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COMPANY REGISTRATION NUMBER: 07394194
ACASTER MARINE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 July 2024
ACASTER MARINE LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
827,547
591,190
CURRENT ASSETS
Stocks
186,575
233,756
Debtors
6
66,170
34,581
Cash at bank and in hand
23,972
32,680
----------
----------
276,717
301,017
CREDITORS: amounts falling due within one year
7
291,517
246,151
----------
----------
NET CURRENT (LIABILITIES)/ASSETS
( 14,800)
54,866
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
812,747
646,056
CREDITORS: amounts falling due after more than one year
8
502,785
338,091
PROVISIONS
Taxation including deferred tax
51,106
50,767
----------
----------
NET ASSETS
258,856
257,198
----------
----------
ACASTER MARINE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2024
2024
2023
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
258,756
257,098
----------
----------
SHAREHOLDERS FUNDS
258,856
257,198
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 15 May 2025 , and are signed on behalf of the board by:
Mr G Hudson
Director
Company registration number: 07394194
ACASTER MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Boat House, Water Line Estate, Acaster Malbis, York, YO23 2UY.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. ACCOUNTING POLICIES
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) 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.
(d) Current & deferred 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.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
(f) 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
Fixtures & fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
(g) 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.
(h) 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.
(i) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(j) 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.
(k) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
(l) 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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).
5. TANGIBLE ASSETS
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 August 2023
388,123
174,665
4,183
157,019
723,990
Additions
235,000
40,395
275,395
----------
----------
-------
----------
----------
At 31 July 2024
623,123
215,060
4,183
157,019
999,385
----------
----------
-------
----------
----------
Depreciation
At 1 August 2023
91,796
3,069
37,935
132,800
Charge for the year
18,490
692
19,856
39,038
----------
----------
-------
----------
----------
At 31 July 2024
110,286
3,761
57,791
171,838
----------
----------
-------
----------
----------
Carrying amount
At 31 July 2024
623,123
104,774
422
99,228
827,547
----------
----------
-------
----------
----------
At 31 July 2023
388,123
82,869
1,114
119,084
591,190
----------
----------
-------
----------
----------
6. DEBTORS
2024
2023
£
£
Trade debtors
51,563
9,740
Other debtors
14,607
24,841
--------
--------
66,170
34,581
--------
--------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
25,000
20,938
Trade creditors
53,177
62,707
Corporation tax
26,171
21,157
Social security and other taxes
57,778
57,243
Directors loan account
20,307
153
Company credit card
13,624
19,915
Other creditors
95,460
64,038
----------
----------
291,517
246,151
----------
----------
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
402,317
219,750
Other creditors
100,468
118,341
----------
----------
502,785
338,091
----------
----------
Included within creditors: amounts falling due after more than one year is an amount of £329,310 (2023: £155,323) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
These liabilities are secured against the freehold property owned by the company.
9. RELATED PARTY TRANSACTIONS
During the year the directors made available loans to the company. The loans are interest free and repayable on demand. At the year end date the balance due to the directors totalled £ 20,307 (2023:£ 153 ).