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COMPANY REGISTRATION NUMBER: 03425737

Russell Marine (Acle) Limited

Unaudited financial statements

For the year ended

31 December 2024

Russell Marine (Acle) Limited

Statement of financial position

31 December 2024

| 2024 | 2023
Note | £ | £ | £ | £

Fixed assets

Tangible assets | 5 |  | 1,442,722 |  | 1,449,872

Current assets

Stocks | 303,258 |  | 419,515 |
Debtors | 6 | 51,306 |  | 10,545 |
Cash at bank and in hand | 461,594 |  | 397,975 |
| --------- |  | --------- |
| 816,158 |  | 828,035 |

Prepayments and accrued income | 10,469 |  | 10,039 |

Creditors: Amounts falling due within one year | 7 | ( 239,336) |  | ( 242,977) |
| --------- |  | --------- |
Net current assets |  | 587,291 |  | 595,097
|  | ----------- |  | -----------
Total assets less current liabilities |  | 2,030,013 |  | 2,044,969

Creditors: Amounts falling due after more than one year | 8 |  | ( 441,074) |  | ( 497,083)

Provisions

Taxation including deferred tax |  | ( 2,757) |  | ( 4,028)

Accruals and deferred income |  | ( 67,344) |  | ( 57,643)
|  | ----------- |  | -----------
Net assets |  | 1,518,838 |  | 1,486,215
|  | ----------- |  | -----------

Capital and reserves

Called up share capital | 9 |  | 2 |  | 2
Revaluation reserve |  | 871,334 |  | 871,334
Profit and loss account |  | 647,502 |  | 614,879
|  | ----------- |  | -----------
Shareholders funds |  | 1,518,838 |  | 1,486,215
|  | ----------- |  | -----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Russell Marine (Acle) Limited

Statement of financial position (continued)

31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 16 February 2026 , and are signed on behalf of the board by:

D Russell
Director

Company registration number: 03425737

Russell Marine (Acle) Limited

Notes to the financial statements

Year ended 31 December 2024
1. General information
The company, registration number 03425737 , is a private company limited by shares, registered in England and Wales. The address of the registered office is Sixty Six, North Quay, Great Yarmouth, Norfolk, NR30 1HE. The usual business address is The Boatyard, Fleet Lane, South Walsham, Norwich, Norfolk, NR13 6ED.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Leasehold property | - | 2% straight line
| Plant and machinery | - | 15% straight line
| Motor vehicles | - | 25% straight line
| Fixtures and equipment | - | 15% - 33% straight line

Freehold land and properties are not depreciated. The company maintains its freehold properties to a high standard and has assessed that their residual value is sufficiently high so that any depreciation that would be required is not material.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 7 (2023: 7 ).
5. Tangible assets

| Freehold land and property | Leasehold property | Plant and machinery | Motor vehicles | Equipment | Total
| £ | £ | £ | £ | £ | £
Cost |  |  |  |  |  |
At 1 January 2024 and 31 December 2024 | 1,337,673 | 163,761 | 28,078 | 9,769 | 44,157 | 1,583,438
| ----------- | --------- | ------- | ------ | ------- | -----------
Depreciation |  |  |  |  |  |
At 1 January 2024 | – | 73,775 | 21,512 | 9,768 | 28,511 | 133,566
Charge for the year | – | 3,275 | 1,529 | – | 2,346 | 7,150
| ----------- | --------- | ------- | ------ | ------- | -----------
At 31 December 2024 | – | 77,050 | 23,041 | 9,768 | 30,857 | 140,716
| ----------- | --------- | ------- | ------ | ------- | -----------
Carrying amount |  |  |  |  |  |
At 31 December 2024 | 1,337,673 | 86,711 | 5,037 | 1 | 13,300 | 1,442,722
| ----------- | --------- | ------- | ------ | ------- | -----------
At 31 December 2023 | 1,337,673 | 89,986 | 6,566 | 1 | 15,646 | 1,449,872
| ----------- | --------- | ------- | ------ | ------- | -----------

Included in Freehold land and property is £843,578 (2023 - £843,578) relating to land which is non-depreciable.
6. Debtors

| 2024 | 2023
| £ | £
Trade debtors | 49,722 | 1,798
Other debtors | 1,584 | 8,747
| ------- | -------
| 51,306 | 10,545
| ------- | -------

7. Creditors: Amounts falling due within one year

| 2024 | 2023
| £ | £
Bank loans and overdrafts | 53,977 | 54,188
Trade creditors | 132,662 | 147,434
Social security and other taxes | 16,116 | 39,438
Other creditors | 36,581 | 1,917
| --------- | ---------
| 239,336 | 242,977
| --------- | ---------

8. Creditors: Amounts falling due after more than one year

| 2024 | 2023
| £ | £
Bank loans and overdrafts | 342,181 | 398,190
Other creditors | 98,893 | 98,893
| --------- | ---------
| 441,074 | 497,083
| --------- | ---------

Included within creditors: amounts falling due after more than one year is an amount of £136,274 (2023: £221,927) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Called up share capital
Issued, called up and fully paid

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £ 1 each | 2 | 2 | 2 | 2
| ---- | ---- | ---- | ----