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Registered number: 04815363
Safe-Line Marine After Sales Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 04815363
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 121,961 61,094
121,961 61,094
CURRENT ASSETS
Debtors 5 1,310,159 944,642
Cash at bank and in hand 3,687,002 3,374,280
4,997,161 4,318,922
Creditors: Amounts Falling Due Within One Year 6 (507,903 ) (211,647 )
NET CURRENT ASSETS (LIABILITIES) 4,489,258 4,107,275
TOTAL ASSETS LESS CURRENT LIABILITIES 4,611,219 4,168,369
PROVISIONS FOR LIABILITIES
Deferred Taxation (30,490 ) (15,271 )
NET ASSETS 4,580,729 4,153,098
CAPITAL AND RESERVES
Called up share capital 7 66 66
Capital redemption reserve 34 34
Income Statement 4,580,629 4,152,998
SHAREHOLDERS' FUNDS 4,580,729 4,153,098
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr John Convery
Director
Mr Michael Grant
Director
25/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Safe-Line Marine After Sales Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04815363 . The registered office is 28 Royal Industrial Estate, Jarrow, Tyne And Wear, NE32 3HR.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts
receivable for Marine After Sales, started net of discounts and of Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of goods have
transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is
probable that the associated economic benefits will flow to the entity , and the costs incurred or to be incurred in
respect of the transactions can be measured reliably.
2.3. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful
life:
Improvements to property 12% on cost
Plant & Machinery 15% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 15% on reducing balance
2.4. Leasing and Hire Purchase Contracts
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the
lease. 
2.5. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. 
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
2.7. Pensions
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. Average Number of Employees
Average number of employees, including directors, during the year was: 17 (2023: 17)
17 17
4. Tangible Assets
Land & Property
Improvements to property Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 July 2023 5,947 22,066 178,372 20,850 227,235
Additions - 1,023 97,156 2,078 100,257
Disposals - - (57,990 ) - (57,990 )
As at 30 June 2024 5,947 23,089 217,538 22,928 269,502
Depreciation
As at 1 July 2023 5,947 9,534 138,118 12,542 166,141
Provided during the period - 2,029 23,409 1,447 26,885
Disposals - - (45,485 ) - (45,485 )
As at 30 June 2024 5,947 11,563 116,042 13,989 147,541
Net Book Value
As at 30 June 2024 - 11,526 101,496 8,939 121,961
As at 1 July 2023 - 12,532 40,254 8,308 61,094
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,241,869 715,170
Amounts recoverable on contracts 53,324 216,197
Other debtors 14,966 13,275
1,310,159 944,642
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 256,991 89,921
Other creditors 48,463 26,884
Taxation and social security 202,449 94,842
507,903 211,647
Page 4
Page 5
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 66 66
8. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 20,000 20,000
Later than one year and not later than five years 20,000 40,000
40,000 60,000
9. Directors Advances, Credits and Guarantees
Included within other creditor are interest-free loans provided by Mr J Convery and Mr M Grant who are directors of the company, that are repayable on demand. As at 30 June 2024 the company owed Mr J Convery £2,728 (2023 = Mr J Convery was owed £1,732) and Mr M Grant £1,014 (2023 = Mr M Grant was owed £14).
The above loan is unsecured, interest free and repayable on demand.
Page 5