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Company No: 04232034 (England and Wales)

BAYSIDE MARINE LIMITED

Unaudited Financial Statements
For the financial period from 01 November 2022 to 30 April 2024
Pages for filing with the registrar

BAYSIDE MARINE LIMITED

Unaudited Financial Statements

For the financial period from 01 November 2022 to 30 April 2024

Contents

BAYSIDE MARINE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 April 2024
BAYSIDE MARINE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2024
Note 30.04.2024 31.10.2022
£ £
Fixed assets
Tangible assets 3 5,280 9,452
5,280 9,452
Current assets
Stocks 28,500 135,118
Debtors 4 1,647 18,893
Cash at bank and in hand 82,871 90,474
113,018 244,485
Creditors: amounts falling due within one year 5 ( 69,934) ( 109,348)
Net current assets 43,084 135,137
Total assets less current liabilities 48,364 144,589
Creditors: amounts falling due after more than one year 0 ( 30,667)
Net assets 48,364 113,922
Capital and reserves
Called-up share capital 6 210,001 210,001
Profit and loss account ( 161,637 ) ( 96,079 )
Total shareholder's funds 48,364 113,922

For the financial period 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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Bayside Marine Limited (registered number: 04232034) were approved and authorised for issue by the Director on 31 January 2025. They were signed on its behalf by:

Teresa Clare Louth
Director
BAYSIDE MARINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 November 2022 to 30 April 2024
BAYSIDE MARINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 November 2022 to 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Bayside Marine Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Century House, Nicholson Road, Torquay, TQ2 7TD, United Kingdom. The principal place of business is Furzeham Net Store, Higher Furzeham Road, Brixham, Devon, TQ5 8QP.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

These financial statements cover from 1 November 2022 to 30 April 2024 due to the reporting period being extended to reflect the company's plans to be wounded up. The previous financial statements cover from 1 November 2021 to 31 October 2022, therefore the comparatives are not entirely comparable.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Leasehold improvements not depreciated
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Office equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

Period from
01.11.2022 to
30.04.2024
Year ended
31.10.2022
Number Number
Monthly average number of persons employed by the Company during the period, including the director 2 5

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 November 2022 2,862 40,749 2,700 37,942 14,710 98,963
Additions 0 0 0 101 248 349
Disposals 0 ( 39,868) 0 ( 36,821) ( 1,448) ( 78,137)
At 30 April 2024 2,862 881 2,700 1,222 13,510 21,175
Accumulated depreciation
At 01 November 2022 0 38,188 2,430 36,538 12,355 89,511
Charge for the financial period 0 392 101 392 492 1,377
Disposals 0 ( 38,184) 0 ( 36,133) ( 676) ( 74,993)
At 30 April 2024 0 396 2,531 797 12,171 15,895
Net book value
At 30 April 2024 2,862 485 169 425 1,339 5,280
At 31 October 2022 2,862 2,561 270 1,404 2,355 9,452

4. Debtors

30.04.2024 31.10.2022
£ £
Trade debtors 0 15,339
VAT recoverable 1,421 0
Other debtors 226 3,554
1,647 18,893

5. Creditors: amounts falling due within one year

30.04.2024 31.10.2022
£ £
Bank loans 0 9,749
Trade creditors 1,865 57,838
Amounts owed to director 63,326 25,842
Accruals 3,801 4,537
Other taxation and social security 598 8,608
Other creditors 344 2,774
69,934 109,348

6. Called-up share capital

30.04.2024 31.10.2022
£ £
Allotted, called-up and fully-paid
210,001 Ordinary shares of £ 1.00 each 210,001 210,001

7. Related party transactions

Transactions with the entity's director

30.04.2024 31.10.2022
£ £
Amounts owed to directors 63,326 25,842

The amounts owed to directors is interest free and is repayable on demand.