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Registration number: 07351554

Hermitage Marine Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Hermitage Marine Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Hermitage Marine Limited

Company Information

Directors

Ian Tyrrell Marsh

Joanne Morrisey-Tyrrell

Mr Jeremy Martin Tyrrell

Registered office

Cathedral Marina
Waterside
Ely
Cambridgeshire
CB7 4AU

Accountants

Tayabali & White 5 High Green
Great Shelford
Cambridge
CB22 5EG

 

Hermitage Marine Limited

(Registration number: 07351554)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

21,094

24,469

Tangible assets

5

7,906

-

 

29,000

24,469

Current assets

 

Stocks

6

1,000

1,000

Debtors

7

270,213

221,967

 

271,213

222,967

Creditors: Amounts falling due within one year

8

(384,440)

(355,339)

Net current liabilities

 

(113,227)

(132,372)

Net liabilities

 

(84,227)

(107,903)

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

(84,228)

(107,904)

Shareholders' deficit

 

(84,227)

(107,903)

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 May 2025 and signed on its behalf by:
 

 

Hermitage Marine Limited

(Registration number: 07351554)
Balance Sheet as at 31 October 2024

.........................................
Mr Jeremy Martin Tyrrell
Director

 

Hermitage Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

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

The company's registered number is 07351554.

The address of its registered office is:
Cathedral Marina
Waterside
Ely
Cambridgeshire
CB7 4AU

These financial statements were authorised for issue by the Board on 27 May 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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Hermitage Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

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

25% on cost

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.

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:

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.

 

Hermitage Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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.

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 directors) during the year, was 0 (2023 - 0).

 

Hermitage Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2023

67,500

67,500

At 31 October 2024

67,500

67,500

Amortisation

At 1 November 2023

43,031

43,031

Amortisation charge

3,375

3,375

At 31 October 2024

46,406

46,406

Carrying amount

At 31 October 2024

21,094

21,094

At 31 October 2023

24,469

24,469

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2023

125

111,047

111,172

Additions

-

8,250

8,250

At 31 October 2024

125

119,297

119,422

Depreciation

At 1 November 2023

125

111,047

111,172

Charge for the year

-

344

344

At 31 October 2024

125

111,391

111,516

Carrying amount

At 31 October 2024

-

7,906

7,906

 

Hermitage Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

6

Stocks

2024
£

2023
£

Raw materials and consumables

1,000

1,000

7

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

270,213

221,967

   

270,213

221,967

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

5,048

-

Amounts due to related parties

379,392

355,339

384,440

355,339

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1