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Registered number: 05278878
Shepherd Marine Limited
Financial Statements
For The Year Ended 30 November 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05278878
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 156,885 171,763
156,885 171,763
CURRENT ASSETS
Stocks 5 258,655 261,271
Debtors 6 240,708 231,714
Cash at bank and in hand 630,531 480,658
1,129,894 973,643
Creditors: Amounts Falling Due Within One Year 7 (408,711 ) (384,560 )
NET CURRENT ASSETS (LIABILITIES) 721,183 589,083
TOTAL ASSETS LESS CURRENT LIABILITIES 878,068 760,846
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (20,690 ) (20,902 )
NET ASSETS 857,378 739,944
CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Profit and Loss Account 856,378 738,944
SHAREHOLDERS' FUNDS 857,378 739,944
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Page 2
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Malcolm Johnston
Director
06/03/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Shepherd Marine Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05278878 . The registered office is The Downs Ashton Road, South Cerney, Cirencester, Gloucestershire, GL7 6DD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% on cost
Plant & Machinery 10% to 20% on cost
Computer Equipment 20% to 50% on cost
2.4. Stocks and Work in Progress
Stocks and are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.5. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.6. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 2 3
Sales, marketing and distribution 6 6
8 9
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4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Computer Equipment Total
£ £ £ £
Cost
As at 1 December 2023 88,363 118,807 167,143 374,313
Additions - - 36,000 36,000
As at 30 November 2024 88,363 118,807 203,143 410,313
Depreciation
As at 1 December 2023 28,139 75,544 98,867 202,550
Provided during the period 8,833 9,901 32,144 50,878
As at 30 November 2024 36,972 85,445 131,011 253,428
Net Book Value
As at 30 November 2024 51,391 33,362 72,132 156,885
As at 1 December 2023 60,224 43,263 68,276 171,763
5. Stocks
2024 2023
£ £
Finished goods 221,141 223,757
Stock - other 37,514 37,514
258,655 261,271
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 100,072 125,092
Prepayments and accrued income 67,623 60,667
Other debtors 1,378 18,944
Corporation tax recoverable assets 160 22,711
Amounts owed by related parties 71,475 4,300
240,708 231,714
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 249,049 198,876
Corporation tax 25,339 27,783
Other taxes and social security 6,895 7,106
VAT 34,391 31,970
Accruals and deferred income 90,139 118,825
Director's loan account 2,898 -
408,711 384,560
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8. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances.
2024 2023
£ £
Other timing differences 20,690 20,902
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
10. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr Malcolm Johnston 6,750 13,800
11. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 12,273 25,091
12. Controlling Party
The company's controlling party is Mr M Johnston by virtue of his ownership of 55% (2023: 55%) of the issued share capital in the company.
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