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Registered number: 10079984
The Pilot Dungeness Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10079984
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 15,000
Tangible Assets 5 295,304 260,297
295,304 275,297
CURRENT ASSETS
Stocks 6 32,212 31,732
Debtors 7 67,261 8,465
Cash at bank and in hand 58,912 83,742
158,385 123,939
Creditors: Amounts Falling Due Within One Year 8 (160,822 ) (120,807 )
NET CURRENT ASSETS (LIABILITIES) (2,437 ) 3,132
TOTAL ASSETS LESS CURRENT LIABILITIES 292,867 278,429
PROVISIONS FOR LIABILITIES
Deferred Taxation (32,528 ) (23,173 )
NET ASSETS 260,339 255,256
CAPITAL AND RESERVES
Called up share capital 9 10 10
Profit and Loss Account 260,329 255,246
SHAREHOLDERS' FUNDS 260,339 255,256
Page 1
Page 2
For the year ending 31 March 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 Profit and Loss Account.
On behalf of the board
Mrs R Miaoulis
Director
Mr N Miaoulis
Director
14th November 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
The Pilot Dungeness Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10079984 . The registered office is Battery Road, Lydd On Sea, Dungeness, Romney Marsh, Kent, TN29 9NJ.
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, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 8 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% on Cost
Plant & Machinery 15% on Reducing Balance
Fixtures & Fittings 25% on Reducing Balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Financial Instruments
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term creditors are measured at the transaction price. Other financial liabilities,  including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.
...CONTINUED
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2.6. Financial Instruments - continued
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements or a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
2.7. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 39 (2023: 39)
39 39
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 120,000
As at 31 March 2024 120,000
Amortisation
As at 1 April 2023 105,000
Provided during the period 15,000
As at 31 March 2024 120,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 15,000
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5. Tangible Assets
Land & Buildings Plant & Machinery etc. Total
£ £ £
Cost
As at 1 April 2023 198,762 233,922 432,684
Additions 51,927 31,730 83,657
As at 31 March 2024 250,689 265,652 516,341
Depreciation
As at 1 April 2023 60,428 111,959 172,387
Provided during the period 25,069 23,581 48,650
As at 31 March 2024 85,497 135,540 221,037
Net Book Value
As at 31 March 2024 165,192 130,112 295,304
As at 1 April 2023 138,334 121,963 260,297
6. Stocks
2024 2023
£ £
Stock 32,212 31,732
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 56,158 -
Other debtors 11,103 8,465
67,261 8,465
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 51,056 30,165
Other creditors 4,951 15,400
Taxation and social security 104,815 75,242
160,822 120,807
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 10 10
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