| REGISTERED NUMBER: |
| KEMP'S SHIPYARD LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| REGISTERED NUMBER: |
| KEMP'S SHIPYARD LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| KEMP'S SHIPYARD LIMITED (REGISTERED NUMBER: 00521097) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| KEMP'S SHIPYARD LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| KEMP'S SHIPYARD LIMITED (REGISTERED NUMBER: 00521097) |
| BALANCE SHEET |
| 31 MARCH 2025 |
| 2025 | 2024 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| KEMP'S SHIPYARD LIMITED (REGISTERED NUMBER: 00521097) |
| BALANCE SHEET - continued |
| 31 MARCH 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| KEMP'S SHIPYARD LIMITED (REGISTERED NUMBER: 00521097) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 1. | STATUTORY INFORMATION |
| Kemp's Shipyard Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. |
| The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and far view. |
| The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1. |
| The principal accounting policies adopted are set out below. |
| Going concern |
| At the balance sheet date the company has net current liabilities, and is reliant upon the support of creditors and directors to continue trading. The directors have indicated that this support will continue for a period of at least 12 months from the date of signing these financial statements, and as such the going concern basis has been used. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Dock | - |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
| KEMP'S SHIPYARD LIMITED (REGISTERED NUMBER: 00521097) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Investments |
| Investments are initially measured at cost and are then revalued to fair value at each reporting date. |
| Financial assets |
| The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
| Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
| Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
| Financial liabilities |
| Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
| Equity instruments |
| Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| KEMP'S SHIPYARD LIMITED (REGISTERED NUMBER: 00521097) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements | Plant and |
| Dock | to property | machinery |
| £ | £ | £ |
| COST |
| At 1 April 2024 |
| Additions |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| Fixtures |
| and | Motor | Computer |
| fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 April 2024 |
| Additions |
| At 31 March 2025 |
| DEPRECIATION |
| At 1 April 2024 |
| Charge for year |
| At 31 March 2025 |
| NET BOOK VALUE |
| At 31 March 2025 |
| At 31 March 2024 |
| The net book value of tangible fixed assets includes £ 29,749 (2024 - £ 39,665 ) in respect of assets held under hire purchase contracts. |
| KEMP'S SHIPYARD LIMITED (REGISTERED NUMBER: 00521097) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 5. | FIXED ASSET INVESTMENTS |
| Investments (neither listed nor unlisted) were as follows: |
| 2025 | 2024 |
| £ | £ |
| Classic vehicles | 120,000 | - |
| Cherished plates | 15,751 | 15,751 |
| 135,751 | 15,751 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2025 | 2024 |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 9) |
| KEMP'S SHIPYARD LIMITED (REGISTERED NUMBER: 00521097) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2025 |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase |
| contracts |
| 2025 | 2024 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable |
| operating leases |
| 2025 | 2024 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2025 | 2024 |
| £ | £ |
| Bank overdrafts |
| Hire purchase contracts | 13,295 | 20,892 |
| Hire purchase liabilities are secured against the assets to which they relate. Bank overdraft liabilities are secured against fixed and floating charges. |
| 11. | RELATED PARTY DISCLOSURES |
| As at the balance sheet date the directors owed the company £Nil (2024 - £21,788). The loans attract interest at HMRC's beneficial loan rate and are repayable upon demand. |