Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-302024-09-3087Sale and maintenance of marine equipment2023-10-01falsetruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04254557 2023-10-01 2024-09-30 04254557 2022-10-01 2023-09-30 04254557 2024-09-30 04254557 2023-09-30 04254557 2022-10-01 04254557 c:Director1 2023-10-01 2024-09-30 04254557 d:PlantMachinery 2023-10-01 2024-09-30 04254557 d:PlantMachinery 2024-09-30 04254557 d:PlantMachinery 2023-09-30 04254557 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 04254557 d:MotorVehicles 2023-10-01 2024-09-30 04254557 d:MotorVehicles 2024-09-30 04254557 d:MotorVehicles 2023-09-30 04254557 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 04254557 d:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 04254557 d:OtherPropertyPlantEquipment 2024-09-30 04254557 d:OtherPropertyPlantEquipment 2023-09-30 04254557 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 04254557 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 04254557 d:CurrentFinancialInstruments 2024-09-30 04254557 d:CurrentFinancialInstruments 2023-09-30 04254557 d:Non-currentFinancialInstruments 2024-09-30 04254557 d:Non-currentFinancialInstruments 2023-09-30 04254557 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 04254557 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 04254557 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-30 04254557 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 04254557 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-09-30 04254557 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-09-30 04254557 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-09-30 04254557 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-30 04254557 d:ShareCapital 2024-09-30 04254557 d:ShareCapital 2023-09-30 04254557 d:RetainedEarningsAccumulatedLosses 2024-09-30 04254557 d:RetainedEarningsAccumulatedLosses 2023-09-30 04254557 c:FRS102 2023-10-01 2024-09-30 04254557 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 04254557 c:FullAccounts 2023-10-01 2024-09-30 04254557 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 04254557 2 2023-10-01 2024-09-30 04254557 d:AcceleratedTaxDepreciationDeferredTax 2024-09-30 04254557 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 04254557 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Registered number:  04254557














NORWEST MARINE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


 
NORWEST MARINE LIMITED
REGISTERED NUMBER: 04254557

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
663,813
570,233

  
663,813
570,233

Current assets
  

Stocks
  
41,265
31,700

Debtors: amounts falling due after more than one year
 5 
180,099
180,099

Debtors: amounts falling due within one year
 5 
658,026
693,502

Cash at bank and in hand
 6 
158,721
144,031

  
1,038,111
1,049,332

Creditors: amounts falling due within one year
 7 
(577,853)
(486,676)

Net current assets
  
 
 
460,258
 
 
562,656

Total assets less current liabilities
  
1,124,071
1,132,889

Creditors: amounts falling due after more than one year
 8 
(13,628)
(23,892)

Provisions for liabilities
  

Deferred tax
 10 
(158,666)
(128,968)

  
 
 
(158,666)
 
 
(128,968)

Net assets
  
951,777
980,029


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
951,677
979,929

  
951,777
980,029


Page 1

 
NORWEST MARINE LIMITED
REGISTERED NUMBER: 04254557
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The director considers 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 income and retained earnings 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 by: 




D G Adams
Director

Date: 17 June 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
NORWEST MARINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England and Wales (no. 04254557). The address of the registered office is Unit 3 Wellington Emplyment Park South, Dunes Way, Liverpool, Merseyside L5 9ZS.
These financial statements present information about the company as an individual undertaking; it is not a member of a group companies. The principal activity of the company is the sale and maintenance of marine safety equipment.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Page 3

 
NORWEST MARINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
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 4

 
NORWEST MARINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 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 & machinery
-
25% straight line
Motor vehicles
-
25% straight line
Life rafts
-
10 - 15 years straight line

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 5

 
NORWEST MARINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 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

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 8).

Page 6

 
NORWEST MARINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Tangible fixed assets





Plant & machinery
Motor vehicles
Life Rafts
Total

£
£
£
£



Cost or valuation


At 1 October 2023
47,076
23,466
2,127,531
2,198,073


Additions
-
35,416
247,862
283,278


Disposals
-
(23,466)
-
(23,466)



At 30 September 2024

47,076
35,416
2,375,393
2,457,885



Depreciation


At 1 October 2023
42,833
10,755
1,574,252
1,627,840


Charge for the year on owned assets
1,648
7,083
168,256
176,987


Disposals
-
(10,755)
-
(10,755)



At 30 September 2024

44,481
7,083
1,742,508
1,794,072



Net book value



At 30 September 2024
2,595
28,333
632,885
663,813



At 30 September 2023
4,243
12,711
553,279
570,233

Page 7

 
NORWEST MARINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
180,099
180,099

180,099
180,099


2024
2023
£
£

Due within one year

Trade debtors
86,786
85,968

Other debtors
571,240
607,534

658,026
693,502



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
158,721
144,031

158,721
144,031


Page 8

 
NORWEST MARINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,264
10,061

Trade creditors
150,779
50,054

Corporation tax
-
66,955

Other taxation and social security
27,575
30,742

Obligations under finance lease and hire purchase contracts
31,694
14,119

Accruals and deferred income
357,541
314,745

577,853
486,676


The following liabilities were secured:

2024
2023
£
£



Bank loans
10,264
10,061

Details of security provided:

Bank loans were secured on the assets of the company.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,628
23,892

13,628
23,892


The following liabilities were secured:

2024
2023
£
£



Bank loans
13,628
23,892

Details of security provided:

Bank loans were secured on the assets of the company.

Page 9

 
NORWEST MARINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,264
10,061

Amounts falling due 1-2 years

Bank loans
13,628
10,264

Amounts falling due 2-5 years

Bank loans
-
13,628


23,892
33,953



10.


Deferred taxation




2024
2023


£

£






At beginning of year
(128,968)
(141,978)


Charged to profit or loss
(29,698)
13,010



At end of year
(158,666)
(128,968)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(158,666)
(128,968)

(158,666)
(128,968)


11.


Pension commitments

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 amounted to £56,698 (2023 - £48,356). Contributions totalling £Nil (2023 - £Nil) were payable to the fund at the balance sheet date and are included in creditors.

 
Page 10