Caseware UK (AP4) 2024.0.164 2024.0.164 2024-11-302024-11-30false62023-12-01falseNo description of principal activity4trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10493584 2023-12-01 2024-11-30 10493584 2022-12-01 2023-11-30 10493584 2024-11-30 10493584 2023-11-30 10493584 c:CompanySecretary1 2023-12-01 2024-11-30 10493584 c:Director1 2023-12-01 2024-11-30 10493584 c:Director2 2023-12-01 2024-11-30 10493584 c:RegisteredOffice 2023-12-01 2024-11-30 10493584 d:PlantMachinery 2023-12-01 2024-11-30 10493584 d:PlantMachinery 2024-11-30 10493584 d:PlantMachinery 2023-11-30 10493584 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 10493584 d:MotorVehicles 2023-12-01 2024-11-30 10493584 d:MotorVehicles 2024-11-30 10493584 d:MotorVehicles 2023-11-30 10493584 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 10493584 d:FurnitureFittings 2023-12-01 2024-11-30 10493584 d:FurnitureFittings 2024-11-30 10493584 d:FurnitureFittings 2023-11-30 10493584 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 10493584 d:OfficeEquipment 2023-12-01 2024-11-30 10493584 d:OfficeEquipment 2024-11-30 10493584 d:OfficeEquipment 2023-11-30 10493584 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 10493584 d:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 10493584 d:CurrentFinancialInstruments 2024-11-30 10493584 d:CurrentFinancialInstruments 2023-11-30 10493584 d:Non-currentFinancialInstruments 2024-11-30 10493584 d:Non-currentFinancialInstruments 2023-11-30 10493584 d:CurrentFinancialInstruments d:WithinOneYear 2024-11-30 10493584 d:CurrentFinancialInstruments d:WithinOneYear 2023-11-30 10493584 d:Non-currentFinancialInstruments d:AfterOneYear 2024-11-30 10493584 d:Non-currentFinancialInstruments d:AfterOneYear 2023-11-30 10493584 d:ShareCapital 2024-11-30 10493584 d:ShareCapital 2023-11-30 10493584 d:RetainedEarningsAccumulatedLosses 2024-11-30 10493584 d:RetainedEarningsAccumulatedLosses 2023-11-30 10493584 d:AcceleratedTaxDepreciationDeferredTax 2024-11-30 10493584 d:AcceleratedTaxDepreciationDeferredTax 2023-11-30 10493584 c:OrdinaryShareClass1 2023-12-01 2024-11-30 10493584 c:OrdinaryShareClass1 2024-11-30 10493584 c:OrdinaryShareClass1 2023-11-30 10493584 c:FRS102 2023-12-01 2024-11-30 10493584 c:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 10493584 c:FullAccounts 2023-12-01 2024-11-30 10493584 c:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 10493584 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-12-01 2024-11-30 10493584 2 2023-12-01 2024-11-30 10493584 e:PoundSterling 2023-12-01 2024-11-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 10493584










NORFOLK MARINE AND GENERAL LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2024

 
NORFOLK MARINE AND GENERAL LIMITED
 
 
COMPANY INFORMATION


Directors
W Wilcox 
J Wilcox 




Company secretary
J Wilcox



Registered number
10493584



Registered office
Belvedere Road

Lowestoft

Suffolk

NR33 0PR




Accountants
M+A Partners

7 The Close

Norwich

Norfolk

NR1 4DJ





 
NORFOLK MARINE AND GENERAL LIMITED
 

CONTENTS



Page
Accountants' report
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 12


 
NORFOLK MARINE AND GENERAL LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NORFOLK MARINE AND GENERAL LIMITED
FOR THE YEAR ENDED 30 NOVEMBER 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Norfolk Marine and General Limited for the year ended 30 November 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Norfolk Marine and General Limited, as a body, in accordance with the terms of our engagement letter dated 16 August 2024Our work has been undertaken solely to prepare for your approval the financial statements of Norfolk Marine and General Limited and state those matters that we have agreed to state to the Board of directors of Norfolk Marine and General Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Norfolk Marine and General Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Norfolk Marine and General Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Norfolk Marine and General Limited. You consider that Norfolk Marine and General Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Norfolk Marine and General Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



M+A Partners
 
7 The Close
Norwich
Norfolk
NR1 4DJ
16 June 2025
Page 1

 
NORFOLK MARINE AND GENERAL LIMITED
REGISTERED NUMBER: 10493584

BALANCE SHEET
AS AT 30 NOVEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 3 
518,914
175,371

  
518,914
175,371

Current assets
  

Stocks
 4 
-
15,000

Debtors: amounts falling due within one year
 5 
766,457
274,187

Cash at bank and in hand
  
2,828
21,001

  
769,285
310,188

Creditors: amounts falling due within one year
 6 
(806,646)
(304,256)

Net current (liabilities)/assets
  
 
 
(37,361)
 
 
5,932

Total assets less current liabilities
  
481,553
181,303

Creditors: amounts falling due after more than one year
 7 
(8,930)
(19,778)

Provisions for liabilities
  

Deferred tax
 8 
(129,728)
(36,302)

  
 
 
(129,728)
 
 
(36,302)

Net assets
  
342,895
125,223


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
342,695
125,023

  
342,895
125,223


Page 2

 
NORFOLK MARINE AND GENERAL LIMITED
REGISTERED NUMBER: 10493584
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 June 2025.




J Wilcox
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
NORFOLK MARINE AND GENERAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

1.


General information

Norfolk Marine and General Limited is a private company, limited by shares, incorporated in England & Wales, with registered number 10493584. The reistered office is Belvedere Road, Lowestoft, Suffolk, NR33 0PR.
The principal activity of the company is that of specialist marine services, and its activities are undertaken in Lowestoft.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
NORFOLK MARINE AND GENERAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan 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 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.

Page 5

 
NORFOLK MARINE AND GENERAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
straight-line method
Motor vehicles
-
15%
straight-line method
Fixtures and fittings
-
15%
straight-line method
Office equipment
-
15%
straight-line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
NORFOLK MARINE AND GENERAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Page 7

 
NORFOLK MARINE AND GENERAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments
Page 8

 
NORFOLK MARINE AND GENERAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.16

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.

Page 9

 
NORFOLK MARINE AND GENERAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

3.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 December 2023
238,759
-
1,522
8,931
249,212


Additions
356,219
19,139
1,408
1,246
378,012


Disposals
-
-
(1,222)
(462)
(1,684)



At 30 November 2024

594,978
19,139
1,708
9,715
625,540



Depreciation


At 1 December 2023
68,753
-
1,447
3,641
73,841


Charge for the year on owned assets
29,818
2,871
256
1,276
34,221


Disposals
-
-
(1,222)
(214)
(1,436)



At 30 November 2024

98,571
2,871
481
4,703
106,626



Net book value



At 30 November 2024
496,407
16,268
1,227
5,012
518,914



At 30 November 2023
170,006
-
75
5,290
175,371


4.


Stocks

2024
2023
£
£

Raw materials and consumables
-
15,000

-
15,000



5.


Debtors

2024
2023
£
£


Trade debtors
146,712
43,451

Amounts owed by participating interests
30,692
126,692

Other debtors
76,842
83,590
Page 10

 
NORFOLK MARINE AND GENERAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024

5.Debtors (continued)


Prepayments and accrued income
512,211
20,454

766,457
274,187



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
24,907
-

Bank loans
10,790
10,081

Trade creditors
746,342
241,886

Corporation tax
9,247
39,024

Other taxation and social security
5,575
1,595

Other creditors
6,091
7,970

Accruals and deferred income
3,694
3,700

806,646
304,256



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
8,930
19,778

8,930
19,778



8.


Deferred taxation




2024


£






At beginning of year
(36,302)


Charged to profit or loss
(93,426)



At end of year
(129,728)

Page 11

 
NORFOLK MARINE AND GENERAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
 
8.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(129,728)
(36,302)

(129,728)
(36,302)


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



200 (2023 - 200) Ordinary shares of £1.00 each
200
200



10.


Related party transactions

On 1 December 2023 a director owed the company £48,797. 
During the year the company made net payments to the director of £4,550. Interest of £1,149 was charged on the loan.
As such the balance owed by a director on 30 November 2024 was £54,496.

 
Page 12