Company registration number 04280667 (England and Wales)
SALTLINE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
SALTLINE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
SALTLINE LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
219
426
Investments
4
95,977
108,625
96,196
109,051
Current assets
Stocks
1,750
2,125
Debtors
6
3,093
26,148
Cash at bank and in hand
2,775
2,139
7,618
30,412
Creditors: amounts falling due within one year
7
(8,502)
(11,074)
Net current (liabilities)/assets
(884)
19,338
Total assets less current liabilities
95,312
128,389
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
94,312
127,389
Total equity
95,312
128,389
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 April 2025 and are signed on its behalf by:
Dr C D Shelton
Director
Company Registration No. 04280667
SALTLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
Saltline Limited is a private company limited by shares incorporated in England and Wales. The registered office is 24 Copenhagen Street, Islington, N1 0JD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
SALTLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Financial instruments
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.
Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital.
Investments, including those in subsidiary undertakings are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure.
Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
SALTLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023 and 30 September 2024
2,424
Depreciation and impairment
At 1 October 2023
1,998
Depreciation charged in the year
207
At 30 September 2024
2,205
Carrying amount
At 30 September 2024
219
At 30 September 2023
426
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
95,977
108,625
Fixed asset investments not carried at market value
The value of the investment in subsidiary has been reviewed in the year and reduced to its net asset value.
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023
108,625
Valuation changes
(12,648)
At 30 September 2024
95,977
Carrying amount
At 30 September 2024
95,977
At 30 September 2023
108,625
SALTLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
5
Subsidiaries
Details of the company's subsidiaries at 30 September 2024 are as follows:
Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Autonnic Research Limited
England
Design and manufacture of marine and industrial equipment
Ordinary
100
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
23,378
Amounts owed by group undertakings
532
380
Other debtors
2,561
2,390
3,093
26,148
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,365
3,313
Taxation and social security
1,215
2,679
Other creditors
3,922
5,082
8,502
11,074
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
9
Related party transactions
During the year an amount of £24,000 (2023: £19,000) was receivable from Autonnic Research Limited in respect of management charges. At 30 September 2024, Autonnic Research Limited owed the company a total of £532 (2023: £23,758).
SALTLINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
10
Directors' transactions
As at 30 September 2024 the company was owed £1,888 by directors (2023: £1,717).