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GULFSTREAM MARINE LIMITED

Registered Number
NI058450
(Northern Ireland)

Unaudited Financial Statements for the Year ended
31 August 2024

GULFSTREAM MARINE LIMITED
Company Information
for the year from 1 September 2023 to 31 August 2024

Directors

Katherine Heaney
Niall Heaney

Company Secretary

Niall Heaney

Registered Address

At The Offices Of Claremount
43 Clarendon Street
Derry
BT48 7ER

Registered Number

NI058450 (Northern Ireland)
GULFSTREAM MARINE LIMITED
Statement of Financial Position
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets359,86520,320
59,86520,320
Current assets
Stocks78,81193,345
Debtors37,94255,548
Cash at bank and on hand20,73947,578
137,492196,471
Creditors amounts falling due within one year(30,427)(51,843)
Net current assets (liabilities)107,065144,628
Total assets less current liabilities166,930164,948
Creditors amounts falling due after one year(177,742)(186,141)
Net assets(10,812)(21,193)
Capital and reserves
Called up share capital100100
Profit and loss account(10,912)(21,293)
Shareholders' funds(10,812)(21,193)
The financial statements were approved and authorised for issue by the Board of Directors on 12 May 2025, and are signed on its behalf by:
Niall Heaney
Director
Registered Company No. NI058450
GULFSTREAM MARINE LIMITED
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows: Plant and Machinery - 20% Straight Line Fixtures and Fittings - 20% Straight Line Computer Equipment - 20% Straight Line Motor Vehicles - 20% Straight Line
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 September 2335,548
Additions56,539
At 31 August 2492,086
Depreciation and impairment
At 01 September 2315,229
Charge for year16,993
At 31 August 2432,221
Net book value
At 31 August 2459,865
At 31 August 2320,320