MARINE & INDUSTRIAL MOULDINGS LIMITED

Registered number

03754099

Filleted Accounts

28 February 2025

MARINE & INDUSTRIAL MOULDINGS LIMITED
Registered number:		03754099
Balance Sheet
as at 28 February 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		89,504			101,430

Current assets
Stocks		8,100			7,600
Debtors	4	13,144			44,667
Cash at bank and in hand		83,155			110,086
		104,399			162,353

Creditors: amounts falling due within one year	5	(33,473)			(64,374)

Net current assets			70,926			97,979

Total assets less current liabilities			160,430			199,409

Creditors: amounts falling due after more than one year	6		(643)			(5,212)



Net assets			159,787			194,197

Capital and reserves
Called up share capital			300			300
Profit and loss account			159,487			193,897

Shareholders' funds			159,787			194,197

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 J Booth
Director
Approved by the board on 26 September 2025

MARINE & INDUSTRIAL MOULDINGS LIMITED
Notes to the Accounts
for the year ended 28 February 2025


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:

	Plant and machinery			15% straight line method
	Motor vehicles			15% straight line method

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred 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.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees					2025		2024
Number							Number

	Average number of persons employed by the company					9		9


3	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 March 2024	81,111		142,261		27,059		250,431
	At 28 February 2025	81,111		142,261		27,059		250,431

	Depreciation
	At 1 March 2024	10,953		116,156		21,892		149,001
	Charge for the year	-		10,517		1,409		11,926
	At 28 February 2025	10,953		126,673		23,301		160,927

	Net book value
	At 28 February 2025	70,158		15,588		3,758		89,504
	At 29 February 2024	70,158		26,105		5,167		101,430


4	Debtors					2025		2024
£							£

	Trade debtors					11,427		42,958
	Other debtors					1,717		1,709
						13,144		44,667


5	Creditors: amounts falling due within one year					2025		2024
£							£

	Trade creditors					5,446		1,278
	Corporation tax					4,686		28,820
	Other taxes and social security costs					21,341		29,472
	Other creditors					2,000		4,804
						33,473		64,374


6	Creditors: amounts falling due after one year					2025		2024
£							£

	Other creditors					643		5,212


7	Other information

	MARINE & INDUSTRIAL MOULDINGS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
	Freckleton Boat Yard
	Poolside
	Freckleton
	Preston
	PR4 1HB


8	Related party disclosures

	Included within other creditors due after more than one year are amounts owed to directors
	as follows
	Mr J Booth £643 (2024: £912)
	There are no fixed repayments terms on these balances.
	Mr L Booth received rent from the company in the period of £12,000 (2024: £12,000)