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REGISTERED NUMBER: 11697832 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ABERSOCH MARINE AND CHARTER LIMITED

ABERSOCH MARINE AND CHARTER LIMITED (REGISTERED NUMBER: 11697832)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ABERSOCH MARINE AND CHARTER LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2024







DIRECTORS: Ms Z E Cliff
Mrs V J Cliff
Mr B M Cliff





REGISTERED OFFICE: Royal Garage
Pwllheli
LL53 7AH





REGISTERED NUMBER: 11697832 (England and Wales)






ABERSOCH MARINE AND CHARTER LIMITED (REGISTERED NUMBER: 11697832)

BALANCE SHEET
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 316,764 410,265

CURRENT ASSETS
Stocks 500,928 670,652
Debtors 5 99,188 153,565
Cash at bank and in hand 65,938 109,952
666,054 934,169
CREDITORS
Amounts falling due within one year 6 141,614 235,824
NET CURRENT ASSETS 524,440 698,345
TOTAL ASSETS LESS CURRENT
LIABILITIES

841,204

1,108,610

CREDITORS
Amounts falling due after more than one year 7 (290,000 ) (693,071 )

PROVISIONS FOR LIABILITIES (41,581 ) (56,796 )
NET ASSETS 509,623 358,743

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 509,523 358,643
SHAREHOLDERS' FUNDS 509,623 358,743

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

ABERSOCH MARINE AND CHARTER LIMITED (REGISTERED NUMBER: 11697832)

BALANCE SHEET - continued
31 December 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2025 and were signed on its behalf by:





Mrs V J Cliff - Director


ABERSOCH MARINE AND CHARTER LIMITED (REGISTERED NUMBER: 11697832)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2024


1. STATUTORY INFORMATION

Abersoch Marine and Charter Limited is a private company limited by share capital, incorporated in England and Wales, registration number 11697832. The address of the registered office and principal place of business is Royal Garage, Abersoch, Pwllheli, LL53 7AH.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of income received relating to boat sales, clothing sales, boat repairs and a park, launch and storage service, which are all recognised at the point of which the goods or services are provided.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods:

Short leasehold- varying rates between 4% - 10% on cost
Plant and machinery- varying rates between 4% - 15% on cost
Fixtures and fittings- 15% on cost
Motor vehicles- 15% on cost
Computer equipment- 25% on cost

At each balance sheet date, the Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

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

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


ABERSOCH MARINE AND CHARTER LIMITED (REGISTERED NUMBER: 11697832)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The obligations for contributions to defined contribution scheme are recognised as an expense as incurred. The assets of the scheme are held separately from those of the Company in an independent administered fund.

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.

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.

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

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 17 ) .

ABERSOCH MARINE AND CHARTER LIMITED (REGISTERED NUMBER: 11697832)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024


4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2024 110,606 226,165 66,482
Additions 5,000 13,000 22,256
Disposals - - -
At 31 December 2024 115,606 239,165 88,738
DEPRECIATION
At 1 January 2024 14,950 67,023 6,490
Charge for year 6,574 25,030 12,559
Eliminated on disposal - - -
At 31 December 2024 21,524 92,053 19,049
NET BOOK VALUE
At 31 December 2024 94,082 147,112 69,689
At 31 December 2023 95,656 159,142 59,992

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2024 136,493 1,821 541,567
Additions - 1,526 41,782
Disposals (100,000 ) - (100,000 )
At 31 December 2024 36,493 3,347 483,349
DEPRECIATION
At 1 January 2024 42,370 469 131,302
Charge for year 5,474 646 50,283
Eliminated on disposal (15,000 ) - (15,000 )
At 31 December 2024 32,844 1,115 166,585
NET BOOK VALUE
At 31 December 2024 3,649 2,232 316,764
At 31 December 2023 94,123 1,352 410,265

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 65,647 114,795
Other debtors 33,541 38,770
99,188 153,565

ABERSOCH MARINE AND CHARTER LIMITED (REGISTERED NUMBER: 11697832)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,236 39,122
Taxation and social security 70,967 65,369
Other creditors 69,411 131,333
141,614 235,824

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 290,000 693,071

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 290,000 525,000

8. SECURED DEBTS

On 7 March 2025, Dbw Investments (3) Limited created a fixed and floating charge over all of the property and undertakings of the company.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1.00 100 100

10. POST BALANCE SHEET EVENTS

Post year-end, on 7 March 2025, the company was acquired by Saltwater Shores Limited.

11. ULTIMATE CONTROLLING PARTY

As at the reporting date, the ultimate controlling party was Mr J Ford by virtue of his controlling interest in the company.

As at the date of filing, Saltwater Shores Limited, incorporated in England and Wales whose registered office is Abersoch Land And Sea, Royal Garage, Abersoch, LL53 7AH is the ultimate parent company with the ultimate controlling party being Mrs V Cliff by virtue of her majority shareholding.