Silverfin false false 31/08/2024 01/09/2023 31/08/2024 P I Dollin 28/11/2016 J M J Stone 02/05/2017 06 March 2025 The principal activity of the Company during the financial year was the provision of yacht and motor boat brokerage services to third parties. 04357888 2024-08-31 04357888 bus:Director1 2024-08-31 04357888 bus:Director2 2024-08-31 04357888 2023-08-31 04357888 core:CurrentFinancialInstruments 2024-08-31 04357888 core:CurrentFinancialInstruments 2023-08-31 04357888 core:ShareCapital 2024-08-31 04357888 core:ShareCapital 2023-08-31 04357888 core:CapitalRedemptionReserve 2024-08-31 04357888 core:CapitalRedemptionReserve 2023-08-31 04357888 core:RetainedEarningsAccumulatedLosses 2024-08-31 04357888 core:RetainedEarningsAccumulatedLosses 2023-08-31 04357888 core:LeaseholdImprovements 2023-08-31 04357888 core:PlantMachinery 2023-08-31 04357888 core:OfficeEquipment 2023-08-31 04357888 core:LeaseholdImprovements 2024-08-31 04357888 core:PlantMachinery 2024-08-31 04357888 core:OfficeEquipment 2024-08-31 04357888 2023-09-01 2024-08-31 04357888 bus:FilletedAccounts 2023-09-01 2024-08-31 04357888 bus:SmallEntities 2023-09-01 2024-08-31 04357888 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 04357888 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 04357888 bus:Director1 2023-09-01 2024-08-31 04357888 bus:Director2 2023-09-01 2024-08-31 04357888 core:LeaseholdImprovements core:TopRangeValue 2023-09-01 2024-08-31 04357888 core:PlantMachinery core:TopRangeValue 2023-09-01 2024-08-31 04357888 core:OfficeEquipment core:TopRangeValue 2023-09-01 2024-08-31 04357888 2022-09-01 2023-08-31 04357888 core:LeaseholdImprovements 2023-09-01 2024-08-31 04357888 core:PlantMachinery 2023-09-01 2024-08-31 04357888 core:OfficeEquipment 2023-09-01 2024-08-31 04357888 core:CurrentFinancialInstruments 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure

Company No: 04357888 (England and Wales)

MICHAEL SCHMIDT & PARTNER LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

MICHAEL SCHMIDT & PARTNER LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

MICHAEL SCHMIDT & PARTNER LIMITED

BALANCE SHEET

As at 31 August 2024
MICHAEL SCHMIDT & PARTNER LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 4,798 4,992
4,798 4,992
Current assets
Debtors 4 21,256 22,731
Cash at bank and in hand 187,135 318,550
208,391 341,281
Creditors: amounts falling due within one year 5 ( 66,696) ( 85,214)
Net current assets 141,695 256,067
Total assets less current liabilities 146,493 261,059
Provision for liabilities ( 1,200) ( 1,247)
Net assets 145,293 259,812
Capital and reserves
Called-up share capital 803 803
Capital redemption reserve 20 20
Profit and loss account 144,470 258,989
Total shareholders' funds 145,293 259,812

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Michael Schmidt & Partner Limited (registered number: 04357888) were approved and authorised for issue by the Board of Directors on 06 March 2025. They were signed on its behalf by:

J M J Stone
Director
MICHAEL SCHMIDT & PARTNER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
MICHAEL SCHMIDT & PARTNER LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

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

General information and basis of accounting

Michael Schmidt & Partner 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 Chandlery Building Hamble Point Marina, Hamble, Southampton, SO31 4NB, United Kingdom.

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 Directors have considered the relevant business and economic data available at the time of the preparation of these accounts and have a reasonable expectation that the company will continue to have adequate resources to continue operating for the foreseeable future. Accordingly, the accounts have been prepared on the going concern basis.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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 company has a right to consideration arising from the performance of its contractual agreements. Brokerage turnover is recognised at the point of sale completion between the vendor and purchaser.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Plant and machinery 5 years straight line
Office equipment 5 years straight line

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 9

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Office equipment Total
£ £ £ £
Cost
At 01 September 2023 1,150 1,072 9,530 11,752
Additions 0 828 857 1,685
Disposals 0 ( 267) ( 2,151) ( 2,418)
At 31 August 2024 1,150 1,633 8,236 11,019
Accumulated depreciation
At 01 September 2023 345 361 6,054 6,760
Charge for the financial year 230 285 1,267 1,782
Disposals 0 ( 253) ( 2,068) ( 2,321)
At 31 August 2024 575 393 5,253 6,221
Net book value
At 31 August 2024 575 1,240 2,983 4,798
At 31 August 2023 805 711 3,476 4,992

4. Debtors

2024 2023
£ £
Trade debtors 6,426 5,092
Other debtors 14,830 17,639
21,256 22,731

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 13,193 18,365
Taxation and social security 29,839 45,416
Other creditors 23,664 21,433
66,696 85,214

Included within other creditors are monies held within the company's client account prior to completion of the sale and purchase of brokerage boats. A corresponding amount of £3,754 (2023: £8,250) is included within the bank balance of £187,135 (2023: £318,550).

6. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 0 8,951

7. Related party transactions

The company is a wholly owned subsidiary of Inspiration Marine Holdings Limited and in accordance with paragraph 33.1A of FRS102 is therefore not required to disclose transactions with that company and its fellow subsidiary.