Registered number
06376483
MISTRESS SEA CHARTERS LTD
Filleted Accounts
30 September 2024
MISTRESS SEA CHARTERS LTD
Registered number: 06376483
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 58,000 58,000
Tangible assets 4 60,222 45,837
118,222 103,837
Current assets
Debtors 5 72,436 99,361
Creditors: amounts falling due within one year 6 (82,655) (46,741)
Net current (liabilities)/assets (10,219) 52,620
Total assets less current liabilities 108,003 156,457
Creditors: amounts falling due after more than one year 7 (4,914) (14,371)
Net assets 103,089 142,086
Capital and reserves
Called up share capital 100 100
Profit and loss account 102,989 141,986
Shareholders' funds 103,089 142,086
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Nigel Hayter
Director
Approved by the board on 31 October 2024
MISTRESS SEA CHARTERS LTD
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment over 5 years
Motor vehicles over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Fishing licences
Cost
At 1 October 2023 58,000
At 30 September 2024 58,000
Amortisation
At 30 September 2024 -
Net book value
At 30 September 2024 58,000
At 30 September 2023 58,000
4 Tangible fixed assets
Equip Motor vehicles Total
£ £ £
Cost
At 1 October 2023 95,554 51,820 147,374
Additions 42,533 - 42,533
At 30 September 2024 138,087 51,820 189,907
Depreciation
At 1 October 2023 52,373 49,164 101,537
Charge for the year 27,617 531 28,148
At 30 September 2024 79,990 49,695 129,685
Net book value
At 30 September 2024 58,097 2,125 60,222
At 30 September 2023 43,181 2,656 45,837
5 Debtors 2024 2023
£ £
Other debtors 72,436 99,361
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 15,132 17,905
HP agreement 1,296 1,296
Trade creditors 334 3,961
Directors' loan account 3,343 6,353
Taxation and social security costs - 1,376
Other creditors 62,550 15,850
82,655 46,741
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loan 4,378 12,837
HP agreement 536 1,534
4,914 14,371
8 Other information
MISTRESS SEA CHARTERS LTD is a private company limited by shares and incorporated in England. Its registered office is:
Lydmore House
St Ann's Fort
Kings Lynn
Norfolk
PE30 2EU
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