Registered number
09425899
Marine Protective Coatings Ltd
Filleted Accounts
29 February 2024
Marine Protective Coatings Ltd
Registered number: 09425899
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 20,976 25,172
Tangible assets 4 27,798 31,353
48,774 56,525
Current assets
Debtors 5 182,644 242,631
Cash at bank and in hand 78,868 95,364
261,512 337,995
Creditors: amounts falling due within one year 6 (105,093) (156,050)
Net current assets 156,419 181,945
Total assets less current liabilities 205,193 238,470
Creditors: amounts falling due after more than one year 7 (10,000) (22,500)
Provisions for liabilities (5,282) (5,957)
Net assets 189,911 210,013
Capital and reserves
Called up share capital 52 52
Profit and loss account 189,859 209,961
Shareholders' funds 189,911 210,013
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Daniel Douglas Plimmer
Director
Approved by the board on 11 November 2024
Marine Protective Coatings Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% Reducing balance
Motor Vehicles 25% Reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 14
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2023 41,953
At 29 February 2024 41,953
Amortisation
At 1 March 2023 16,781
Provided during the year 4,196
At 29 February 2024 20,977
Net book value
At 29 February 2024 20,976
At 28 February 2023 25,172
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 56,525
Additions 5,934
At 29 February 2024 62,459
Depreciation
At 1 March 2023 25,172
Charge for the year 9,489
At 29 February 2024 34,661
Net book value
At 29 February 2024 27,798
At 28 February 2023 31,353
5 Debtors 2024 2023
£ £
Trade debtors 49,397 135,386
Other debtors 133,247 107,245
182,644 242,631
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 12,500 10,000
Trade creditors - 286
Taxation and social security costs 81,219 126,253
Other creditors 11,374 19,511
105,093 156,050
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,000 22,500
8 Related party transactions
At the period end the company owed £1,697 (2023: £1,033) to Mr Daniel Douglas Plimmer and Mrs Lynda Claire Plimmer, directors. The loan is interest free and repayable on demand.
9 Controlling party
The company is ultimately controlled by Mr Daniel Douglas Plimmer, director, who owns 100% of the issued A share capital.
10 Other information
Marine Protective Coatings Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Tre-Ru House
The Leats
Truro
Cornwall
TR1 3AG
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