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Registration number: 11986223

Gold Bond Marine Engineering Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Gold Bond Marine Engineering Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 11

 

Gold Bond Marine Engineering Ltd

Company Information

Director

Mr T Slowen

Registered office

3 Bond Street
Southampton
Hampshire
SO14 5QA

Accountants

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

 

Gold Bond Marine Engineering Ltd

(Registration number: 11986223)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

322,856

28,570

Current assets

 

Stocks

6

204,000

225,000

Debtors

7

23,732

32,320

Cash at bank and in hand

 

16,370

30,539

 

244,102

287,859

Creditors: Amounts falling due within one year

8

(468,612)

(504,365)

Net current liabilities

 

(224,510)

(216,506)

Total assets less current liabilities

 

98,346

(187,936)

Creditors: Amounts falling due after more than one year

8

(11,234)

(20,107)

Provisions for liabilities

(94,600)

(19,600)

Net liabilities

 

(7,488)

(227,643)

Capital and reserves

 

Called up share capital

9

100

100

Other reserves

225,000

-

Retained earnings

(232,588)

(227,743)

Shareholders' deficit

 

(7,488)

(227,643)

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 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 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 director on 20 January 2025
 

.........................................
Mr T Slowen
Director

 

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

100

-

(227,743)

(227,643)

Loss for the year

-

-

(79,845)

(79,845)

Transfers

-

300,000

(225,000)

75,000

Other movements on reserves

-

(75,000)

300,000

225,000

At 31 May 2024

100

225,000

(232,588)

(7,488)

Share capital
£

Retained earnings
£

Total
£

At 1 June 2022

100

(153,230)

(153,130)

Loss for the year

-

(74,513)

(74,513)

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

1

General information

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

The address of its registered office is:
3 Bond Street
Southampton
Hampshire
SO14 5QA

These financial statements were authorised for issue by the director on 20 January 2025.

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 £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
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 the director) during the year, was 1 (2023 - 1).

4

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)

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2023

-

4,841

59,937

64,778

Additions

300,000

-

-

300,000

At 31 May 2024

300,000

4,841

59,937

364,778

Depreciation

At 1 June 2023

-

1,953

34,255

36,208

Charge for the year

-

578

5,136

5,714

At 31 May 2024

-

2,531

39,391

41,922

Carrying amount

At 31 May 2024

300,000

2,310

20,546

322,856

At 31 May 2023

-

2,888

25,682

28,570

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.
 

6

Stocks

2024
£

2023
£

Other inventories

204,000

225,000

7

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

22,169

26,238

Prepayments

465

603

Other debtors

1,098

5,479

 

23,732

32,320

 

Gold Bond Marine Engineering Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

10,648

10,648

Trade creditors

 

26,608

59,445

Accruals and deferred income

 

11,015

3,000

Other creditors

 

420,341

431,272

 

468,612

504,365

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

11,234

20,107

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

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)

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,234

20,107

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,648

10,648

12

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.

431,272

(10,932)

420,340

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.