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Registration number: 07351595

Hermitage Marine (Property) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Hermitage Marine (Property) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Hermitage Marine (Property) Ltd

Company Information

Directors

Joanne Morrisey-Tyrrell

Mr Jeremy Martin Tyrrell

Ian Tyrrell Marsh

Registered office

Cathedral Marina
Waterside
Ely
Cambridgeshire
CB7 4AU

Accountants

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

 

Hermitage Marine (Property) Ltd

(Registration number: 07351595)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

945,689

945,689

Current assets

 

Debtors

5

205,885

158,479

Cash at bank and in hand

 

4,468

23,941

 

210,353

182,420

Creditors: Amounts falling due within one year

6

(355,454)

(313,449)

Net current liabilities

 

(145,101)

(131,029)

Total assets less current liabilities

 

800,588

814,660

Creditors: Amounts falling due after more than one year

6

(800,585)

(814,657)

Net assets

 

3

3

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

2

2

Shareholders' funds

 

3

3

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 (Property) Ltd

(Registration number: 07351595)
Balance Sheet as at 31 October 2024

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

 

Hermitage Marine (Property) Ltd

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 07351595.

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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' 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.

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.

 

Hermitage Marine (Property) Ltd

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

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

Freehold property

Not depreciated

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Hermitage Marine (Property) Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 November 2023

945,689

945,689

At 31 October 2024

945,689

945,689

Depreciation

Carrying amount

At 31 October 2024

945,689

945,689

At 31 October 2023

945,689

945,689

Included within the net book value of land and buildings above is £945,689 (2023 - £945,689) in respect of freehold land and buildings.
 

5

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

205,885

158,479

   

205,885

158,479

 

Hermitage Marine (Property) Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

18,542

18,542

Amounts due to related parties

 

336,912

294,907

 

355,454

313,449

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

100,585

114,657

Other financial liabilities

 

700,000

700,000

 

800,585

814,657

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

100,585

114,657

Current loans and borrowings

2024
£

2023
£

Bank borrowings

18,542

18,542