Smith Brothers Marine Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 3240923

Smith Brothers Marine Limited

Filleted Unaudited Financial Statements

27 August 2025

Smith Brothers Marine Limited

Statement of Financial Position

27 August 2025

	27 Aug 25		29 Aug 24
Note	£	£	£

Fixed assets

Tangible assets	6	479,466	393,159
Investments	7	100	100
		---------	---------
		479,566	393,259

Current assets

Stocks		43,750	41,467
Debtors	8	2,201,235	2,108,278
Cash at bank and in hand		2,122,325	1,481,381
		------------	------------
		4,367,310	3,631,126

Creditors: amounts falling due within one year	9	808,444		803,477
		------------		------------
Net current assets			3,558,866	2,827,649
			------------	------------
Total assets less current liabilities			4,038,432	3,220,908

Creditors: amounts falling due after more than one year	10		258,061	225,924

Provisions

Taxation including deferred tax	10,400		–
Other provisions	21,000		21,000
	--------		--------
		31,400	21,000
		------------	------------
Net assets		3,748,971	2,973,984
		------------	------------

Capital and reserves

Called up share capital	200	200
Profit and loss account	3,748,771	2,973,784
	------------	------------
Shareholders funds	3,748,971	2,973,984
	------------	------------

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 statement of income and retained earnings has not been delivered.

For the period ending 27 August 2025 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 period 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 .

Smith Brothers Marine Limited

Statement of Financial Position (continued)

27 August 2025

These financial statements were approved by the board of directors and authorised for issue on 27 August 2026 , and are signed on behalf of the board by:

R Smith Esq	R Smith Esq
Director	Director

Company registration number: 3240923

Smith Brothers Marine Limited

Notes to the Financial Statements

Period from 30 August 2024 to 27 August 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is TML House, 1a The Anchorage, Gosport, Hampshire, PO12 1LY.

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.

Judgements and key sources of estimation uncertainty

No significant judgements have been made by the director in preparing these financial statements.

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

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Plant and machinery	-	20% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	15% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 persons employed by the company during the period amounted to 50 (2024: 49 ).

5. Tax on profit/(loss)

Major components of tax expense/(income)

	Period from	Period from
	30 Aug 24 to	1 Sep 23 to
	27 Aug 25	29 Aug 24
	£	£

Current tax:

UK current tax expense	316,495	–
Adjustments in respect of prior periods	( 33,924)	( 14)
	---------	----
Total current tax	282,571	( 14)
	---------	----

Deferred tax:

Origination and reversal of timing differences	10,400	–
	---------	----
Tax on profit/(loss)	292,971	( 14)
	---------	----

6. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 30 August 2024	29,648	819,914	59,552	909,114
Additions	10,000	253,993	191	264,184
Disposals	( 6,570)	( 84,704)	–	( 91,274)
	--------	---------	--------	------------
At 27 August 2025	33,078	989,203	59,743	1,082,024
	--------	---------	--------	------------
Depreciation
At 30 August 2024	23,484	446,627	45,844	515,955
Charge for the period	3,120	151,725	2,085	156,930
Disposals	( 6,005)	( 64,322)	–	( 70,327)
	--------	---------	--------	------------
At 27 August 2025	20,599	534,030	47,929	602,558
	--------	---------	--------	------------
Carrying amount
At 27 August 2025	12,479	455,173	11,814	479,466
	--------	---------	--------	------------
At 29 August 2024	6,164	373,287	13,708	393,159
	--------	---------	--------	------------

7. Investments

	Shares in group undertakings
	£
Cost
At 30 August 2024 and 27 August 2025	367,250
	---------
Impairment
At 30 August 2024 and 27 August 2025	367,150
	---------

Carrying amount
At 27 August 2025	100
	---------
At 29 August 2024	100
	---------

The company owns 100% of the issued share capital in Scientific Services Paisley Limited

	2025	2024
	£	£
Aggregate capital and reserves	20,357	(2,358)

	Profit and (loss) for the year	22,715	(2,491)

8. Debtors

	27 Aug 25	29 Aug 24
	£	£
Trade debtors	815,444	838,207
Other debtors	1,385,791	1,270,071
	------------	------------
	2,201,235	2,108,278
	------------	------------

9. Creditors: amounts falling due within one year

	27 Aug 25	29 Aug 24
	£	£
Trade creditors	301,461	300,523
Corporation tax	318,606	262,961
Social security and other taxes	15,971	118,234
Other creditors	172,406	121,759
	---------	---------
	808,444	803,477
	---------	---------

10. Creditors: amounts falling due after more than one year

	27 Aug 25	29 Aug 24
	£	£
Other creditors	258,061	225,924
	---------	---------

11. Directors' advances, credits and guarantees

During the period the directors entered into the following advances and credits with the company:

	27 Aug 25
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
R Smith Esq	461,370	( 18,956)	442,414
R Smith Esq	85,181	1,235	86,416
Mrs L Smith	–	16,232	16,232
M A Walton Esq	201,532	39,878	241,410
	---------	--------	---------
	748,083	38,389	786,472
	---------	--------	---------

	29 Aug 24
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
R Smith Esq	449,415	11,955	461,370
R Smith Esq	83,767	1,414	85,181
Mrs L Smith	–	–	–
M A Walton Esq	146,244	55,288	201,532
	---------	--------	---------
	679,426	68,657	748,083
	---------	--------	---------