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Registered Number: 11995582
England and Wales

 

 

 

LAPSTRAKE MARINE LTD



Unaudited Financial Statements
 


Period of accounts

Start date: 01 June 2024

End date: 31 May 2025
Director Mr T A Wileman
Registered Number 11995582
Registered Office 6 Yachtmans Cabin
Baileys Hard Lane
Beaulieu
Brockenhurst
SO42 7YF
Accountants Numeric Accounting Limited
Chartered Certified Accountants
Suite 1, The Portway Centre,
Old Sarum Park, Old Sarum
Salisbury
SP4 6EB
1
 
 
Notes
 
2025
£
  2024
£
Fixed assets      
Tangible fixed assets 3 10,831    14,064 
10,831    14,064 
Current assets      
Debtors: amounts falling due within one year 4 75    7,481 
Cash at bank and in hand 8,233    7,007 
8,308    14,488 
Creditors: amount falling due within one year 5 (10,402)   (10,089)
Net current assets (2,094)   4,399 
 
Total assets less current liabilities 8,737    18,463 
Creditors: amount falling due after more than one year 6 (5,701)   (9,568)
Accruals and deferred income   2 
Provisions for liabilities 7 (2,058)   (2,673)
Net assets 978    6,224 
 

Capital and reserves
     
Called up share capital 8 1    1 
Profit and loss account 977    6,223 
Shareholders' funds 978    6,224 
 


For the year ended 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 22 September 2025 and were signed by:


-------------------------------
Mr T A Wileman
Director
2
General Information
Lapstrake Marine Ltd is a private company, limited by shares, registered in England and Wales, registration number 11995582, registration address 6 Yachtmans Cabin , Baileys Hard Lane , Beaulieu , Brockenhurst, SO42 7YF.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Cost of sales
The cost of sales is the accumulated total of all costs used to create a product or service, which has been sold.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 33% Reducing Balance
Financial instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.
2.

Average number of employees

Average number of employees during the year was 1 (2024 : 1).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Total
  £   £   £   £
At 01 June 2024 1,893    19,990    1,524    23,407 
Additions 482        482 
Disposals      
At 31 May 2025 2,375    19,990    1,524    23,889 
Depreciation
At 01 June 2024 1,080    7,184    1,079    9,343 
Charge for year 306    3,201    208    3,715 
On disposals      
At 31 May 2025 1,386    10,385    1,287    13,058 
Net book values
Closing balance as at 31 May 2025 989    9,605    237    10,831 
Opening balance as at 01 June 2024 813    12,806    445    14,064 


4.

Debtors: amounts falling due within one year

2025
£
  2024
£
Prepayments & Accrued Income 75    75 
Directors' Current Accounts   7,406 
75    7,481 

5.

Creditors: amount falling due within one year

2025
£
  2024
£
Bank Loans & Overdrafts 5,405    5,405 
Corporation Tax 4,907    4,684 
Directors' Current Accounts 90   
10,402    10,089 

6.

Creditors: amount falling due after more than one year

2025
£
  2024
£
Bank Loans & Overdrafts 5,701    9,568 
5,701    9,568 

7.

Provisions for liabilities

2025
£
  2024
£
Deferred Tax 2,058    2,673 
2,058    2,673 

8.

Share Capital

Allotted, called up and fully paid
2025
£
  2024
£
1 Ordinary share of £1.00 each  
 

9.

Director’s loan

Mr T A Wileman

The loan from the director is interest free and repayable on demand.

Particulars   2025
£
  2024
£
Balance at 1 June 2024 7,407  2,271 
Repayments made 2,816  15,666 
Advances made (10,312) (10,530)
Balance at 31 May 2025 (89) 7,407 

10.

Dividend

During the year, total dividends of £23,081 (2024 - £10,229) were paid to the director.
3