North Sea Maritime Limited Filleted accounts for Companies House (small and micro)

NORTH SEA MARITIME LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06911325

North Sea Maritime Limited

Filleted Unaudited Financial Statements

31 December 2020

North Sea Maritime Limited

Financial Statements

Year ended 31 December 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

North Sea Maritime Limited

Statement of Financial Position

31 December 2020

	2020		2019
Note	£	£	£	£

Fixed assets

Tangible assets	5		598		1,205

Current assets

Stocks		167,151	15,800
Debtors	7	953	872
Cash at bank and in hand		25,387	237,816
		---------	---------
		193,491	254,488

Creditors: amounts falling due within one year	8	134,248		252,847
		---------		---------
Net current assets			59,243		1,641
			--------		-------
Total assets less current liabilities			59,841		2,846

Creditors: amounts falling due after more than one year	9	44,167	–
		--------	-------
Net assets		15,674	2,846
		--------	-------

Capital and reserves

Called up share capital	10	4	4
Profit and loss account		15,670	2,842
		--------	-------
Shareholders funds		15,674	2,846
		--------	-------

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 year ending 31 December 2020 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 .

North Sea Maritime Limited

Statement of Financial Position (continued)

31 December 2020

These financial statements were approved by the board of directors and authorised for issue on 27 September 2021 , and are signed on behalf of the board by:

F J Johnson	S A Johnson
Director	Director

Company registration number: 06911325

North Sea Maritime Limited

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW, England.

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.

Going concern

The directors have considered the impact of the covid-19 pandemic in their assessment of the company's ability to prepare accounts as a going concern. Because of the uncertainties surrounding the effects of the economic slowdown it is difficult to predict the impact on the company and its customers, but having taken all the factors into account, the directors are of the opinion that the company has sufficient resources to continue trading for the next 12 months from the date of signing these accounts.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the commission and consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.

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:

	Office equipment	-	20 % straight line

Investments

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

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2019: 3 ).

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 January 2020	6,103	6,103
Additions	608	608
	-------	-------
At 31 December 2020	6,711	6,711
	-------	-------
Depreciation
At 1 January 2020	4,898	4,898
Charge for the year	1,215	1,215
	-------	-------
At 31 December 2020	6,113	6,113
	-------	-------
Carrying amount
At 31 December 2020	598	598
	-------	-------
At 31 December 2019	1,205	1,205
	-------	-------

6. Investments

	Shares in group undertaking
	£
Cost
At 1 January 2020 and 31 December 2020	2
	----
Impairment
At 1 January 2020 and 31 December 2020	2
	----

Carrying amount
At 31 December 2020	–
	----
At 31 December 2019	–
	----

The company owns the issued share capital of the following company. This company is incorporated in England and Wales.

North Sea Maritime Yacht Sales Limited - 100% (Dormant)

7. Debtors

	2020	2019
	£	£
Trade debtors	71	99
Other debtors	882	773
	----	----
	953	872
	----	----

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	5,833	–
Accruals and deferred income	21,636	37,750
Social security and other taxes	50	104
Director loan accounts	105,807	213,688
Other creditors	922	1,305
	---------	---------
	134,248	252,847
	---------	---------

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

	2020	2019
	£	£
Bank loans and overdrafts	44,167	–
	--------	----

10. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	4	4	4	4
	----	----	----	----

11. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2020	2019	2020	2019
	£	£	£	£
Directors loan account	–	–	( 105,807)	( 213,688)
	----	----	---------	---------