Registration number:
Gold Bond Marine Engineering Ltd
for the Year Ended 31 May 2024
Gold Bond Marine Engineering Ltd
Contents
Company Information |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Unaudited Financial Statements |
Gold Bond Marine Engineering Ltd
Company Information
Director |
Mr T Slowen |
Registered office |
|
Accountants |
|
Gold Bond Marine Engineering Ltd
(Registration number: 11986223)
Balance Sheet as at 31 May 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
( |
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net liabilities |
( |
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Other reserves |
|
- |
|
Retained earnings |
( |
( |
|
Shareholders' deficit |
( |
( |
For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges 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.
Gold Bond Marine Engineering Ltd
(Registration number: 11986223)
Balance Sheet as at 31 May 2024 (continued)
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 director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
......................................... |
Gold Bond Marine Engineering Ltd
Statement of Changes in Equity for the Year Ended 31 May 2024
Share capital |
Non-distributable reserve |
Retained earnings |
Total |
|
At 1 June 2023 |
|
- |
( |
( |
Loss for the year |
- |
- |
( |
( |
Transfers |
- |
300,000 |
(225,000) |
75,000 |
Other movements on reserves |
- |
(75,000) |
300,000 |
225,000 |
At 31 May 2024 |
|
|
( |
( |
Share capital |
Retained earnings |
Total |
|
At 1 June 2022 |
|
( |
( |
Loss for the year |
- |
( |
( |
At 31 May 2023 |
100 |
(227,743) |
(227,643) |
Gold Bond Marine Engineering Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in England.
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 £7,488 (2023: -£232,299). The director believes that the company will be able to meet its financial obligations as they fall due and has guaranteed that they will continue to support the business for a period of 12 months from the date the accounts are authorized for issue. Therefore, they see no reason to display the going concern basis.
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.
Gold Bond Marine Engineering Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
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 |
Plant and Machinery |
20% Reducing Balance |
Fixtures and Fittings |
20% Reducing Balance |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Gold Bond Marine Engineering Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)
2 |
Accounting policies (continued) |
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 the director) during the year, was
Income tax |
2024 |
|
Tax Charge on profits (losses) for the year |
(1,121) |
Taxable Losses Unutilised in the Year |
1,121 |
Movement in Deferred Tax for the year |
75,000 |
75,000 |
Gold Bond Marine Engineering Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)
Tangible assets |
Land and buildings |
Fixtures and fittings |
Plant and machinery |
Total |
|
Cost or valuation |
||||
At 1 June 2023 |
- |
|
|
|
Additions |
|
- |
- |
|
At 31 May 2024 |
|
|
|
|
Depreciation |
||||
At 1 June 2023 |
- |
|
|
|
Charge for the year |
- |
|
|
|
At 31 May 2024 |
- |
|
|
|
Carrying amount |
||||
At 31 May 2024 |
|
|
|
|
At 31 May 2023 |
- |
|
|
|
Included within the net book value of land and buildings above is £300,000 (2023 - £Nil) in respect of freehold land and buildings.
The building was acquired at £nil cost but has been recorded at fair value. The fair value of £300,000 is a capital contribution.
Stocks |
2024 |
2023 |
|
Other inventories |
|
|
Debtors |
Gold Bond Marine Engineering Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)
7 |
Debtors (continued) |
Current |
2024 |
2023 |
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
|
|
|
|
Gold Bond Marine Engineering Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Reserves |
Included in reserves is a £225,000 capital contribution reserve. This was due to the acquisition of a building with a fair value of £300,000 being acquired for no consideration, less a provision of £75,000 for deferred tax on crystallisation on any gain on the disposal of the building. This reserve is non-distributable.
Gold Bond Marine Engineering Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
|
|
Related party transactions |
Transactions with the director |
2024 |
At 1 June 2023 |
Advances to director |
At 31 May 2024 |
Mr T Slowen |
|||
The loan from Mr T Slowen is interest free and is repayable on demand. |
|
( |
|
Summary of transactions with other related parties
During the year, the company acquired a property for £nil consideration from WInchester Marine and Industrial Ltd, a company controlled at the time by Mr T Slowen, the director of Gold Bond Marine Engineering Ltd. The property has been recorded at fair value in the financial statements at £300,000.