Dragonet Marine Systems Ltd 02877229 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is marine, electrical and mechanical engineering. Digita Accounts Production Advanced 6.30.9574.0 true true 02877229 2023-04-01 2024-03-31 02877229 2024-03-31 02877229 bus:CompanySecretaryDirector1 1 2024-03-31 02877229 bus:OrdinaryShareClass1 bus:OtherShareType 2024-03-31 02877229 core:RetainedEarningsAccumulatedLosses 2024-03-31 02877229 core:ShareCapital 2024-03-31 02877229 core:CurrentFinancialInstruments 2024-03-31 02877229 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 02877229 core:Non-currentFinancialInstruments 2024-03-31 02877229 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 02877229 core:MotorVehicles 2024-03-31 02877229 core:OfficeEquipment 2024-03-31 02877229 bus:SmallEntities 2023-04-01 2024-03-31 02877229 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02877229 bus:FilletedAccounts 2023-04-01 2024-03-31 02877229 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02877229 bus:RegisteredOffice 2023-04-01 2024-03-31 02877229 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 02877229 bus:CompanySecretaryDirector1 1 2023-04-01 2024-03-31 02877229 bus:Director2 2023-04-01 2024-03-31 02877229 bus:OrdinaryShareClass1 bus:OtherShareType 2023-04-01 2024-03-31 02877229 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02877229 core:ComputerEquipment 2023-04-01 2024-03-31 02877229 core:MotorVehicles 2023-04-01 2024-03-31 02877229 core:OfficeEquipment 2023-04-01 2024-03-31 02877229 countries:UnitedKingdom 2023-04-01 2024-03-31 02877229 2023-03-31 02877229 bus:CompanySecretaryDirector1 1 2023-03-31 02877229 core:MotorVehicles 2023-03-31 02877229 core:OfficeEquipment 2023-03-31 02877229 2022-04-01 2023-03-31 02877229 2023-03-31 02877229 bus:OrdinaryShareClass1 bus:OtherShareType 2023-03-31 02877229 core:RetainedEarningsAccumulatedLosses 2023-03-31 02877229 core:ShareCapital 2023-03-31 02877229 core:CurrentFinancialInstruments 2023-03-31 02877229 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 02877229 core:Non-currentFinancialInstruments 2023-03-31 02877229 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 02877229 core:MotorVehicles 2023-03-31 02877229 core:OfficeEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02877229

Dragonet Marine Systems Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Dragonet Marine Systems Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Dragonet Marine Systems Ltd

Company Information

Directors

Mr I Webb

Mrs F Webb

Company secretary

Mr I Webb

Registered office

Beck Farm Cottage
St Leonards's Road
Lymington
Hampshire
SO41 5SR

Accountants

Numeric Accounting
Chartered Certified Accountants
Suite 1 The Portway Centre
Old Sarum Park
Old Sarum
Salisbury
Wiltshire
SP4 6EB

 

Dragonet Marine Systems Ltd

(Registration number: 02877229)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

174

399

Current assets

 

Debtors

5

5,870

796

Cash at bank and in hand

 

3,125

16,513

 

8,995

17,309

Creditors: Amounts falling due within one year

6

(4,958)

(7,422)

Net current assets

 

4,037

9,887

Total assets less current liabilities

 

4,211

10,286

Creditors: Amounts falling due after more than one year

6

(5,153)

(8,715)

Net (liabilities)/assets

 

(942)

1,571

Capital and reserves

 

Called up share capital

7

800

800

Retained earnings

(1,742)

771

Shareholders' (deficit)/funds

 

(942)

1,571

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 3 December 2024 and signed on its behalf by:
 

 

Dragonet Marine Systems Ltd

(Registration number: 02877229)
Balance Sheet as at 31 March 2024 (continued)

.........................................
Mr I Webb
Company secretary and director

 

Dragonet Marine Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Beck Farm Cottage
St Leonards's Road
Lymington
Hampshire
SO41 5SR

These financial statements were authorised for issue by the Board on 3 December 2024.

2

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
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
 Recognition and measurement
When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Dragonet Marine Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

11,186

7,695

18,881

Disposals

-

(7,695)

(7,695)

At 31 March 2024

11,186

-

11,186

Depreciation

At 1 April 2023

10,787

7,695

18,482

Charge for the year

225

-

225

Eliminated on disposal

-

(7,695)

(7,695)

At 31 March 2024

11,012

-

11,012

Carrying amount

At 31 March 2024

174

-

174

At 31 March 2023

399

-

399

5

Debtors

Current

2024
£

2023
£

Other debtors

5,870

796

 

5,870

796

6

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)

6

Creditors (continued)

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

3,833

3,833

Taxation and social security

 

25

-

Accruals and deferred income

 

1,100

1,100

Other creditors

 

-

2,489

 

4,958

7,422

 

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
£

Due after one year

 

Loans and borrowings

8

5,153

8,715

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

800

800

800

800

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,153

8,715

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,833

3,833

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)

9

Dividends

2024

2023

£

£

Interim dividend of £Nil (2023 - £3.80) per ordinary share

-

3,040

 

 

10

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr I Webb

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.

(2,489)

12,572

(4,212)

5,871