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REGISTERED NUMBER: 00992188 (England and Wales)
























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

NORTH SEA WINCHES LIMITED

NORTH SEA WINCHES LIMITED (REGISTERED NUMBER: 00992188)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 September 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NORTH SEA WINCHES LIMITED

COMPANY INFORMATION
For The Year Ended 30 September 2024







DIRECTORS: Mr John Richard Charlton Gretton
Mr Robert Charlton Gretton





SECRETARY: Mrs Alison Gretton





REGISTERED OFFICE: Dunslow Road
Scarborough
North Yorkshire
YO11 3UT





REGISTERED NUMBER: 00992188 (England and Wales)





ACCOUNTANTS: Fortus Limited
Business Advisors & Accountants
5&6 Manor Court
Manor Garth
Scarborough
North Yorkshire
YO11 3TU

NORTH SEA WINCHES LIMITED (REGISTERED NUMBER: 00992188)

BALANCE SHEET
30 September 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 215,187 158,185

CURRENT ASSETS
Stocks 887,500 837,683
Debtors 5 84,953 338,499
Cash at bank and in hand 728 663
973,181 1,176,845
CREDITORS
Amounts falling due within one year 6 922,855 1,140,590
NET CURRENT ASSETS 50,326 36,255
TOTAL ASSETS LESS CURRENT LIABILITIES 265,513 194,440

CREDITORS
Amounts falling due after more than
one year

7

(110,857

)

(18,215

)

PROVISIONS FOR LIABILITIES (41,443 ) (29,942 )
NET ASSETS 113,213 146,283

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 103,213 136,283
SHAREHOLDERS' FUNDS 113,213 146,283

NORTH SEA WINCHES LIMITED (REGISTERED NUMBER: 00992188)

BALANCE SHEET - continued
30 September 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 May 2025 and were signed on its behalf by:





Mr Robert Charlton Gretton - Director


NORTH SEA WINCHES LIMITED (REGISTERED NUMBER: 00992188)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 September 2024


1. STATUTORY INFORMATION

North Sea Winches Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The level of rounding used in the financial statements is to the nearest £1.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
The turnover shown in the profit and loss account represents the total invoice value, excluding value added tax, of sales made during the year. Sales are recognised in the profit and loss account upon despatch of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property improvements - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures, fittings and equipment - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using a first in, first out method and includes all purchase, transport and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


NORTH SEA WINCHES LIMITED (REGISTERED NUMBER: 00992188)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 20 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
Leasehold fittings
property Plant and and
improvements machinery equipment
£    £    £   
COST
At 1 October 2023 4,200 704,802 93,261
Additions - 109,261 -
Disposals - (78,233 ) (7,275 )
At 30 September 2024 4,200 735,830 85,986
DEPRECIATION
At 1 October 2023 3,605 560,325 82,189
Charge for year 420 28,543 2,212
Eliminated on disposal - (59,108 ) (6,064 )
At 30 September 2024 4,025 529,760 78,337
NET BOOK VALUE
At 30 September 2024 175 206,070 7,649
At 30 September 2023 595 144,477 11,072

NORTH SEA WINCHES LIMITED (REGISTERED NUMBER: 00992188)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2024


4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 October 2023 19,653 49,093 871,009
Additions - - 109,261
Disposals - (2,634 ) (88,142 )
At 30 September 2024 19,653 46,459 892,128
DEPRECIATION
At 1 October 2023 18,565 48,140 712,824
Charge for year 272 476 31,923
Eliminated on disposal - (2,634 ) (67,806 )
At 30 September 2024 18,837 45,982 676,941
NET BOOK VALUE
At 30 September 2024 816 477 215,187
At 30 September 2023 1,088 953 158,185

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 77,316 296,578
Other debtors 7,637 41,921
84,953 338,499

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 288,673 274,064
Hire purchase contracts 35,830 -
Payments on account 256,649 151,253
Trade creditors 259,038 680,008
Taxation and social security 43,232 21,310
Other creditors 39,433 13,955
922,855 1,140,590

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 66,069 18,215
Hire purchase contracts 44,788 -
110,857 18,215

NORTH SEA WINCHES LIMITED (REGISTERED NUMBER: 00992188)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 September 2024


8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 250,472 264,008

The bank overdraft is secured by personal guarantees provided by the directors.

9. RELATED PARTY DISCLOSURES

The directors of the company provide personal security in relation to the bank borrowings of the company.