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HT MARINE AND POWER LIMITED

Registered Number
02675397
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

HT MARINE AND POWER LIMITED
Company Information
for the year from 1 May 2023 to 30 April 2024

Directors

Mr G W Cheshire
Mrs J D Cheshire
Mr P R Cheshire

Company Secretary

Mr G W Cheshire

Registered Address

8 Farrier Road
Lincoln Industrial Park
Lincoln
LN6 3RU

Registered Number

02675397 (England and Wales)
HT MARINE AND POWER LIMITED
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets312,0084,210
12,0084,210
Current assets
Stocks4211,948202,832
Debtors5185,417113,105
Cash at bank and on hand287,773293,564
685,138609,501
Creditors amounts falling due within one year6(308,495)(230,617)
Net current assets (liabilities)376,643378,884
Total assets less current liabilities388,651383,094
Creditors amounts falling due after one year7(77,778)(70,000)
Provisions for liabilities8(1,467)-
Net assets309,406313,094
Capital and reserves
Called up share capital100100
Profit and loss account309,306312,994
Shareholders' funds309,406313,094
The financial statements were approved and authorised for issue by the Board of Directors on 22 October 2024, and are signed on its behalf by:
Mr P R Cheshire
Director
Registered Company No. 02675397
HT MARINE AND POWER LIMITED
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery25
Fixtures and fittings15
Office Equipment25
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year66
3.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 May 236,6907,17718,36232,229
Additions8,750--8,750
At 30 April 2415,4407,17718,36240,979
Depreciation and impairment
At 01 May 236,5546,13515,33028,019
Charge for year31161760952
At 30 April 246,5856,29616,09028,971
Net book value
At 30 April 248,8558812,27212,008
At 30 April 231361,0423,0324,210
4.Stocks

2024

2023

££
Other stocks211,948202,832
Total211,948202,832
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables166,56292,411
Other debtors8,4678,383
Prepayments and accrued income10,38812,311
Total185,417113,105
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables258,787190,968
Bank borrowings and overdrafts31,11120,000
Taxation and social security16,53117,758
Accrued liabilities and deferred income2,0661,891
Total308,495230,617
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts77,77870,000
Total77,77870,000
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)1,467-
Total1,467-