Leafield Marine Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05870564 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2020

for

Leafield Marine Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

D L M Dickins

T J Chapple

I W Mountain

SECRETARY:

T J Chapple

REGISTERED OFFICE:

9 Atworth Business Park

Bath Rd

Atworth

Melksham

Wiltshire

SN12 8SB

REGISTERED NUMBER:

05870564 (England and Wales)

FIXED ASSETS

Tangible assets

4

1,790,167

1,652,719

CURRENT ASSETS

Stocks

5

1,162,557

1,059,214

Debtors

6

518,469

645,434

Cash at bank and in hand

1,376,996

1,385,270

3,058,022

3,089,918

CREDITORS

Amounts falling due within one year

7

489,925

548,395

NET CURRENT ASSETS

2,568,097

2,541,523

TOTAL ASSETS LESS CURRENT LIABILITIES

4,358,264

4,194,242

CREDITORS

Amounts falling due after more than one year

8

(426,405

)

(398,041

)

PROVISIONS FOR LIABILITIES

(102,671

)

(102,286

)

NET ASSETS

3,829,188

3,693,915

CAPITAL AND RESERVES

Called up share capital

166,667

166,667

Share premium

102,420

102,420

Retained earnings

3,560,101

3,424,828

SHAREHOLDERS' FUNDS

3,829,188

3,693,915

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 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 14 January 2021 and were signed on its behalf by:

D L M Dickins - Director

1.	STATUTORY INFORMATION

Leafield 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

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

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

Freehold property

-

6.666% on cost

Improvements to property

-

10% on cost and 6.666% on cost

Plant and machinery

-

25% on cost, 20% on cost, 14.286% on cost and 10% on cost

Computers Equipment F&F

-

25% on cost, 20% on cost and 10% on cost

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.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

Derivative financial instruments, such as forward foreign exchange contracts, are recognised at fair value using a valuation technique with any gains or losses being reported as profit or loss. Outstanding derivatives at the reporting date are included under the appropriate format heading depending on the nature of the derivative.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2019 - 52 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 November 2019

1,180,505

149,731

632,508

Additions

121,587

78,161

93,198

Disposals

-

-

-

At 31 October 2020

1,302,092

227,892

725,706

DEPRECIATION

At 1 November 2019

166,997

51,026

332,076

Charge for year

41,190

14,259

57,320

Eliminated on disposal

-

-

-

At 31 October 2020

208,187

65,285

389,396

NET BOOK VALUE

At 31 October 2020

1,093,905

162,607

336,310

At 31 October 2019

1,013,508

98,705

300,432

Computers

Product

Equipment

tooling

F&F

Totals

£

£

£

COST

At 1 November 2019

634,152

178,291

2,775,187

Additions

14,857

7,838

315,641

Disposals

(5,850

)

-

(5,850

)

At 31 October 2020

643,159

186,129

3,084,978

DEPRECIATION

At 1 November 2019

436,140

136,229

1,122,468

Charge for year

44,061

21,363

178,193

Eliminated on disposal

(5,850

)

-

(5,850

)

At 31 October 2020

474,351

157,592

1,294,811

NET BOOK VALUE

At 31 October 2020

168,808

28,537

1,790,167

At 31 October 2019

198,012

42,062

1,652,719

Included in cost of Freehold Property is freehold land of £385,480 (2019 - £385,480) which is not depreciated.

5.

STOCKS

31.10.20

31.10.19

£

£

Stocks

1,031,668

877,204

Work-in-progress

130,889

182,010

1,162,557

1,059,214

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade debtors

452,422

575,990

Financial instruments

15,628

8,706

VAT

10,539

24,017

Prepayments

39,880

36,721

518,469

645,434

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Bank loans and overdrafts (see note 9)

35,961

33,597

Payments on account

40,191

8,965

Trade creditors

276,793

374,509

Tax

56,318

68,048

Social security and other taxes

29,190

28,993

Other creditors

11,020

10,761

Directors' current accounts

-

11

Accrued expenses

40,452

23,511

489,925

548,395

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.20

31.10.19

£

£

Bank loans (see note 9)

331,866

370,205

Other loans (see note 9)

94,539

27,836

426,405

398,041

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

94,539

27,836

Repayable by instalments

Bank loans more 5 yr by instal

181,103

223,767

9.

LOANS

An analysis of the maturity of loans is given below:

31.10.20

31.10.19

£

£

Amounts falling due within one year or on demand:

Bank loans

35,961

33,597

Amounts falling due between one and two years:

Bank loans - 1-2 years

36,169

34,761

Amounts falling due between two and five years:

Bank loans - 2-5 years

114,594

111,677

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

94,539

27,836

31.10.20

31.10.19

£

£

Repayable by instalments

Bank loans more 5 yr by instal

181,103

223,767

Other loans represent a conditional grant from the Rural Development Fund for England toward the company's building extension project. The grant is conditional on the long term creation of new jobs and will be treated as a liability until the conditions are met in accordance with the company's accounting policy on performance related grants.

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.20

31.10.19

£

£

Bank loans

367,827

403,802

The bank loan is secured under a fixed charge over the company's premises in Atworth and by way of a fixed and floating charge over the company's assets.

11.	FINANCIAL INSTRUMENTS

As at 31st October 2020 the company had outstanding derivative financial instruments (forward foreign exchange contracts) to the value of DKK8m (2019: DKK3m), which represented a financial commitment of £988K (2019: £356K). These contracts mature on a monthly basis over a period of 15 months starting in December 2020.

A fair value revaluation of the forward foreign exchange contracts was made as at 31st October 2020 creating a financial asset and a corresponding profit of £15,628 (2019: £8,706).