Registration number:
Dragonet Marine Systems Ltd
for the Year Ended 31 March 2024
Dragonet Marine Systems Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Dragonet Marine Systems Ltd
Company Information
Directors |
Mr I Webb Mrs F Webb |
Company secretary |
Mr I Webb |
Registered office |
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Accountants |
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Dragonet Marine Systems Ltd
(Registration number: 02877229)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net (liabilities)/assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' (deficit)/funds |
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For the financial 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.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Dragonet Marine Systems Ltd
(Registration number: 02877229)
Balance Sheet as at 31 March 2024 (continued)
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Dragonet Marine Systems Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The company has negative equity of -£1,835 (2023: £771). The directors believe that the company will be able to meet its financial obligations as they fall due and have guaranteed that they will continue to support the business for a period of 12 months from the date the accounts are authorised for issue. Therefore they see no reason to disapply the going concern basis.
Dragonet Marine Systems Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor Vehicles |
25% Reducing Balance |
Computer Equipment |
33% Straight Line |
Financial instruments
Classification
Recognition and measurement
At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Dragonet Marine Systems Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
Tangible assets |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 April 2023 |
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Disposals |
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At 31 March 2024 |
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- |
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Depreciation |
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At 1 April 2023 |
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Charge for the year |
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- |
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Eliminated on disposal |
- |
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( |
At 31 March 2024 |
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- |
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Carrying amount |
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At 31 March 2024 |
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- |
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At 31 March 2023 |
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- |
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Debtors |
Current |
2024 |
2023 |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Dragonet Marine Systems Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
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Creditors (continued) |
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Taxation and social security |
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- |
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Accruals and deferred income |
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Other creditors |
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Dragonet Marine Systems Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
6 |
Creditors (continued) |
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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800 |
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800 |
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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The loan is unsecured for a period of 29 months and attracts interest of 2.5% per annum. Repayments are made monthly.
Amounts due for repayment:
Less than 1 year: £3,833 (2023: £3,833)
More than 1 year and less than 5 years: £5,153 (2023: £8,715)
Dragonet Marine Systems Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)
Dividends |
2024 |
2023 |
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£ |
£ |
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Interim dividend of £Nil (2023 - £ |
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3,040 |
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Related party transactions |
Transactions with directors |
2024 |
At 1 April 2023 |
Advances to director |
Repayments by director |
At 31 March 2024 |
Mr I Webb |
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The loan is interest free with no fixed date of repayment. During the year, the company sold goods to Mr I Webb, a director, to the value of £93. The company also sold for £100 the motor vehicles held at a book value of nil. |
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