Registered number
10314286
G R Marine Limited
Filleted Accounts
31 August 2024
G R Marine Limited
Registered number: 10314286
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 133,233 93,145
Current assets
Stocks 5,300 5,300
Debtors 4 189,664 50,825
Cash at bank and in hand 1,149 74,623
196,113 130,748
Creditors: amounts falling due within one year 5 (196,771) (94,457)
Net current (liabilities)/assets (658) 36,291
Total assets less current liabilities 132,575 129,436
Creditors: amounts falling due after more than one year 6 (132,318) (94,962)
Net assets 257 34,474
Capital and reserves
Called up share capital 110 110
Profit and loss account 147 34,364
Shareholders' funds 257 34,474
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 Glyn Johnson
Director
Approved by the board on 29 August 2025
G R Marine Limited
Notes to the Accounts
for the year ended 31 August 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:
Computer Equipment 25% straight line
Plant and Machinery 25% straight line
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. Current tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Computer Equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2023 4,843 25,494 144,240 174,577
Additions - 699 80,900 81,599
At 31 August 2024 4,843 26,193 225,140 256,176
Depreciation
At 1 September 2023 3,551 10,784 67,097 81,432
Charge for the year 762 4,521 36,228 41,511
At 31 August 2024 4,313 15,305 103,325 122,943
Net book value
At 31 August 2024 530 10,888 121,815 133,233
At 31 August 2023 1,292 14,710 77,143 93,145
4 Debtors 2024 2023
£ £
Trade debtors 149,991 50,825
Other debtors 39,673 -
189,664 50,825
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,792 9,792
Obligations under finance lease and hire purchase contracts 21,431 6,131
Trade creditors 48,648 23,075
Taxation and social security costs 56,059 52,705
Other creditors 60,841 2,754
196,771 94,457
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 13,675 24,848
Obligations under finance lease and hire purchase contracts 118,643 70,114
132,318 94,962
7 Other information
G R Marine Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 8, Hawkinge Industrial Complex
Aerodome Road
Folkestone
Kent
CT18 7AG
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