Silverfin false false 30/04/2024 01/05/2023 30/04/2024 W M Bolton 11/04/2013 R B Cull 11/04/2013 12 November 2024 The principal activity of the Company during the financial year was the sale of goods to the marine industry. The company is currently performing research and development work on the design and development of a product to benefit the marine environment. 08483500 2024-04-30 08483500 bus:Director1 2024-04-30 08483500 bus:Director2 2024-04-30 08483500 2023-04-30 08483500 core:CurrentFinancialInstruments 2024-04-30 08483500 core:CurrentFinancialInstruments 2023-04-30 08483500 core:ShareCapital 2024-04-30 08483500 core:ShareCapital 2023-04-30 08483500 core:RetainedEarningsAccumulatedLosses 2024-04-30 08483500 core:RetainedEarningsAccumulatedLosses 2023-04-30 08483500 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-04-30 08483500 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-04-30 08483500 core:OtherPropertyPlantEquipment 2023-04-30 08483500 core:OtherPropertyPlantEquipment 2024-04-30 08483500 2023-05-01 2024-04-30 08483500 bus:FilletedAccounts 2023-05-01 2024-04-30 08483500 bus:SmallEntities 2023-05-01 2024-04-30 08483500 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 08483500 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 08483500 bus:Director1 2023-05-01 2024-04-30 08483500 bus:Director2 2023-05-01 2024-04-30 08483500 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-05-01 2024-04-30 08483500 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 08483500 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Company No: 08483500 (England and Wales)

FUNDAMENTAL MARINE DEVELOPMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

FUNDAMENTAL MARINE DEVELOPMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

FUNDAMENTAL MARINE DEVELOPMENTS LIMITED

BALANCE SHEET

As at 30 April 2024
FUNDAMENTAL MARINE DEVELOPMENTS LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 1,741 729
1,741 729
Current assets
Stocks 5 5,500 0
Debtors 6 158,556 147,052
Cash at bank and in hand 144,324 16,072
308,380 163,124
Creditors: amounts falling due within one year 7 ( 553,950) ( 409,454)
Net current liabilities (245,570) (246,330)
Total assets less current liabilities (243,829) (245,601)
Net liabilities ( 243,829) ( 245,601)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 243,929 ) ( 245,701 )
Total shareholders' deficit ( 243,829) ( 245,601)

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Fundamental Marine Developments Limited (registered number: 08483500) were approved and authorised for issue by the Board of Directors on 12 November 2024. They were signed on its behalf by:

W M Bolton
Director
FUNDAMENTAL MARINE DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
FUNDAMENTAL MARINE DEVELOPMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Fundamental Marine Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Website costs Total
£ £
Cost
At 01 May 2023 3,285 3,285
At 30 April 2024 3,285 3,285
Accumulated amortisation
At 01 May 2023 3,285 3,285
At 30 April 2024 3,285 3,285
Net book value
At 30 April 2024 0 0
At 30 April 2023 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 May 2023 2,490 2,490
Additions 1,273 1,273
At 30 April 2024 3,763 3,763
Accumulated depreciation
At 01 May 2023 1,761 1,761
Charge for the financial year 261 261
At 30 April 2024 2,022 2,022
Net book value
At 30 April 2024 1,741 1,741
At 30 April 2023 729 729

5. Stocks

2024 2023
£ £
Stocks 5,500 0

6. Debtors

2024 2023
£ £
Trade debtors 27,430 18,637
Other debtors 131,126 128,415
158,556 147,052

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 146,205 15,082
Other creditors 407,745 394,372
553,950 409,454