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REGISTERED NUMBER: 04480569 (England and Wales)












Cardinal Marine Limited

Unaudited Financial Statements

for the Year Ended 31st August 2024






Cardinal Marine Limited (Registered number: 04480569)






Contents of the Financial Statements
for the Year Ended 31st August 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Cardinal Marine Limited

Company Information
for the Year Ended 31st August 2024







DIRECTOR: Mr S Boote





SECRETARY: Mrs J R Boote





REGISTERED OFFICE: Falmouth Yacht Marina
North Parade
Falmouth
Cornwall
TR11 2TD





REGISTERED NUMBER: 04480569 (England and Wales)





ACCOUNTANTS: Hodgsons
Chartered Accountants
48 Arwenack Street
Falmouth
Cornwall
TR11 3JH

Cardinal Marine Limited (Registered number: 04480569)

Statement of Financial Position
31st August 2024

31.8.24 31.8.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 11,384 33,150
11,384 33,150

CURRENT ASSETS
Debtors 6 91,588 70,081
Cash at bank 159,229 257,160
250,817 327,241
CREDITORS
Amounts falling due within one year 7 (56,186 ) (85,520 )
NET CURRENT ASSETS 194,631 241,721
TOTAL ASSETS LESS CURRENT
LIABILITIES

206,015

274,871

CREDITORS
Amounts falling due after more than one
year

8

(10,000

)

(20,000

)

PROVISIONS FOR LIABILITIES (2,163 ) (6,287 )
NET ASSETS 193,852 248,584

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 193,752 248,484
SHAREHOLDERS' FUNDS 193,852 248,584

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Cardinal Marine Limited (Registered number: 04480569)

Statement of Financial Position - continued
31st August 2024


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13th May 2025 and were signed by:





Mr S Boote - Director


Cardinal Marine Limited (Registered number: 04480569)

Notes to the Financial Statements
for the Year Ended 31st August 2024

1. STATUTORY INFORMATION

Cardinal Marine 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 (£).


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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill was being written off over its remaining useful economic life and was fully written down in the period to 31st August 2023.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - Over the remaining life of the lease
Boats - 5% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 15% on cost
Computer equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Cardinal Marine Limited (Registered number: 04480569)

Notes to the Financial Statements - continued
for the Year Ended 31st August 2024

2. ACCOUNTING POLICIES - continued

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.

Basic financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of future receipts, discounted at a market rate of interest.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st September 2023
and 31st August 2024 244,195
AMORTISATION
At 1st September 2023
and 31st August 2024 244,195
NET BOOK VALUE
At 31st August 2024 -
At 31st August 2023 -

Cardinal Marine Limited (Registered number: 04480569)

Notes to the Financial Statements - continued
for the Year Ended 31st August 2024

5. TANGIBLE FIXED ASSETS
Short Plant and
leasehold Boats machinery
£    £    £   
COST
At 1st September 2023 5,301 21,996 15,223
Additions - - -
Disposals - (1,600 ) (1,493 )
At 31st August 2024 5,301 20,396 13,730
DEPRECIATION
At 1st September 2023 5,301 20,014 8,144
Charge for year - 143 2,370
Eliminated on disposal - (460 ) (1,493 )
At 31st August 2024 5,301 19,697 9,021
NET BOOK VALUE
At 31st August 2024 - 699 4,709
At 31st August 2023 - 1,982 7,079

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st September 2023 25,104 21,999 15,287 104,910
Additions 5,127 - - 5,127
Disposals (20,200 ) (21,999 ) (9,897 ) (55,189 )
At 31st August 2024 10,031 - 5,390 54,848
DEPRECIATION
At 1st September 2023 22,935 2,748 12,618 71,760
Charge for year 1,703 2,191 1,243 7,650
Eliminated on disposal (20,051 ) (4,939 ) (9,003 ) (35,946 )
At 31st August 2024 4,587 - 4,858 43,464
NET BOOK VALUE
At 31st August 2024 5,444 - 532 11,384
At 31st August 2023 2,169 19,251 2,669 33,150

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 32,302 63,832
Other debtors 59,286 6,249
91,588 70,081

Cardinal Marine Limited (Registered number: 04480569)

Notes to the Financial Statements - continued
for the Year Ended 31st August 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts (see note 9) 10,000 10,000
Trade creditors 3,309 6,409
Taxation and social security 39,777 35,081
Other creditors 3,100 34,030
56,186 85,520

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Bank loans (see note 9) 10,000 20,000

9. LOANS

An analysis of the maturity of loans is given below:

31.8.24 31.8.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,000 10,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 10,000

Amounts falling due between two and five years:
Bank loans - 2-5 years - 10,000

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.8.24 31.8.23
£    £   
Within one year 26,399 20,359
Between one and five years 43,358 41,547
In more than five years 7,167 17,917
76,924 79,823

Cardinal Marine Limited (Registered number: 04480569)

Notes to the Financial Statements - continued
for the Year Ended 31st August 2024

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31st August 2024 and the period ended 31st August 2023:

31.8.24 31.8.23
£    £   
Mr S Boote
Balance outstanding at start of year - 49,875
Amounts advanced 51,569 -
Amounts repaid - (49,875 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 51,569 -

This loan was repayable on demand. Interest has been charged at the official rate.

12. RELATED PARTY DISCLOSURES

During the year, a motor vehicle owned by the company was sold to the director, Mr S Boote, at a value of £8,100.