Company registration number SC257025 (Scotland)
LAING MARINE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
LAING MARINE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
LAING MARINE LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
71,636
73,412
Current assets
Stocks
25,000
15,000
Debtors
5
33,639
67,847
58,639
82,847
Creditors: amounts falling due within one year
6
(39,467)
(55,293)
Net current assets
19,172
27,554
Total assets less current liabilities
90,808
100,966
Provisions for liabilities
(10,697)
(10,881)
Net assets
80,111
90,085
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
80,109
90,083
Total equity
80,111
90,085

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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 director acknowledges his 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 and signed by the director and authorised for issue on 29 January 2025
Mr J Laing
Director
Company Registration No. SC257025
LAING MARINE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

Laing Marine Ltd is a private company limited by shares incorporated in Scotland. The registered office is 1 Seaview Terrace, Loans, Troon, Ayrshire, United Kingdom, KA10 7HD.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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:

Freehold land and buildings
5% straight line
Equipment
20% on reducing balance
Motor vehicles
25% on reducing balance

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
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
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.

LAING MARINE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
5
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
40,000
Amortisation and impairment
At 1 May 2023 and 30 April 2024
40,000
Carrying amount
At 30 April 2024
-
0
At 30 April 2023
-
0
LAING MARINE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
4
Tangible fixed assets
Freehold land and buildings
Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
16,212
76,987
56,164
149,363
Additions
-
0
13,190
-
0
13,190
At 30 April 2024
16,212
90,177
56,164
162,553
Depreciation and impairment
At 1 May 2023
68
32,582
43,301
75,951
Depreciation charged in the year
811
10,939
3,216
14,966
At 30 April 2024
879
43,521
46,517
90,917
Carrying amount
At 30 April 2024
15,333
46,656
9,647
71,636
At 30 April 2023
16,144
44,405
12,863
73,412
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
28,718
52,890
Corporation tax recoverable
1,497
-
0
Other debtors
-
0
11,610
Prepayments and accrued income
3,424
3,347
33,639
67,847
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
19,972
5,804
Trade creditors
7,163
24,151
Taxation and social security
2,022
7,695
Other creditors
10,310
17,643
39,467
55,293
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
2
2
2
2
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