General Information
Gold Bond Marine Engineering Ltd is a private company, limited by shares, registered in England and Wales, registration number 11986223, registration address 3 Bond Street, Southampton, SO14 5QA.
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)
Going concern basis
The company has negative equity of -£389.157 (2024: -£232,588). The director believes that the company will be able to meet its financial obligations as they fall due and has guaranteed that they will continue to support the business for a period of 12 months from the date the accounts are authorized for issue. Therefore, they see no reason to display the going concern basis.
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 |
20% Reducing Balance
|
| Fixtures and Fittings |
20% Reducing Balance
|
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
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 |
Land and Buildings |
|
Plant and Machinery |
|
Fixtures and Fittings |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
| At 01 June 2024 |
300,000 |
|
59,937 |
|
4,841 |
|
364,778 |
| Additions |
- |
|
- |
|
- |
|
- |
| Disposals |
- |
|
- |
|
- |
|
- |
| At 31 May 2025 |
300,000 |
|
59,937 |
|
4,841 |
|
364,778 |
| Depreciation |
| At 01 June 2024 |
- |
|
39,391 |
|
2,531 |
|
41,922 |
| Charge for year |
- |
|
4,109 |
|
462 |
|
4,571 |
| On disposals |
- |
|
- |
|
- |
|
- |
| At 31 May 2025 |
- |
|
43,500 |
|
2,993 |
|
46,493 |
| Net book values |
| Closing balance as at 31 May 2025 |
300,000 |
|
16,437 |
|
1,848 |
|
318,285 |
| Opening balance as at 01 June 2024 |
300,000 |
|
20,546 |
|
2,310 |
|
322,856 |
Included within the net book value of land and buildings above is £300,000 (2024 - £300,000) in respect of freehold land and buildings.
The building was acquired at £nil cost but has been recorded at fair value. The fair value of £300,000 is a capital contribution.
|
| 4. |
Stocks
|
2025
£ |
|
2024
£ |
| Stocks |
175,500 |
|
204,000 |
|
175,500 |
|
204,000 |
|
| 5. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Debtors |
264 |
|
22,169 |
| Prepayments & Accrued Income |
277 |
|
464 |
| VAT |
4,161 |
|
1,098 |
|
4,702 |
|
23,731 |
|
| 6. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Creditors |
12,982 |
|
26,608 |
| Bank Loans & Overdrafts |
10,529 |
|
10,648 |
| Accrued Expenses |
3,450 |
|
3,300 |
| Advance Paid |
9,257 |
|
7,715 |
| Directors' Current Accounts |
564,554 |
|
420,340 |
|
600,772 |
|
468,611 |
|
| 7. |
Creditors: amount falling due after more than one year
|
2025
£ |
|
2024
£ |
| Bank Loans & Overdrafts |
0 |
|
11,234 |
|
0 |
|
11,234 |
|
| 8. |
Provisions for liabilities
|
2025
£ |
|
2024
£ |
| Deferred Tax |
75,000 |
|
75,000 |
| Provisions for Refunds |
0 |
|
19,600 |
|
75,000 |
|
94,600 |
|
| 9. |
Share Capital
Allotted, called up and fully paid
|
2025
£ |
|
2024
£ |
|
100
Ordinary shares of £1.00 each |
100 |
|
100 |
|
100 |
|
100 |
|
| 10. |
Revaluation Reserves
|
2025
£ |
|
2024
£ |
| Revaluation Reserve b/fwd |
225,000 |
|
0 |
| Transfer to Profit and Loss Account |
0 |
|
300,000 |
| Deferred Tax Provided on Revaluation |
0 |
|
(75,000) |
|
225,000 |
|
225,000 |
Included in reserves is a £225,000 capital contribution reserve. This was due to the acquisition of a building with a fair value of £300,000 being acquired for no consideration, less a provision of £75,000 for deferred tax on crystallisation on any gain on the disposal of the building. This reserve is non-distributable.
|
|
Mr T Slowen
| Particulars |
|
2025
£ |
|
2024
£ |
| Opening Balance |
|
(420,340) |
|
(431,272) |
| Advances to director |
|
- |
|
10,932 |
| Repayments by director |
|
(144,214) |
|
- |
| Closing Balance |
|
(564,554) |
|
(420,340) |
The loan from Mr T Slowen is interest free and is repayable on demand.
|
| 12. |
Loan
The loan is unsecured for a period of 12 months and attracts of 2.5% interest per annum.
Repayments are made monthly.
Amount due for repayment:
- Less than 1 year: £10,529 (2024 - £10,648)
- More than 1 year and less than 5 years: £Nil (2024 - £11,234)
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4
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