Silverfin false false 31/10/2024 01/11/2023 31/10/2024 D L Dickins 10/11/2006 D W J Evans 01/07/2021 K M Ireland 01/07/2021 N J Lockett 01/07/2021 I W Mountain 30/06/2011 14 March 2025 The principal activity of the Company during the financial year was that of the design, development and manufacture of valves and inflation systems for a wide range of inflatable structures including Life Rafts, Inflatable Boats, Marine Evacuation Systems and River Rafts. 05870564 2024-10-31 05870564 bus:Director1 2024-10-31 05870564 bus:Director2 2024-10-31 05870564 bus:Director3 2024-10-31 05870564 bus:Director4 2024-10-31 05870564 bus:Director5 2024-10-31 05870564 2023-10-31 05870564 core:CurrentFinancialInstruments 2024-10-31 05870564 core:CurrentFinancialInstruments 2023-10-31 05870564 core:Non-currentFinancialInstruments 2024-10-31 05870564 core:Non-currentFinancialInstruments 2023-10-31 05870564 core:ShareCapital 2024-10-31 05870564 core:ShareCapital 2023-10-31 05870564 core:SharePremium 2024-10-31 05870564 core:SharePremium 2023-10-31 05870564 core:RetainedEarningsAccumulatedLosses 2024-10-31 05870564 core:RetainedEarningsAccumulatedLosses 2023-10-31 05870564 core:PatentsTrademarksLicencesConcessionsSimilar 2023-10-31 05870564 core:PatentsTrademarksLicencesConcessionsSimilar 2024-10-31 05870564 core:PlantMachinery 2023-10-31 05870564 core:ToolsEquipment 2023-10-31 05870564 core:OfficeEquipment 2023-10-31 05870564 core:PlantMachinery 2024-10-31 05870564 core:ToolsEquipment 2024-10-31 05870564 core:OfficeEquipment 2024-10-31 05870564 core:ImmediateParent core:CurrentFinancialInstruments 2024-10-31 05870564 core:ImmediateParent core:CurrentFinancialInstruments 2023-10-31 05870564 bus:OrdinaryShareClass1 2024-10-31 05870564 bus:OrdinaryShareClass2 2024-10-31 05870564 core:WithinOneYear 2024-10-31 05870564 core:WithinOneYear 2023-10-31 05870564 core:BetweenOneFiveYears 2024-10-31 05870564 core:BetweenOneFiveYears 2023-10-31 05870564 2023-11-01 2024-10-31 05870564 bus:FilletedAccounts 2023-11-01 2024-10-31 05870564 bus:SmallEntities 2023-11-01 2024-10-31 05870564 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 05870564 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 05870564 bus:Director1 2023-11-01 2024-10-31 05870564 bus:Director2 2023-11-01 2024-10-31 05870564 bus:Director3 2023-11-01 2024-10-31 05870564 bus:Director4 2023-11-01 2024-10-31 05870564 bus:Director5 2023-11-01 2024-10-31 05870564 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2023-11-01 2024-10-31 05870564 core:PatentsTrademarksLicencesConcessionsSimilar 2023-11-01 2024-10-31 05870564 core:PlantMachinery core:BottomRangeValue 2023-11-01 2024-10-31 05870564 core:PlantMachinery core:TopRangeValue 2023-11-01 2024-10-31 05870564 core:ToolsEquipment core:BottomRangeValue 2023-11-01 2024-10-31 05870564 core:ToolsEquipment core:TopRangeValue 2023-11-01 2024-10-31 05870564 core:OfficeEquipment core:BottomRangeValue 2023-11-01 2024-10-31 05870564 core:OfficeEquipment core:TopRangeValue 2023-11-01 2024-10-31 05870564 2022-11-01 2023-10-31 05870564 core:PlantMachinery 2023-11-01 2024-10-31 05870564 core:ToolsEquipment 2023-11-01 2024-10-31 05870564 core:OfficeEquipment 2023-11-01 2024-10-31 05870564 core:CurrentFinancialInstruments 2023-11-01 2024-10-31 05870564 core:Non-currentFinancialInstruments 2023-11-01 2024-10-31 05870564 bus:OrdinaryShareClass1 2023-11-01 2024-10-31 05870564 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 05870564 bus:OrdinaryShareClass2 2023-11-01 2024-10-31 05870564 bus:OrdinaryShareClass2 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05870564 (England and Wales)

LEAFIELD MARINE LIMITED

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

LEAFIELD MARINE LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

LEAFIELD MARINE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 October 2024
LEAFIELD MARINE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 9,082 11,850
Tangible assets 4 390,315 317,447
399,397 329,297
Current assets
Stocks 1,284,829 1,618,826
Debtors 5 1,156,779 762,613
Cash at bank and in hand 501,700 597,004
2,943,308 2,978,443
Creditors: amounts falling due within one year 6 ( 794,962) ( 697,646)
Net current assets 2,148,346 2,280,797
Total assets less current liabilities 2,547,743 2,610,094
Creditors: amounts falling due after more than one year 7 ( 94,539) ( 94,539)
Provision for liabilities ( 92,607) ( 66,219)
Net assets 2,360,597 2,449,336
Capital and reserves
Called-up share capital 8 166,667 166,667
Share premium account 102,420 102,420
Profit and loss account 2,091,510 2,180,249
Total shareholder's funds 2,360,597 2,449,336

For the financial year ending 31 October 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 Leafield Marine Limited (registered number: 05870564) were approved and authorised for issue by the Board of Directors on 14 March 2025. They were signed on its behalf by:

D L Dickins
Director
I W Mountain
Director
LEAFIELD MARINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
LEAFIELD MARINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 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

Leafield 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 9 Atworth Business Park, Bath Road, Atworth, Melksham, SN12 8SB, 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 assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have 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.

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 Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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 year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

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 Statement of Financial Position 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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 5 years straight line
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 5 of years which is their estimated useful economic life. Provision is made for any impairment.

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 on a straight-line basis over its expected useful life, as follows:

Plant and machinery 4 - 10 years straight line
Tools and equipment 4 - 10 years straight line
Office equipment 4 - 10 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 Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 53 53

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 November 2023 13,838 13,838
At 31 October 2024 13,838 13,838
Accumulated amortisation
At 01 November 2023 1,988 1,988
Charge for the financial year 2,768 2,768
At 31 October 2024 4,756 4,756
Net book value
At 31 October 2024 9,082 9,082
At 31 October 2023 11,850 11,850

4. Tangible assets

Plant and machinery Tools and equipment Office equipment Total
£ £ £ £
Cost
At 01 November 2023 575,420 751,533 184,891 1,511,844
Additions 51,138 50,909 66,343 168,390
Disposals 0 0 ( 36,065) ( 36,065)
At 31 October 2024 626,558 802,442 215,169 1,644,169
Accumulated depreciation
At 01 November 2023 423,498 599,497 171,402 1,194,397
Charge for the financial year 40,099 36,537 18,886 95,522
Disposals 0 0 ( 36,065) ( 36,065)
At 31 October 2024 463,597 636,034 154,223 1,253,854
Net book value
At 31 October 2024 162,961 166,408 60,946 390,315
At 31 October 2023 151,922 152,036 13,489 317,447

5. Debtors

2024 2023
£ £
Trade debtors 912,787 547,521
Amounts owed by Parent undertakings 2,050 1,877
Prepayments 68,584 59,162
VAT recoverable 38,177 22,007
Other debtors 135,181 132,046
1,156,779 762,613

Amounts owed by Parent undertakings are repayable on demand and do not bear interest.

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 535,784 527,515
Accruals and deferred income 73,569 42,894
Corporation tax 63,922 32,809
Other taxation and social security 34,347 32,286
Other creditors 87,340 62,142
794,962 697,646

There are no amounts included above in respect of which any security has been given by the Company.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 94,539 94,539

There are no amounts included above in respect of which any security has been given by the Company.

A conditional grant from the Rural Development Fund of £94,539 for England toward the company's building extension project. The grant is conditional on the long term creation of new jobs and will be treated as a liability until the conditions are met in accordance with the company's accounting policy on performance related grants.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
600,000 Ordinary A shares of £ 0.25 each 150,000 150,000
66,666 Ordinary C shares of £ 0.25 each 16,667 16,667
166,667 166,667

9. Financial commitments

Commitments

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

2024 2023
£ £
within one year 110,000 110,000
between one and five years 220,000 330,000
330,000 440,000

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 15,275 12,978

10. Related party transactions

The company has taken advantage of the exemption available under FRS 102 S1A.C.35 to not disclose transactions with other entities within a wholly owned group.