Company registration number 00914692 (England and Wales)
DASIC MARINE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
DASIC MARINE LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
DASIC MARINE LIMITED
COMPANY INFORMATION
- 1 -
Directors
Miss A. C. Murray
Ms P. G. Murray
Secretary
Miss. A Murray
Company number
00914692
Registered office
Unit N
Eagle Close
Chandlers Ford Industrial Estate
Eastleigh
Hampshire
United Kingdom
SO53 4NF
Accountants
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
DASIC MARINE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
10,061
10,958
Investments
5
1
1
10,062
10,959
Current assets
Stocks
473,858
472,783
Debtors
6
159,473
160,735
Cash at bank and in hand
467,204
424,581
1,100,535
1,058,099
Creditors: amounts falling due within one year
7
(250,596)
(200,964)
Net current assets
849,939
857,135
Total assets less current liabilities
860,001
868,094
Creditors: amounts falling due after more than one year
8
(13,555)
(28,315)
Provisions for liabilities
(2,131)
(2,222)
Net assets
844,315
837,557
Capital and reserves
Called up share capital
9
22,800
22,800
Capital redemption reserve
7,200
7,200
Profit and loss reserves
814,315
807,557
Total equity
844,315
837,557
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
DASIC MARINE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 January 2025 and are signed on its behalf by:
Miss A. C. Murray
Director
Company Registration No. 00914692
The notes on pages 4 to 8 form part of these financial statements
DASIC MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information
Dasic Marine Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit N, Eagle Close, Chandlers Ford Industrial Estate, Eastleigh, Hampshire, United Kingdom, SO53 4NF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold property
4% straight line
Plant & machinery
10% - 25% straight line
Computer Equipment
10% straight line
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
DASIC MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
The company only has basic financial instruments such as trade debtors, trade creditors and cash.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
DASIC MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
9
DASIC MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
4
Tangible fixed assets
Leasehold property
Plant & machinery
Computer Equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023 and 30 April 2024
54,827
77,894
105,681
6,670
245,072
Depreciation and impairment
At 1 May 2023
48,598
77,894
100,952
6,670
234,114
Depreciation charged in the year
822
75
897
At 30 April 2024
49,420
77,894
101,027
6,670
235,011
Carrying amount
At 30 April 2024
5,407
4,654
10,061
At 30 April 2023
6,229
4,729
10,958
5
Fixed asset investments
2024
2023
£
£
Investments
1
1
The investments represent 100% of the share capital of a UK dormant company.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
105,705
110,559
Other debtors
12,728
10,492
Prepayments and accrued income
41,040
39,684
159,473
160,735
DASIC MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,612
5,833
Trade creditors
174,837
131,707
Corporation tax
18,377
13,212
Other taxation and social security
4,944
7,209
Accruals and deferred income
41,826
43,003
250,596
200,964
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
13,555
28,315
9
Called up share capital
2024
2023
£
£
Allotted, called up and fully paid
11,400 Ordinary shares of £1 each
11,400
11,400
11,400 Ordinary A shares of £1 each
11,400
11,400
22,800
22,800
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
263,000
328,750
11
Control
The company was under control of Miss A. C. Murray and Ms P. G. Murray, both of whom are directors of the company.