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Registration number: 10223096

Salmon Powersports Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Salmon Powersports Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Salmon Powersports Limited

Company Information

Director

Mr J Salmon

Registered office

Unit A7 The Arena
9 Nimrod Way
Wimborne
Dorset
BH21 7UH

Accountants

Elysium
Chartered AccountantsUnit A7 The Arena
9 Nimrod Way
Wimborne
Dorset
BH21 7UH

 

Salmon Powersports Limited

(Registration number: 10223096)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

4,528

2,771

Tangible assets

5

359

449

 

4,887

3,220

Current assets

 

Stocks

6

5,928

4,928

Debtors

7

2,426

4,765

Cash at bank and in hand

 

7,923

6,639

 

16,277

16,332

Creditors: Amounts falling due within one year

8

(28,616)

(14,727)

Net current (liabilities)/assets

 

(12,339)

1,605

Total assets less current liabilities

 

(7,452)

4,825

Creditors: Amounts falling due after more than one year

8

(36,223)

(38,171)

Net liabilities

 

(43,675)

(33,346)

Capital and reserves

 

Called up share capital

9

100

1

Retained earnings

(43,775)

(33,347)

Shareholders' deficit

 

(43,675)

(33,346)

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 March 2025
 

.........................................
Mr J Salmon
Director

 

Salmon Powersports Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit A7 The Arena
9 Nimrod Way
Wimborne
Dorset
BH21 7UH

These financial statements were authorised for issue by the director on 17 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

Straight line over 5 years

Office equipment

Straight line over 4 years

 

Salmon Powersports Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

The company has adopted a policy of capitalising the costs incurred during the design and develoment phase of new products. Only costs that are directly attributable to products that have a high probability that they will be brought to market have been capitalised.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software and development costs

Straight line over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Salmon Powersports Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Salmon Powersports Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 July 2023

1,000

2,818

3,818

Additions acquired separately

-

2,842

2,842

At 30 June 2024

1,000

5,660

6,660

Amortisation

At 1 July 2023

1,000

47

1,047

Amortisation charge

-

1,085

1,085

At 30 June 2024

1,000

1,132

2,132

Carrying amount

At 30 June 2024

-

4,528

4,528

At 30 June 2023

-

2,771

2,771

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

4,535

4,535

At 30 June 2024

4,535

4,535

Depreciation

At 1 July 2023

4,086

4,086

Charge for the year

90

90

At 30 June 2024

4,176

4,176

Carrying amount

At 30 June 2024

359

359

At 30 June 2023

449

449

 

Salmon Powersports Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Stocks

2024
£

2023
£

Other inventories

5,928

4,928

7

Debtors

Current

2024
£

2023
£

Trade debtors

-

4,172

Prepayments

753

593

Other debtors

1,673

-

 

2,426

4,765

 

Salmon Powersports Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

4,000

6,500

Trade creditors

 

4,316

1,026

Taxation and social security

 

-

1,937

Accruals and deferred income

 

200

275

Other creditors

 

20,100

4,989

 

28,616

14,727

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

36,223

38,171

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

100

100

1

1

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

26,373

28,321

Other borrowings

9,850

9,850

36,223

38,171

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,000

6,500

 

Salmon Powersports Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024


Bank borrowings - unsecured
The bank loan from National Westminster Bank Plc is denominated in sterling with a nominal interest rate of 2.5% fixed rate %. The loan term was initially six years, extended to ten years, with the final instalment due on 16 November 2030. The carrying amount at the year end is £30,373 (2023: £34,821).

 

11

Related party transactions

During the year, remuneration of £9,096 (2023: £9,096) was paid to the director.