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Registration number: 06485508

Huggins Bros Marine Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Huggins Bros Marine Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Huggins Bros Marine Limited

(Registration number: 06485508)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

140,000

210,000

Tangible assets

5

1,820,379

1,743,053

 

1,960,379

1,953,053

Current assets

 

Stocks

34,620

34,620

Debtors

6

1,414,878

1,145,900

Cash at bank and in hand

 

629,938

436,921

 

2,079,436

1,617,441

Creditors: Amounts falling due within one year

7

(650,289)

(553,202)

Net current assets

 

1,429,147

1,064,239

Total assets less current liabilities

 

3,389,526

3,017,292

Creditors: Amounts falling due after more than one year

7

(248,371)

(279,248)

Provisions for liabilities

(164,371)

(172,830)

Net assets

 

2,976,784

2,565,214

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

2,976,783

2,565,213

Shareholders' funds

 

2,976,784

2,565,214

 

Huggins Bros Marine Limited

(Registration number: 06485508)
Statement of Financial Position as at 30 April 2024 (continued)

For the financial year ending 30 April 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 his 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.

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 Statement of Comprehensive Income.

Approved and authorised by the director on 28 January 2025
 


Mr S R Huggins
Director

 

Huggins Bros Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Carbeile Wharf
Torpoint
Cornwall
PL11 2NW

Principal activity

The principal activities of the company are those of boatyard and marina operators.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

 

Huggins Bros Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

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 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.

Tax

The tax expense for the period comprises current and 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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 statement of financial position 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

Freehold property

There is no charge on freehold land. Buildings are depreciated over 50 years.

Plant, machinery and charter vessels

On a straight line basis at rates varying from 10% to 15%

Fittings, fixtures and equipment

15% straight line

Motor vehicles

25% straight line

 

Huggins Bros Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Huggins Bros Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2023 - 9).

 

Huggins Bros Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

1,000,000

1,000,000

At 30 April 2024

1,000,000

1,000,000

Amortisation

At 1 May 2023

790,000

790,000

Amortisation charge

70,000

70,000

At 30 April 2024

860,000

860,000

Carrying amount

At 30 April 2024

140,000

140,000

At 30 April 2023

210,000

210,000

5

Tangible assets

Freehold property
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

1,051,733

79,458

1,455,264

123,453

2,709,908

Additions

111,159

21,816

113,622

47,311

293,908

Disposals

-

-

(71,088)

(21,579)

(92,667)

At 30 April 2024

1,162,892

101,274

1,497,798

149,185

2,911,149

Depreciation

At 1 May 2023

-

31,256

855,680

79,919

966,855

Charge for the year

-

13,251

146,363

35,818

195,432

Eliminated on disposal

-

-

(49,938)

(21,579)

(71,517)

At 30 April 2024

-

44,507

952,105

94,158

1,090,770

Carrying amount

At 30 April 2024

1,162,892

56,767

545,693

55,027

1,820,379

At 30 April 2023

1,051,733

48,202

599,584

43,534

1,743,053

 

Huggins Bros Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

183,013

168,279

Other debtors

1,231,865

977,621

1,414,878

1,145,900

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Loans and borrowings

31,750

31,750

Trade creditors

56,556

54,437

Taxation and social security

263,852

178,362

Accruals and deferred income

9,450

9,150

Other creditors

288,681

279,503

650,289

553,202

Bank borrowings are secured over assets of the company.

Creditors: amounts falling due after more than one year

2024
£

2023
£

Loans and borrowings

248,292

279,248

Deferred income

79

-

248,371

279,248

Bank borrowings are secured over assets of the company.


Creditors include amounts repayable by instalments of £187,279 (2023 - £147,498) due after more than five years.

The company has bank loans which are repayable between May 2025 and March 2033. These loans carry interest on variable margins above the bank's base rate.

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Huggins Bros Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

9

Related party transactions

Transactions with the director

During the year the directors entered into the following advances and credits with the company:

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Director

86,724

164,216

(30,826)

220,114

         
       

 

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Director

378,524

148,223

(440,023)

86,724

 

Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.