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REGISTERED NUMBER: 00521097 (England and Wales)












KEMP'S SHIPYARD LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






KEMP'S SHIPYARD LIMITED (REGISTERED NUMBER: 00521097)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KEMP'S SHIPYARD LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr R Kemp
Mrs B Kemp





SECRETARY: Mr R Kemp





REGISTERED OFFICE: Quayside Road
Bitterne Manor
Southampton
Hampshire
SO18 1BZ





REGISTERED NUMBER: 00521097 (England and Wales)

KEMP'S SHIPYARD LIMITED (REGISTERED NUMBER: 00521097)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £ £
FIXED ASSETS
Tangible assets 4 266,236 293,218
Investments 5 15,751 15,751
281,987 308,969

CURRENT ASSETS
Debtors 6 89,706 110,852
Cash at bank 32,357 6,105
122,063 116,957
CREDITORS
Amounts falling due within one year 7 (161,658 ) (170,767 )
NET CURRENT LIABILITIES (39,595 ) (53,810 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

242,392

255,159

CREDITORS
Amounts falling due after more than one
year

8

(26,501

)

(27,480

)

PROVISIONS FOR LIABILITIES (29,811 ) (27,239 )
NET ASSETS 186,080 200,440

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 185,080 199,440
186,080 200,440

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

KEMP'S SHIPYARD LIMITED (REGISTERED NUMBER: 00521097)

BALANCE SHEET - continued
31 MARCH 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 November 2024 and were signed on its behalf by:





Mr R Kemp - Director


KEMP'S SHIPYARD LIMITED (REGISTERED NUMBER: 00521097)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Kemp's Shipyard Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards 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 far 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 £1.

The principal accounting policies adopted are set out below.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Dock - not provided
Improvements to property - 2% Straight line
Plant and machinery - 25% Reducing balance and 15% Reducing balance
Fixtures and fittings - 20% Reducing balance
Motor vehicles - 25% Reducing balance
Computer equipment - Straight line over 3 years

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 recognised in the income statement.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


KEMP'S SHIPYARD LIMITED (REGISTERED NUMBER: 00521097)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
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.

Investments
Investments are initially measured at cost and are then revalued to fair value at each reporting date.

Financial assets
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

KEMP'S SHIPYARD LIMITED (REGISTERED NUMBER: 00521097)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Improvements Plant and
Dock to property machinery
£ £ £
COST
At 1 April 2023 37,430 167,714 404,548
Additions - - -
Disposals - - -
At 31 March 2024 37,430 167,714 404,548
DEPRECIATION
At 1 April 2023 37,430 38,907 278,454
Charge for year - 3,355 31,523
Eliminated on disposal - - -
At 31 March 2024 37,430 42,262 309,977
NET BOOK VALUE
At 31 March 2024 - 125,452 94,571
At 31 March 2023 - 128,807 126,094

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£ £ £ £
COST
At 1 April 2023 21,853 50,173 6,423 688,141
Additions - 52,886 - 52,886
Disposals - (44,673 ) - (44,673 )
At 31 March 2024 21,853 58,386 6,423 696,354
DEPRECIATION
At 1 April 2023 15,425 18,284 6,423 394,923
Charge for year 1,285 21,194 - 57,357
Eliminated on disposal - (22,162 ) - (22,162 )
At 31 March 2024 16,710 17,316 6,423 430,118
NET BOOK VALUE
At 31 March 2024 5,143 41,070 - 266,236
At 31 March 2023 6,428 31,889 - 293,218

KEMP'S SHIPYARD LIMITED (REGISTERED NUMBER: 00521097)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. TANGIBLE FIXED ASSETS - continued

The net book value of tangible fixed assets includes £ 39,665 (2023 - £ 30,015 ) in respect of assets held under hire purchase contracts.

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2024 2023
£ £
Cherished plates 15,751 15,751

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 55,945 92,970
Other debtors 33,761 17,882
89,706 110,852

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 59,776 11,430
Hire purchase contracts (see note 9) 7,597 10,926
Trade creditors 15,719 2,106
Taxation and social security 36,787 52,058
Other creditors 41,779 94,247
161,658 170,767

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans 13,206 23,385
Hire purchase contracts (see note 9) 13,295 4,095
26,501 27,480

KEMP'S SHIPYARD LIMITED (REGISTERED NUMBER: 00521097)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£ £
Net obligations repayable:
Within one year 7,597 10,926
Between one and five years 13,295 4,095
20,892 15,021

Non-cancellable
operating leases
2024 2023
£ £
Within one year 19,500 19,500
Between one and five years 78,000 78,000
In more than five years 190,320 210,015
287,820 307,515

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank overdrafts 49,596 1,501
Hire purchase contracts 20,892 15,021
70,488 16,522

Hire purchase liabilities are secured against the assets to which they relate. Bank overdraft liabilities are secured against fixed and floating charges.

11. RELATED PARTY DISCLOSURES

As at the balance sheet date the directors owed the company £21,788 (2023 - £nil). The loans attract interest at HMRC's beneficial loan rate and are repayable upon demand.