63 false false false false true false false false false false false true false false false false false false 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 778,754 1,273,057 304,785 4,638 300,147 xbrli:pure xbrli:shares iso4217:GBP 03323711 2023-05-01 2024-04-30 03323711 2024-04-30 03323711 2023-04-30 03323711 2022-05-01 2023-04-30 03323711 2023-04-30 03323711 2022-04-30 03323711 bus:RegisteredOffice 2023-05-01 2024-04-30 03323711 bus:OrdinaryShareClass2 2023-05-01 2024-04-30 03323711 bus:OrdinaryShareClass3 2023-05-01 2024-04-30 03323711 bus:OrdinaryShareClass4 2023-05-01 2024-04-30 03323711 bus:OrdinaryShareClass5 2023-05-01 2024-04-30 03323711 bus:LeadAgentIfApplicable 2023-05-01 2024-04-30 03323711 bus:Director1 2023-05-01 2024-04-30 03323711 bus:Director2 2023-05-01 2024-04-30 03323711 bus:Director3 2023-05-01 2024-04-30 03323711 core:WithinOneYear 2024-04-30 03323711 core:WithinOneYear 2023-04-30 03323711 core:AfterOneYear 2024-04-30 03323711 core:AfterOneYear 2023-04-30 03323711 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 03323711 core:PlantMachinery 2023-04-30 03323711 core:FurnitureFittings 2023-04-30 03323711 core:MotorVehicles 2023-04-30 03323711 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-30 03323711 core:PlantMachinery 2024-04-30 03323711 core:FurnitureFittings 2024-04-30 03323711 core:MotorVehicles 2024-04-30 03323711 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03323711 core:PlantMachinery 2023-05-01 2024-04-30 03323711 core:FurnitureFittings 2023-05-01 2024-04-30 03323711 core:MotorVehicles 2023-05-01 2024-04-30 03323711 core:UKTax 2023-05-01 2024-04-30 03323711 core:UKTax 2022-05-01 2023-04-30 03323711 core:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 03323711 core:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 03323711 bus:AllOrdinaryShares 2023-05-01 2024-04-30 03323711 bus:AllOrdinaryShares 2022-05-01 2023-04-30 03323711 core:RetainedEarningsAccumulatedLosses 2023-04-30 03323711 core:RetainedEarningsAccumulatedLosses 2022-04-30 03323711 core:RetainedEarningsAccumulatedLosses 2024-04-30 03323711 core:RetainedEarningsAccumulatedLosses 2023-04-30 03323711 core:ShareCapital 2024-04-30 03323711 core:ShareCapital 2023-04-30 03323711 core:DeferredTaxation 2023-05-01 2024-04-30 03323711 core:AcceleratedTaxDepreciationDeferredTax 2024-04-30 03323711 core:AcceleratedTaxDepreciationDeferredTax 2023-04-30 03323711 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 03323711 core:PlantMachinery 2023-04-30 03323711 core:FurnitureFittings 2023-04-30 03323711 core:MotorVehicles 2023-04-30 03323711 core:DeferredTaxation 2023-04-30 03323711 core:DeferredTaxation 2024-04-30 03323711 bus:LeadAgentIfApplicable 2022-05-01 2023-04-30 03323711 bus:Director3 2023-04-30 03323711 bus:Director3 2024-04-30 03323711 bus:Director3 2022-04-30 03323711 bus:Director3 2023-04-30 03323711 bus:Director3 2022-05-01 2023-04-30 03323711 bus:MediumEntities 2023-05-01 2024-04-30 03323711 bus:Audited 2023-05-01 2024-04-30 03323711 bus:Medium-sizedCompaniesRegimeForAccounts 2023-05-01 2024-04-30 03323711 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03323711 bus:FullAccounts 2023-05-01 2024-04-30 03323711 bus:AllOrdinaryShares 2024-04-30 03323711 bus:AllOrdinaryShares 2023-04-30 03323711 bus:OrdinaryShareClass2 2024-04-30 03323711 bus:OrdinaryShareClass2 2023-04-30 03323711 bus:OrdinaryShareClass3 2024-04-30 03323711 bus:OrdinaryShareClass3 2023-04-30 03323711 bus:OrdinaryShareClass4 2024-04-30 03323711 bus:OrdinaryShareClass4 2023-04-30 03323711 bus:OrdinaryShareClass5 2024-04-30 03323711 bus:OrdinaryShareClass5 2023-04-30 03323711 core:ComputerEquipment 2023-04-30 03323711 core:ComputerEquipment 2023-05-01 2024-04-30 03323711 core:ComputerEquipment 2024-04-30 03323711 1 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: 03323711
COONEY MARINE INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
30 April 2024
COONEY MARINE INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
CONTENTS
PAGES
Officers and professional advisers
1
Strategic report
2 to 3
Directors' report
4 to 5
Independent auditor's report to the members
6 to 9
Statement of income and retained earnings
10
Statement of financial position
11
Statement of cash flows
12
Notes to the financial statements
13 to 21
COONEY MARINE INTERNATIONAL LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
THE BOARD OF DIRECTORS
Mr K P Cooney
Mrs A P Cooney
Mr J P Cooney
REGISTERED OFFICE
Telford Way
Kettering
Northamptonshire
NN16 8UN
AUDITOR
Meadows & Co Limited
Chartered Accountants & statutory auditor
Headlands House
1 Kings Court
Kettering Parkway
Kettering
NN15 6WJ
COONEY MARINE INTERNATIONAL LIMITED
STRATEGIC REPORT
YEAR ENDED 30 APRIL 2024
PRINCIPAL ACTIVITY AND BUSINESS REVIEW The principal activity of the company during the year was the manufacture of parts for, and the fitting out of, yachts . Turnover has decreased by £0.799m to £5.997m in the current year compared to £6.796m in the prior year. Profit before tax has decreased by £0.567m to £0.806m in the current year compared to £1.373m in the prior year. The net asset position at the balance sheet date remains strong at £6.344m (2023: £5.860m), including cash at bank and in hand of £2.509m (2023: £1.214m).
PRINCIPAL RISKS AND UNCERTAINTIES Overview The management and nature of the business are subject to a number of risks. The directors have set out below the principal risks facing the business. Cash flow risk There is the risk that the business may run in to liquidity issues. Management keep a close eye on the liquidity of the company. The company has access to a variety of different forms of financing. Credit risk Credit risk is the financial exposure generated by the potential default of third parties in fulfilling their obligations. Credit risk arises for the company if it is unable to recover sums due from customers and it is mitigated by rigorous credit control, including the regular review of credit limits utilising data from credit agencies and the company's own financial and market intelligence. Fixed overheads and variable revenue risk There is the risk that any significant change in revenue may lead to the inability to cover the fixed costs of the business. Management closely monitors fixed overheads against budget on a monthly basis and cost saving exercises are implemented to match any decline in revenue. Competition risk The market in which the company operates is extremely competitive. As a result, there is always constant downward pressure on margins and the additional risk of being unable to meet customer's expectations. Policies of constant price and margin monitoring are in place to mitigate such risks.
KEY PERFORMANCE INDICATORS The directors consider a number of financial key performance indicators when measuring the success of the business. The main indicators used by the directors are Turnover, Profit before tax and Net assets, details and movements of which are detailed in the business review above.
FUTURE DEVELOPMENTS AND OUTLOOK Cooney Marine are continuing to develop our Davit business and increase sales in the UK and Europe. We have started to develop our distributors with support and training and this has started to deliver higher order levels. The marine industry is still our main focus but we are starting to see interest in the architecture sector, especially with our high quality oval tube forming and fabrication. Investment in both technology and skills are key, we will be investing in cutting edge technology in the next 12 months. There is still a skill shortage in the UK, we have our own apprenticeship program to train the skill we cannot find on the job market, we plan to take on 6 apprentices in the next 12 months.
This report was approved by the board of directors on 17 March 2025 and signed on behalf of the board by:
Mr J P Cooney
Director
Registered office:
Telford Way
Kettering
Northamptonshire
NN16 8UN
COONEY MARINE INTERNATIONAL LIMITED
DIRECTORS' REPORT
YEAR ENDED 30 APRIL 2024
The directors present their report and the financial statements of the company for the year ended 30 April 2024 .
DIRECTORS
The directors who served the company during the year were as follows:
Mr K P Cooney
Mrs A P Cooney
Mr J P Cooney
DIVIDENDS
Particulars of recommended dividends are detailed in note 12 to the financial statements.
DISCLOSURE OF INFORMATION IN THE STRATEGIC REPORT
The directors have chosen, in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' report) Regulations 2013, to set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. AUDITOR
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 17 March 2025 and signed on behalf of the board by:
Mr J P Cooney
Director
Registered office:
Telford Way
Kettering
Northamptonshire
NN16 8UN
COONEY MARINE INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COONEY MARINE INTERNATIONAL LIMITED
YEAR ENDED 30 APRIL 2024
OPINION
We have audited the financial statements of Cooney Marine International Limited (the 'company') for the year ended 30 April 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
OTHER INFORMATION
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We have undertaken high level reviews of the results and position of the company for the year in question, and have considered the effects of the industry and wider economy on the company. We have made enquiries of management regarding the company's own risk assessment procedures and any identified irregularities, including fraud, identified in the year. We have used our knowledge and understanding of the company's business, including the remuneration of key management personnel, to assess how and where irregularities, including fraud, might arise and we have planned our testing using a risk based approach. We have considered the potential for irregularities, including fraud, in all our testing but have also carried out specific testing to comply with the ISA (UK) requirements regarding management override of controls. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. USE OF OUR REPORT
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Douglas Parker BSc FCA
(Senior Statutory Auditor)
For and on behalf of
Meadows & Co Limited
Chartered Accountants & statutory auditor
Headlands House
1 Kings Court
Kettering Parkway
Kettering
NN15 6WJ
17 March 2025
COONEY MARINE INTERNATIONAL LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 30 APRIL 2024
2024
2023
Note
£
£
TURNOVER
4
5,996,566
6,795,777
Cost of sales
3,996,855
4,279,022
------------
------------
GROSS PROFIT
1,999,711
2,516,755
Administrative expenses
1,278,435
1,161,498
Other operating income
5
3,376
3,972
------------
------------
OPERATING PROFIT
6
724,652
1,359,229
Other interest receivable and similar income
10
81,191
13,510
------------
------------
PROFIT BEFORE TAXATION
805,843
1,372,739
Tax on profit
11
27,089
99,682
---------
------------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
778,754
1,273,057
---------
------------
Dividends paid and payable
12
( 294,300)
( 144,300)
RETAINED EARNINGS AT THE START OF THE YEAR
5,858,851
4,730,094
------------
------------
RETAINED EARNINGS AT THE END OF THE YEAR
6,343,305
5,858,851
------------
------------
All the activities of the company are from continuing operations.
COONEY MARINE INTERNATIONAL LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Tangible assets
13
2,527,010
2,596,931
CURRENT ASSETS
Stocks
14
258,509
337,744
Debtors
15
2,082,578
2,839,239
Cash at bank and in hand
2,508,857
1,214,359
------------
------------
4,849,944
4,391,342
CREDITORS: amounts falling due within one year
16
716,241
804,507
------------
------------
NET CURRENT ASSETS
4,133,703
3,586,835
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
6,660,713
6,183,766
CREDITORS: amounts falling due after more than one year
17
16,261
19,130
PROVISIONS
18
300,147
304,785
------------
------------
NET ASSETS
6,344,305
5,859,851
------------
------------
CAPITAL AND RESERVES
Called up share capital
22
1,000
1,000
Profit and loss account
23
6,343,305
5,858,851
------------
------------
SHAREHOLDERS FUNDS
6,344,305
5,859,851
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 17 March 2025 , and are signed on behalf of the board by:
Mr J P Cooney
Director
Company registration number: 03323711
COONEY MARINE INTERNATIONAL LIMITED
STATEMENT OF CASH FLOWS
YEAR ENDED 30 APRIL 2024
2024
2023
£
£
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the financial year
778,754
1,273,057
Adjustments for:
Depreciation of tangible assets
229,148
219,597
Government grant income
( 3,376)
( 3,972)
Other interest receivable and similar income
( 81,191)
( 13,510)
Tax on profit
27,089
99,682
Accrued expenses
3,667
12,411
Changes in:
Stocks
79,235
( 73,316)
Trade and other debtors
756,661
( 1,096,929)
Trade and other creditors
( 81,374)
206,022
------------
------------
Cash generated from operations
1,708,613
623,042
Interest received
81,191
13,510
Tax paid
( 45,155)
( 38,567)
------------
---------
Net cash from operating activities
1,744,649
597,985
------------
---------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of tangible assets
( 159,227)
( 390,870)
------------
---------
Net cash used in investing activities
( 159,227)
( 390,870)
------------
---------
CASH FLOWS FROM FINANCING ACTIVITIES
Government grant income
3,376
3,972
Dividends paid
( 294,300)
( 144,300)
------------
---------
Net cash used in financing activities
( 290,924)
( 140,328)
------------
---------
NET INCREASE IN CASH AND CASH EQUIVALENTS
1,294,498
66,787
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
1,214,359
1,147,572
------------
------------
CASH AND CASH EQUIVALENTS AT END OF YEAR
2,508,857
1,214,359
------------
------------
COONEY MARINE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
1. GENERAL INFORMATION
Cooney Marine International Limited is a private company, limited by shares, incorporated in England and Wales, with registered number 03323711 . The registered office address and principal place of business is Telford Way, Kettering, Northamptonshire, NN16 8UN.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
15% reducing balance method
Fixtures & fittings
-
15% reducing balance method
Motor vehicles
-
25% reducing balance method
Equipment
-
3 years straight line/15% reducing balance method
Freehold Buildings are depreciated at 0% straight line as the directors consider that freehold properties are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation is not material.
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Cost is measured on a first in, first out basis. Work in progress Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. TURNOVER
Turnover arises from:
2024
2023
£
£
Sale of goods
5,996,566
6,795,777
------------
------------
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. OTHER OPERATING INCOME
2024
2023
£
£
Government grant income
3,376
3,972
-------
-------
6. OPERATING PROFIT
Operating profit or loss is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
229,148
219,597
Impairment of trade debtors
71
---------
---------
7. AUDITOR'S REMUNERATION
2024
2023
£
£
Fees payable for the audit of the financial statements
15,750
15,000
--------
--------
8. STAFF COSTS
The average number of persons employed by the company during the year amounted to 63 (2023: 67 ).
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
2,111,116
2,174,467
Social security costs
199,154
211,460
Other pension costs
98,697
36,996
------------
------------
2,408,967
2,422,923
------------
------------
9. DIRECTORS' REMUNERATION
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
28,495
31,804
Company contributions to defined contribution pension plans
60,000
--------
--------
88,495
31,804
--------
--------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
1
----
----
10. OTHER INTEREST RECEIVABLE AND SIMILAR INCOME
2024
2023
£
£
Interest on bank deposits
81,158
13,504
Other interest
33
6
--------
--------
81,191
13,510
--------
--------
11. TAX ON PROFIT
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
34,717
48,145
Adjustments in respect of prior periods
( 2,990)
( 6)
--------
--------
Total current tax
31,727
48,139
--------
--------
Deferred tax:
Origination and reversal of timing differences
( 4,638)
51,543
--------
--------
Tax on profit
27,089
99,682
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 19.49 %).
2024
2023
£
£
Profit on ordinary activities before taxation
805,843
1,372,739
---------
------------
Profit on ordinary activities by rate of tax
201,461
269,438
Adjustment to tax charge in respect of prior periods
( 2,990)
( 6)
Effect of expenses not deductible for tax purposes
( 1,365)
99
Effect of capital allowances and depreciation
2,555
( 6,282)
R&D enhanced expenditure
( 172,572)
( 163,567)
---------
------------
Tax on profit
27,089
99,682
---------
------------
12. DIVIDENDS
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
294,300
144,300
---------
---------
13. TANGIBLE ASSETS
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 May 2023
1,362,786
3,129,818
283,038
241,453
294,132
5,311,227
Additions
60,701
95,210
3,316
159,227
------------
------------
---------
---------
---------
------------
At 30 Apr 2024
1,362,786
3,190,519
283,038
336,663
297,448
5,470,454
------------
------------
---------
---------
---------
------------
Depreciation
At 1 May 2023
2,038,750
272,836
164,613
238,097
2,714,296
Charge for the year
172,789
1,531
43,012
11,816
229,148
------------
------------
---------
---------
---------
------------
At 30 Apr 2024
2,211,539
274,367
207,625
249,913
2,943,444
------------
------------
---------
---------
---------
------------
Carrying amount
At 30 Apr 2024
1,362,786
978,980
8,671
129,038
47,535
2,527,010
------------
------------
---------
---------
---------
------------
At 30 Apr 2023
1,362,786
1,091,068
10,202
76,840
56,035
2,596,931
------------
------------
---------
---------
---------
------------
14. STOCKS
2024
2023
£
£
Raw materials and consumables
258,509
337,744
---------
---------
15. DEBTORS
2024
2023
£
£
Trade debtors
1,714,284
2,596,661
Prepayments and accrued income
50,510
45,069
Directors loan account
499
Other debtors
317,285
197,509
------------
------------
2,082,578
2,839,239
------------
------------
16. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
367,763
420,052
Accruals and deferred income
85,176
82,015
Corporation tax
34,717
48,145
Social security and other taxes
222,623
249,195
Other creditors
5,962
5,100
---------
---------
716,241
804,507
---------
---------
17. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Accruals and deferred income
16,261
19,130
--------
--------
18. PROVISIONS
Deferred tax (note 19)
£
At 1 May 2023
304,785
Charge against provision
( 4,638)
---------
At 30 April 2024
300,147
---------
19. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 18)
300,147
304,785
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
300,147
304,785
---------
---------
20. EMPLOYEE BENEFITS
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 98,697 (2023: £ 36,996 ).
At the balance sheet date £ 3,548 (2023: £ 3,582 ) was due to pension schemes in respect of charges in the year. These amounts were included in other creditors.
21. GOVERNMENT GRANTS
The amounts recognised in the financial statements for government grants are as follows:
2024
2023
£
£
Recognised in creditors:
Deferred government grants due within one year
2,870
3,376
Deferred government grants due after more than one year
16,261
19,130
--------
--------
19,131
22,506
--------
--------
Recognised in other operating income:
Government grants released to profit or loss
3,376
3,972
-------
-------
22. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
A ordinary shares of £ 1 each
498
498
498
498
B ordinary shares of £ 1 each
241
241
241
241
C ordinary shares of £ 1 each
260
260
260
260
D ordinary shares of £ 1 each
1
1
1
1
-------
-------
-------
-------
1,000
1,000
1,000
1,000
-------
-------
-------
-------
All classes of share capital rank parri passu in terms of voting, dividends and distribution rights.
23. RESERVES
Profit and loss account - This reserve records retained earnings and accumulated losses.
24. ANALYSIS OF CHANGES IN NET DEBT
At 1 May 2023
Cash flows
At 30 Apr 2024
£
£
£
Cash at bank and in hand
1,214,359
1,294,498
2,508,857
------------
------------
------------
25. CAPITAL COMMITMENTS
Capital expenditure contracted for but not provided for in the financial statements is as follows:
2024
2023
£
£
Tangible assets
53,922
--------
----
COONEY MARINE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (continued)
YEAR ENDED 30 APRIL 2024
26. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr J P Cooney
499
499
----
----
----
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr J P Cooney
----
----
----
27. RELATED PARTY TRANSACTIONS
At the balance sheet date the company was owed £748,672 (2023: £1,448,392) from a company under common control. The loan advanced is not interest bearing and is repayable on demand. At the balance sheet date the company owed £76,956 (2023: £42,828) to a company under common control. During the year sales of £1,450,504 (2023: £1,607,080) were made to, and purchases of £34,127 (2023: £56,579) were made from, a company under common control. The company occupies properties owned by directors. The amount of rent paid during the year in respect of these premises was £114,000 (2023: £112,100). Dividends totalling £294,300 (2023: £144,300) were paid to the directors during the year.
28. CONTROLLING PARTY
The ultimate controlling party is considered to be Mr J Cooney .