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Company No: 02020774 (England and Wales)

BARTON MARINE EQUIPMENT LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

BARTON MARINE EQUIPMENT LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

BARTON MARINE EQUIPMENT LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2024
BARTON MARINE EQUIPMENT LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2024
Director Suzanne Blaustone
Secretary Patricia Mary Carter
Registered office Marine House
Tyler Way
Whitstable
CT5 2RS
United Kingdom
Company number 02020774 (England and Wales)
Accountant Kreston Reeves LLP
37 St Margaret's Street
Canterbury
CT1 2TU
United Kingdom
BARTON MARINE EQUIPMENT LIMITED

BALANCE SHEET

As at 30 September 2024
BARTON MARINE EQUIPMENT LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,621,751 1,638,906
1,621,751 1,638,906
Current assets
Stocks 437,414 459,007
Debtors 4 568,532 672,490
Cash at bank and in hand 5 1,280,426 1,199,516
2,286,372 2,331,013
Creditors: amounts falling due within one year 6 ( 212,490) ( 241,385)
Net current assets 2,073,882 2,089,628
Total assets less current liabilities 3,695,633 3,728,534
Provision for liabilities 7 ( 28,189) ( 40,699)
Net assets 3,667,444 3,687,835
Capital and reserves
Called-up share capital 8 48,000 48,000
Revaluation reserve 723,414 723,414
Capital redemption reserve 2,100 2,100
Profit and loss account 2,893,930 2,914,321
Total shareholder's funds 3,667,444 3,687,835

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Barton Marine Equipment Limited (registered number: 02020774) were approved and authorised for issue by the Director on 16 June 2025. They were signed on its behalf by:

Suzanne Blaustone
Director
BARTON MARINE EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
BARTON MARINE EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Barton Marine Equipment Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Marine House, Tyler Way, Whitstable, CT5 2RS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 15 % reducing balance
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.

Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Research and development

Research expenditure is written off in the year which it is incurred.
Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met:
It is technically feasible to complete the intangible asset so that it will be available for use or sale;
There is the intention to complete the intangible asset and use or sell it;
There is the ability to use or sell the intangible asset;
The use or sale of the intangible asset will generate probable future economic benefits;
There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and
The expenditure attributable to the intangible asset during the development can be measured reliably.
Expenditure that does not meet the above criteria is expensed as incurred.

Pensions

Defined contribution pension plan

The company operates a defined contributions pension scheme for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 29 29

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 October 2023 1,500,000 456,917 162,254 2,119,171
Additions 0 3,681 0 3,681
At 30 September 2024 1,500,000 460,598 162,254 2,122,852
Accumulated depreciation
At 01 October 2023 0 358,293 121,972 480,265
Charge for the financial year 0 14,794 6,042 20,836
At 30 September 2024 0 373,087 128,014 501,101
Net book value
At 30 September 2024 1,500,000 87,511 34,240 1,621,751
At 30 September 2023 1,500,000 98,624 40,282 1,638,906

4. Debtors

2024 2023
£ £
Trade debtors 453,936 518,164
Prepayments 62,062 98,265
Other debtors 52,534 56,061
568,532 672,490

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 1,280,426 1,199,516

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 105,163 104,481
Accruals 24,286 51,728
Taxation and social security 83,041 82,559
Other creditors 0 2,617
212,490 241,385

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 40,699) ( 40,699)
Credited to the Statement of Income and Retained Earnings 12,510 0
At the end of financial year ( 28,189) ( 40,699)

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
48,000 Ordinary shares of £ 1.00 each 48,000 48,000

9. Financial commitments

Pensions

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amount to £140,011 (2023: £17,101).

Contributions totalling £Nil (2023: £2,617) were payable to the fund at the balance sheet date and are included within creditors.