentFinancialInstruments2023-02-2807138236core:ShareCapital2024-02-2907138236core:ShareCapital2023-02-2807138236core:RetainedEarningsAccumulatedLosses2024-02-2907138236core:RetainedEarningsAccumulatedLosses2023-02-2807138236core:PlantMachinery2023-03-012024-02-2907138236core:FurnitureFittings2023-03-012024-02-2907138236core:MotorVehicles2023-03-012024-02-29071382362022-03-012023-02-2807138236core:PlantMachinery2023-02-2807138236core:FurnitureFittings2023-02-2807138236core:MotorVehicles2023-02-28071382362023-02-2807138236core:WithinOneYear2024-02-2907138236core:WithinOneYear2023-02-2807138236core:Non-currentFinancialInstruments2024-02-2907138236core:Non-currentFinancialInstruments2023-02-2807138236bus:PrivateLimitedCompanyLtd2023-03-012024-02-2907138236bus:SmallCompaniesRegimeForAccounts2023-03-012024-02-2907138236bus:FRS1022023-03-012024-02-2907138236bus:AuditExemptWithAccountantsReport2023-03-012024-02-2907138236bus:FullAccounts2023-03-012024-02-29xbrli:purexbrli:sharesiso4217:GBP