2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-10-01 Sage Accounts Production Advanced 2023 - FRS102_2023 9,500 9,499 1 1 27,865 21,371 1,623 22,994 4,871 6,494 xbrli:pure xbrli:shares iso4217:GBP 06908045 2023-10-01 2024-09-30 06908045 2024-09-30 06908045 2023-09-30 06908045 2022-10-01 2023-09-30 06908045 2023-09-30 06908045 2022-09-30 06908045 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 06908045 bus:Director1 2023-10-01 2024-09-30 06908045 core:WithinOneYear 2024-09-30 06908045 core:WithinOneYear 2023-09-30 06908045 core:AfterOneYear 2024-09-30 06908045 core:AfterOneYear 2023-09-30 06908045 core:ShareCapital 2024-09-30 06908045 core:ShareCapital 2023-09-30 06908045 core:RetainedEarningsAccumulatedLosses 2024-09-30 06908045 core:RetainedEarningsAccumulatedLosses 2023-09-30 06908045 bus:Director1 2023-09-30 06908045 bus:Director1 2024-09-30 06908045 bus:Director1 2022-09-30 06908045 bus:Director1 2023-09-30 06908045 bus:Director1 2022-10-01 2023-09-30 06908045 bus:SmallEntities 2023-10-01 2024-09-30 06908045 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 06908045 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 06908045 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 06908045 bus:FullAccounts 2023-10-01 2024-09-30 06908045 bus:OrdinaryShareClass1 2024-09-30 06908045 bus:OrdinaryShareClass1 2023-09-30 06908045 core:PlantMachinery 2023-10-01 2024-09-30 06908045 core:IntangibleAssetsOtherThanGoodwill 2024-09-30 06908045 core:IntangibleAssetsOtherThanGoodwill 2023-09-30 06908045 core:PlantMachinery 2024-09-30 06908045 core:PlantMachinery 2023-09-30
COMPANY REGISTRATION NUMBER: 06908045
M60Scuba Limited
Filleted Unaudited Financial Statements
30 September 2024
M60Scuba Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
1
1
Tangible assets
6
4,871
6,494
-------
-------
4,872
6,495
Current assets
Stocks
21,635
22,982
Debtors
7
4,831
34,732
Cash at bank and in hand
32,138
21,578
--------
--------
58,604
79,292
Creditors: amounts falling due within one year
8
13,590
9,919
--------
--------
Net current assets
45,014
69,373
--------
--------
Total assets less current liabilities
49,886
75,868
Creditors: amounts falling due after more than one year
9
3,074
6,914
--------
--------
Net assets
46,812
68,954
--------
--------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
46,712
68,854
--------
--------
Shareholders funds
46,812
68,954
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
M60Scuba Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 25 June 2025 , and are signed on behalf of the board by:
G G Shearn
Director
Company registration number: 06908045
M60Scuba Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 13 Enterprise Centre Two, Chester Street, Stockport, SK3 0BR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably .
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website
-
5 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
The company currently has no fixed assets. It leases machinery used. Any future depreciation on assets acquired will be provided at the following annual rates in order to write off each asset over its estimated useful life.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity .
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.
Creditors
Short term trade 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Intangible assets
Website
£
Cost
At 1 October 2023 and 30 September 2024
9,500
-------
Amortisation
At 1 October 2023 and 30 September 2024
9,499
-------
Carrying amount
At 30 September 2024
1
-------
At 30 September 2023
1
-------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 October 2023 and 30 September 2024
27,865
27,865
--------
--------
Depreciation
At 1 October 2023
21,371
21,371
Charge for the year
1,623
1,623
--------
--------
At 30 September 2024
22,994
22,994
--------
--------
Carrying amount
At 30 September 2024
4,871
4,871
--------
--------
At 30 September 2023
6,494
6,494
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
1,096
6,704
Prepayments and accrued income
1,185
1,340
Corporation tax repayable
2,550
Directors loan account
25,000
Other debtors
1,688
-------
--------
4,831
34,732
-------
--------
As at 30 September 2023 the Director's loan account was overdrawn by £25,000, this was the maximum amount by which the loan account was overdrawn in that year.The loan was repaid in the year ended 30 September 2024.
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,564
3,319
Trade creditors
2,411
2,179
Accruals and deferred income
709
681
Corporation tax
863
Social security and other taxes
1,790
845
Director loan accounts
1,980
Other creditors
3,136
2,032
--------
-------
13,590
9,919
--------
-------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,074
6,914
-------
-------
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
G G Shearn
25,000
( 26,980)
( 1,980)
--------
--------
-------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
G G Shearn
5,000
20,000
25,000
-------
--------
--------