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Registered number: 12977095










SHUTTLEWOOD MARINE LTD










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

 
SHUTTLEWOOD MARINE LTD
REGISTERED NUMBER: 12977095

BALANCE SHEET
AS AT 30 SEPTEMBER 2022

2022
Unaudited 2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
326,411
-

  
326,411
-

Current assets
  

Stocks
  
1,512,661
-

Debtors: amounts falling due within one year
 6 
97,643
7,249

Cash at bank and in hand
 7 
-
1

  
1,610,304
7,250

Creditors: amounts falling due within one year
 8 
(81,903)
-

Net current assets
  
 
 
1,528,401
 
 
7,250

Total assets less current liabilities
  
1,854,812
7,250

Creditors: amounts falling due after more than one year
  
(2,045,627)
(11,308)

  

Net liabilities
  
(190,815)
(4,058)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(190,816)
(4,059)

  
(190,815)
(4,058)


Page 1

 
SHUTTLEWOOD MARINE LTD
REGISTERED NUMBER: 12977095
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2022

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Andrew Moffat
Director

Date: 22 November 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
SHUTTLEWOOD MARINE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

1.


General information

Shuttlewood Marine Limited is a private company, limited by shares, incorporated in England and Wales in the United Kingdom. The address of the registered office is 41 Paradise Walk, London, England SW3 4JL. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in pounds sterling, the functional currency, rounded to the nearest £1. 

The following principal accounting policies have been applied:

 
2.2

Going concern

The company had net current assets of £1,528,401 (2021 - £7,250) and net liabilities of £190,815 (2021 - £4,058) at the balance sheet date.
Based on future expected cash flows and having regard to the resources available to the entity, the Directors have concluded that there is no material uncertainty with regards to the entity's ability to continue as a going concern. The financial statements have been prepared on a going concern basis as the intermediary parent company, Thames River Investments Limited, has indicated its support of the company for at least 12 months from the date of approval of the financial statements.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
SHUTTLEWOOD MARINE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
5%
Plant and machinery
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

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.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

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.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Page 4

 
SHUTTLEWOOD MARINE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
 

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 5

 
SHUTTLEWOOD MARINE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2021 - 2).


4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Total

£
£
£



Cost or valuation


Additions
315,953
17,796
333,749



At 30 September 2022

315,953
17,796
333,749



Depreciation


Charge for the year
6,582
756
7,338



At 30 September 2022

6,582
756
7,338



Net book value



At 30 September 2022
309,371
17,040
326,411



At 30 September 2021
-
-
-


5.


Stocks

2022
2021
£
£

Work in progress
1,512,661
-

1,512,661
-



6.


Debtors

2022
Unaudited 2021
£
£


Other debtors
88,998
-
Page 6

 
SHUTTLEWOOD MARINE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

6.Debtors (continued)


Prepayments and accrued income
8,645
7,249

97,643
7,249



7.


Cash and cash equivalents

2022
Unaudited 2021
£
£

Cash at bank and in hand
-
1

-
1



8.


Creditors: Amounts falling due within one year

2022
Unaudited 2021
£
£

Trade creditors
73,230
-

Accruals and deferred income
8,673
-

81,903
-



9.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Amounts owed to group undertakings
2,045,627
11,308

2,045,627
11,308


Page 7

 
SHUTTLEWOOD MARINE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022

10.


Controlling party

The company's immediate parent company is Thames River Moorings Ltd, incorporated in England and Wales in the United Kingdom. The registered office of Thames River Moorings Ltd is 41 Paradise Walk, London, SW3 4JL.  
The company's ultimate parent company is Atherton Allergate Ltd, incorporated in England and Wales in the United Kingdom. The registered office of Thames River Investments Ltd is 41 Paradise Walk, London, SW3 4JL.    
            
The company was under the control of the directors, Mr Andrew Moffat and Mrs Charlotte Moffat, as a result of their control of the ultimate parent company, Thames River Investments Ltd. 


11.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2022 was unqualified.

The audit report was signed on 2 December 2024 by Neil Stern FCA (Senior Statutory Auditor) on behalf of MHA.

 
Page 8