Maldon Marine Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 00665254 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

MALDON MARINE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M Fawkes

Mr R Fawkes

SECRETARY:

Mr R Fawkes

REGISTERED OFFICE:

Unit 16 West Station Ind. Estate

Spital Road

Maldon

Essex

CM9 5SG

REGISTERED NUMBER:

00665254 (England and Wales)

ACCOUNTANTS:

Elliott, Mortlock, Busby & Co Limited

12 High Street

Stanford le Hope

Essex

SS17 0EY

FIXED ASSETS

Tangible assets

5

421,485

415,583

CURRENT ASSETS

Stocks

20,000

Debtors

6

514,927

444,666

Cash in hand

537

505

535,464

465,171

CREDITORS

Amounts falling due within one year

7

500,943

382,036

NET CURRENT ASSETS

34,521

83,135

TOTAL ASSETS LESS CURRENT
LIABILITIES

456,006

498,718

CREDITORS

Amounts falling due after more than one
year

8

(2,500

)

(12,500

)

PROVISIONS FOR LIABILITIES

11

(61,107

)

(59,986

)

NET ASSETS

392,399

426,232

CAPITAL AND RESERVES

Called up share capital

1,000

Revaluation reserve

12

331,513

Retained earnings

59,886

93,719

SHAREHOLDERS' FUNDS

392,399

426,232

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

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.

The 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.

The financial statements were approved by the Board of Directors and authorised for issue on 10 December 2025 and were signed on its behalf by:

Mr M Fawkes - Director

1.	STATUTORY INFORMATION

Maldon Marine Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going concern

The company is near completion of its final contracts, after which the directors intend to cease the principal trade of the company. This is expected to occur within the next 12 month period but this might be dependent upon any potential additional works.

There is no intention to liquidate the company and it will remain active to collect its final trade accounts.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, 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;

and specific criteria have been met for each of the company's activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment

-

20% on reducing balance & straight line

Motor vehicles

-

25% on reducing balance

The freehold property is reliably measured at fair value. Gains and losses arising from the change in fair value of the freehold property are included in the revaluation reserve in the period in which they arise.

Stocks

Stocks are valued at the lower of cost and net realisable value after ming due allowance for obsolete and slow moving stock.

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. Basic financial instruments are initially recognised at transaction price and then subsequently at amortised cost with the exception of equity investments that are initially measured at fair value (being the transaction price excluding any transaction costs) with subsequent measurements at fair value, with changes recognised in profit and loss.

Taxation

Taxation represents the sum of tax currently payable and deferred tax.

The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Hire purchase

Assets obtained under hire purchase contracts are capitalised as tangible fixed assets. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the payment is charged to the profit and loss account evenly over the period of the agreement.

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.

Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2024 - 12 ) .

5.	TANGIBLE FIXED ASSETS

Freehold

land &

Motor

buildings

Equipment

vehicles

Totals

£

COST OR VALUATION

At 1 April 2024

400,000

284,883

35,442

720,325

Additions

-

13,000

Disposals

-

(14,290

)

(14,290

)

At 31 March 2025

400,000

284,883

34,152

719,035

DEPRECIATION

At 1 April 2024

-

272,997

31,745

304,742

Charge for year

-

2,377

2,187

4,564

Eliminated on disposal

-

(11,756

)

(11,756

)

At 31 March 2025

-

275,374

22,176

297,550

NET BOOK VALUE

At 31 March 2025

400,000

9,509

11,976

421,485

At 31 March 2024

400,000

11,886

3,697

415,583

Cost or valuation at 31 March 2025 is represented by:

Freehold

land &

Motor

buildings

Equipment

vehicles

Totals

£

Valuation in 2023

100,000

-

100,000

Valuation in 2021

60,000

-

60,000

Valuation in 2018

40,000

-

40,000

Valuation in 2017

153,391

-

153,391

Cost

46,609

284,883

34,152

365,644

400,000

284,883

34,152

719,035

If the freehold property had not been revalued it would have been included at the following historical cost:

2025

2024

£

Cost

46,609

Aggregate depreciation

36,609

Value of land in freehold land and buildings

10,000

The freehold property was valued on a fair value basis on 19 June 2023 by Clarke Hillyer Ltd, an independent valuer .

6.

DEBTORS

2025

2024

£

Amounts falling due within one year:

Trade debtors

452,806

328,546

Other debtors

7,006

6,952

459,812

335,498

Amounts falling due after more than one year:

Trade debtors

55,115

109,168

Aggregate amounts

514,927

444,666

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Bank overdraft

79,152

55,853

Trade creditors

89,462

68,735

Social security and other taxes

10,557

10,826

Other creditors

139,223

11,461

Directors loan accounts

182,549

235,161

500,943

382,036

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2025

2024

£

Bank loans - 1-2 years

2,500

10,000

Bank loans - 2-5 years

-

2,500

12,500

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

Within one year

317

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

Bank overdrafts

69,152

45,853

11.	PROVISIONS FOR LIABILITIES

2025

2024

£

Deferred tax

61,107

59,986

Deferred

tax

£

Balance at 1 April 2024

59,986

Charge to Income Statement during year

1,121

Balance at 31 March 2025

61,107

The provision for deferred taxation is made up of accelerated capital allowances.

12.

RESERVES

Revaluation

reserve

£

At 1 April 2024

and 31 March 2025

331,513

13.	PENSION COMMITMENTS

The company operates a defined contribution pension schemes, for the employees. The assets of the schemes are held separately from those of the company in independently administered funds. At the balance sheet date there were £804 unpaid contributions (2024: £865).