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REGISTERED NUMBER: 05178799 (England and Wales)















SAXTON MARINE SUPPLIES LIMITED

Unaudited Financial Statements

for the Year Ended 31 March 2024






SAXTON MARINE SUPPLIES LIMITED (REGISTERED NUMBER: 05178799)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SAXTON MARINE SUPPLIES LIMITED

Company Information
for the Year Ended 31 March 2024







DIRECTOR: J R Saxton





SECRETARY: F J Saxton





REGISTERED OFFICE: Llanvithyn farm
Llancarfan
Barry
Vale of Glamorgan
CF62 3AE





REGISTERED NUMBER: 05178799 (England and Wales)





ACCOUNTANTS: Xeinadin South Wales & West Limited
Accountants & Business Advisors
Highdale House
7 Centre Court
Treforest Industrial Estate
Pontypridd
Rhondda Cynon Taff
CF37 5YR

SAXTON MARINE SUPPLIES LIMITED (REGISTERED NUMBER: 05178799)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 11,502 18,843
Investments 5 14,897 14,897
26,399 33,740

CURRENT ASSETS
Stocks 12,500 12,500
Debtors 6 359,436 393,824
Cash at bank 277,258 271,779
649,194 678,103
CREDITORS
Amounts falling due within one year 7 207,745 229,462
NET CURRENT ASSETS 441,449 448,641
TOTAL ASSETS LESS CURRENT
LIABILITIES

467,848

482,381

PROVISIONS FOR LIABILITIES 3,580 3,580
NET ASSETS 464,268 478,801

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 464,168 478,701
SHAREHOLDERS' FUNDS 464,268 478,801

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 director acknowledges his 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 3 December 2024 and were signed by:



J R Saxton - Director


SAXTON MARINE SUPPLIES LIMITED (REGISTERED NUMBER: 05178799)

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

1. STATUTORY INFORMATION

Saxton Marine Supplies 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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 the work performed to date to the total estimated contract costs

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 5% on cost
Plant and machinery - 25% on cost and 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

SAXTON MARINE SUPPLIES LIMITED (REGISTERED NUMBER: 05178799)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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.

Fixed asset investments
Investments held as fixed assets are stated at cost, together with subsequent capital contributions, less any provisions for impairment. Investments are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairments are calculated such that the carrying value of the fixed asset investment is the lower of its cost or recoverable amount. Recoverable amount is the higher of its net realisable value and its value in use.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 April 2023 1,201 39,039 35,000 75,240
Disposals - - (35,000 ) (35,000 )
At 31 March 2024 1,201 39,039 - 40,240
DEPRECIATION
At 1 April 2023 742 25,976 29,679 56,397
Charge for year 60 1,960 1,109 3,129
Eliminated on disposal - - (30,788 ) (30,788 )
At 31 March 2024 802 27,936 - 28,738
NET BOOK VALUE
At 31 March 2024 399 11,103 - 11,502
At 31 March 2023 459 13,063 5,321 18,843

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 April 2023
and 31 March 2024 14,897
NET BOOK VALUE
At 31 March 2024 14,897
At 31 March 2023 14,897

SAXTON MARINE SUPPLIES LIMITED (REGISTERED NUMBER: 05178799)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 109,656 175,939
Directors' current accounts 220,933 196,865
Tax 27,734 19,612
Prepayments and accrued income 1,113 1,408
359,436 393,824

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 117,633 122,255
Tax 25,163 21,817
VAT 44,300 80,355
Other creditors 1,244 985
Accrued expenses 19,405 4,050
207,745 229,462

8. SECURED DEBTS

National Westminster Bank Plc holds a debenture including fixed and floating charges over all assets and undertakings of the company, both present and future.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
J R Saxton
Balance outstanding at start of year 196,865 133,419
Amounts advanced 143,369 166,628
Amounts repaid (119,301 ) (103,182 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 220,933 196,865