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Company No: 01866976 (England and Wales)

LAND AND MARINE PRODUCTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

LAND AND MARINE PRODUCTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

LAND AND MARINE PRODUCTS LIMITED

BALANCE SHEET

As at 31 July 2024
LAND AND MARINE PRODUCTS LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 4,862 5,555
Tangible assets 4 110,882 100,307
115,744 105,862
Current assets
Stocks 5 195,730 160,781
Debtors 6 25,031 40,100
Cash at bank and in hand 44,609 69,906
265,370 270,787
Creditors: amounts falling due within one year 7 ( 275,589) ( 267,621)
Net current (liabilities)/assets (10,219) 3,166
Total assets less current liabilities 105,525 109,028
Provision for liabilities ( 21,591) ( 16,438)
Net assets 83,934 92,590
Capital and reserves
Called-up share capital 300 300
Profit and loss account 83,634 92,290
Total shareholder's funds 83,934 92,590

For the financial year ending 31 July 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 Land and Marine Products Limited (registered number: 01866976) were approved and authorised for issue by the Board of Directors on 30 October 2024. They were signed on its behalf by:

S L Matthews
Director
LAND AND MARINE PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
LAND AND MARINE PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 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

Land and Marine Products 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 £.

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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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:

Development costs not amortised
Website costs 10 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 [straight-line, reducing balance] basis over its expected useful life, as follows:

Leasehold improvements 10 - 20 years straight line
Plant and machinery 25 % reducing balance
Office equipment 25 % reducing balance
Computer equipment 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. [MANUFACTURERS, ETC - Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.] Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 5

3. Intangible assets

Development costs Website costs Total
£ £ £
Cost
At 01 August 2023 1,060 6,935 7,995
At 31 July 2024 1,060 6,935 7,995
Accumulated amortisation
At 01 August 2023 0 2,440 2,440
Charge for the financial year 0 693 693
At 31 July 2024 0 3,133 3,133
Net book value
At 31 July 2024 1,060 3,802 4,862
At 31 July 2023 1,060 4,495 5,555

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 August 2023 145,444 38,867 37,827 59,478 281,616
Additions 17,047 0 0 5,608 22,655
At 31 July 2024 162,491 38,867 37,827 65,086 304,271
Accumulated depreciation
At 01 August 2023 53,990 38,749 35,293 53,277 181,309
Charge for the financial year 9,255 30 634 2,161 12,080
At 31 July 2024 63,245 38,779 35,927 55,438 193,389
Net book value
At 31 July 2024 99,246 88 1,900 9,648 110,882
At 31 July 2023 91,454 118 2,534 6,201 100,307

5. Stocks

2024 2023
£ £
Stocks 195,730 160,781

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

6. Debtors

2024 2023
£ £
Trade debtors 0 1,878
Other debtors 25,031 38,222
25,031 40,100

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 120,281 135,367
Amounts owed to Group undertakings 37,057 62,954
Taxation and social security 112,208 43,048
Other creditors 6,043 26,252
275,589 267,621