Silverfin false false 31/10/2024 01/11/2023 31/10/2024 Mr J O'Connell 22/03/2024 27/07/2007 Mrs J Wills 17/09/2007 Mr M J Wills 27/07/2007 24 July 2025 The principal activity of the company during the financial year was that of boat, chandlery and sportwear suppliers. 03623899 2024-10-31 03623899 bus:Director1 2024-10-31 03623899 bus:Director2 2024-10-31 03623899 bus:Director3 2024-10-31 03623899 2023-10-31 03623899 core:CurrentFinancialInstruments 2024-10-31 03623899 core:CurrentFinancialInstruments 2023-10-31 03623899 core:Non-currentFinancialInstruments 2024-10-31 03623899 core:Non-currentFinancialInstruments 2023-10-31 03623899 core:ShareCapital 2024-10-31 03623899 core:ShareCapital 2023-10-31 03623899 core:RetainedEarningsAccumulatedLosses 2024-10-31 03623899 core:RetainedEarningsAccumulatedLosses 2023-10-31 03623899 core:LandBuildings 2023-10-31 03623899 core:PlantMachinery 2023-10-31 03623899 core:Vehicles 2023-10-31 03623899 core:FurnitureFittings 2023-10-31 03623899 core:LandBuildings 2024-10-31 03623899 core:PlantMachinery 2024-10-31 03623899 core:Vehicles 2024-10-31 03623899 core:FurnitureFittings 2024-10-31 03623899 core:ImmediateParent core:Non-currentFinancialInstruments 2024-10-31 03623899 core:ImmediateParent core:Non-currentFinancialInstruments 2023-10-31 03623899 bus:OrdinaryShareClass1 2024-10-31 03623899 2023-11-01 2024-10-31 03623899 bus:FilletedAccounts 2023-11-01 2024-10-31 03623899 bus:SmallEntities 2023-11-01 2024-10-31 03623899 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 03623899 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 03623899 bus:Director1 2023-11-01 2024-10-31 03623899 bus:Director2 2023-11-01 2024-10-31 03623899 bus:Director3 2023-11-01 2024-10-31 03623899 core:LandBuildings core:TopRangeValue 2023-11-01 2024-10-31 03623899 core:PlantMachinery core:TopRangeValue 2023-11-01 2024-10-31 03623899 core:Vehicles 2023-11-01 2024-10-31 03623899 core:FurnitureFittings core:BottomRangeValue 2023-11-01 2024-10-31 03623899 core:FurnitureFittings core:TopRangeValue 2023-11-01 2024-10-31 03623899 2022-11-01 2023-10-31 03623899 core:LandBuildings 2023-11-01 2024-10-31 03623899 core:PlantMachinery 2023-11-01 2024-10-31 03623899 core:FurnitureFittings 2023-11-01 2024-10-31 03623899 core:Non-currentFinancialInstruments 2023-11-01 2024-10-31 03623899 bus:OrdinaryShareClass1 2023-11-01 2024-10-31 03623899 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03623899 (England and Wales)

WILLS MARINE LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

WILLS MARINE LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

WILLS MARINE LIMITED

BALANCE SHEET

As at 31 October 2024
WILLS MARINE LIMITED

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 199,382 107,922
199,382 107,922
Current assets
Stocks 1,749,311 2,118,319
Debtors 5 206,433 146,508
Cash at bank and in hand 72,614 151,661
2,028,358 2,416,488
Creditors: amounts falling due within one year 6 ( 1,591,352) ( 1,603,982)
Net current assets 437,006 812,506
Total assets less current liabilities 636,388 920,428
Creditors: amounts falling due after more than one year 7 ( 189,831) ( 195,937)
Provision for liabilities 0 ( 23,471)
Net assets 446,557 701,020
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 446,457 700,920
Total shareholder's funds 446,557 701,020

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Wills Marine Limited (registered number: 03623899) were approved and authorised for issue by the Board of Directors on 24 July 2025. They were signed on its behalf by:

Mr M J Wills
Director
WILLS MARINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
WILLS MARINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Wills Marine Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Quay, Kingsbridge, Devon, TQ7 1JF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Prior year adjustment

The 2023 financial statements have been amended to reflect the fact that payments in advance were incorrectly recorded within debtors. Further detail is provided in note 2 to the accounts.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 5 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Prior year adjustment

The 2023 financial statements have been amended to reflect the fact that payments in advance were incorrectly recorded within debtors. The table below illustrates the increase/(decrease) in each financial statement line:

As previously reported Adjustment As restated
Year ended 31 October 2023 £ £ £
Trade debtors 6,504 63,725 70,229
Trade creditors (270,009) (63,725) (333,734)

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 11

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 November 2023 0 88,906 128,312 96,246 313,464
Additions 125,757 0 0 0 125,757
At 31 October 2024 125,757 88,906 128,312 96,246 439,221
Accumulated depreciation
At 01 November 2023 0 49,271 64,063 92,208 205,542
Charge for the financial year 5,240 10,287 16,062 2,708 34,297
At 31 October 2024 5,240 59,558 80,125 94,916 239,839
Net book value
At 31 October 2024 120,517 29,348 48,187 1,330 199,382
At 31 October 2023 0 39,635 64,249 4,038 107,922

5. Debtors

2024 2023
£ £
Trade debtors 142,767 70,230
Corporation tax 0 21,713
Other debtors 63,666 54,565
206,433 146,508

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 475,174 333,734
Other taxation and social security 16,181 8,940
Obligations under finance leases and hire purchase contracts 6,106 6,106
Other creditors 1,093,891 1,255,202
1,591,352 1,603,982

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Amounts owed to Parent undertakings 160,760 160,760
Obligations under finance leases and hire purchase contracts (secured) 29,071 35,177
189,831 195,937

The finance lease and hire purchase obligations are secured on the assets to which they relate.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Financial commitments

Other financial commitments

2024 2023
£ £
Rent 192,500 0