Registration number: 07453446

Neptune Spares Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

Neptune Spares Limited

(Registration number: 07453446)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	3,394	4,849
Tangible assets	5	2,245	3,352
		5,639	8,201
Current assets
Stocks	6	74,179	75,305
Debtors	7	10,832	11,356
Cash at bank and in hand		6,381	10,764
		91,392	97,425
Creditors: Amounts falling due within one year	8	(155,438)	(164,368)
Net current liabilities		(64,046)	(66,943)
Net liabilities		(58,407)	(58,742)
Capital and reserves
Called up share capital		2	2
Retained earnings		(58,409)	(58,744)
Shareholders' deficit		(58,407)	(58,742)

Neptune Spares Limited

(Registration number: 07453446)
Balance Sheet as at 31 December 2024

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 September 2025 and signed on its behalf by:
 

Mr R J Besse Director

Neptune Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Southbrook House
Brook Street
Bishops Waltham
Hampshire
SO32 1AX
UK

These financial statements were authorised for issue by the Board on 16 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company and is rounded to the nearest £.

Going concern

In light of the continued cost of living crisis the directors have reviewed projections and budgets for the next twelve months. Following this review, the directors consider there to be little impact on the Company's ability to act as a going concern.
At the end of the year the company had net liabilities of £58,407.
Thus the directors have reviewed the capital resources available and consider that the company has adequate resources in place to continue trading for the next twelve months.

Neptune Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
-the amount of revenue can be reliably measured;
-it is probable that future economic benefits will flow to the entity;
-all of the significant risks and rewards of ownership have been transferred to the customer; and
-specific criteria have been met for each of the company's activities.

Finance income and costs policy

Interest income and expenses are recognised using the effective interest rate method.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	3 year straight line
Website	10 year straight line
Plant and machinery	5 year straight line
Fixtures and fittings	10 year straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Neptune Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average method.

The cost of spares for resale comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the goods to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.
Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between
the proceeds, net of transaction costs, and the amount due on redemption being recognised as a
charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest
payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer
settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are
classified as operating leases. Payments made under operating leases are charged to profit or loss on
a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Neptune Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 3 (2023 - 6).

Neptune Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

4	Intangible assets

	Website  £	Total £
Cost or valuation
At 1 January 2024	14,553	14,553
At 31 December 2024	14,553	14,553
Amortisation
At 1 January 2024	9,704	9,704
Amortisation charge	1,455	1,455
At 31 December 2024	11,159	11,159
Carrying amount
At 31 December 2024	3,394	3,394
At 31 December 2023	4,849	4,849

5	Tangible assets

	Plant and machinery £	Office equipment £	Other tangible assets  £	Total £
Cost or valuation
At 1 January 2024	3,879	1,572	1,138	6,589
At 31 December 2024	3,879	1,572	1,138	6,589
Depreciation
At 1 January 2024	1,612	1,314	311	3,237
Charge for the year	776	217	114	1,107
At 31 December 2024	2,388	1,531	425	4,344
Carrying amount
At 31 December 2024	1,491	41	713	2,245
At 31 December 2023	2,267	258	827	3,352

6

Stocks

	2024 £	2023 £
Spares for resale	74,179	75,305

Neptune Spares Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Debtors

	2024 £	2023 £
Trade debtors	8,555	12,471
Other debtors	1,721	1,423
Prepayments	556	-
Accrued income	-	(2,538)
	10,832	11,356

8

Creditors

Due within one year	Note	2024 £	2023 £
Trade creditors		30,758	40,947
Amounts due to related parties	10	121,730	117,864
Other creditors		395	343
Accruals		2,555	5,214
		155,438	164,368