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

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

NORTH SEA MARITIME LIMITED - Company Information

Print Friendly Version

2 false false false false false false false false false true false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 7,330 1,640 8,970 6,349 245 6,594 2,376 981 2 2 xbrli:pure xbrli:shares iso4217:GBP 06911325 2022-01-01 2022-12-31 06911325 2022-12-31 06911325 2021-12-31 06911325 2021-01-01 2021-12-31 06911325 2021-12-31 06911325 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 06911325 bus:Director1 2022-01-01 2022-12-31 06911325 bus:Director2 2022-01-01 2022-12-31 06911325 core:WithinOneYear 2022-12-31 06911325 core:WithinOneYear 2021-12-31 06911325 core:AfterOneYear 2022-12-31 06911325 core:AfterOneYear 2021-12-31 06911325 core:ShareCapital 2022-12-31 06911325 core:ShareCapital 2021-12-31 06911325 core:RetainedEarningsAccumulatedLosses 2022-12-31 06911325 core:RetainedEarningsAccumulatedLosses 2021-12-31 06911325 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 06911325 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2022-12-31 06911325 bus:SmallEntities 2022-01-01 2022-12-31 06911325 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 06911325 bus:FullAccounts 2022-01-01 2022-12-31 06911325 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 06911325 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 06911325 bus:OrdinaryShareClass1 2022-12-31 06911325 bus:OrdinaryShareClass1 2021-12-31 06911325 core:OtherRelatedParties 2022-01-01 2022-12-31 06911325 core:OfficeEquipment 2022-01-01 2022-12-31 06911325 core:OfficeEquipment 2021-12-31 06911325 core:OfficeEquipment 2022-12-31 06911325 core:OtherRelatedParties 2022-12-31 06911325 core:OtherRelatedParties 2021-12-31
COMPANY REGISTRATION NUMBER: 06911325
North Sea Maritime Limited
Filleted Unaudited Financial Statements
31 December 2022
North Sea Maritime Limited
Financial Statements
Year ended 31 December 2022
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
North Sea Maritime Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
£
£
Fixed assets
Tangible assets
5
2,376
981
Current assets
Stocks
5,000
13,000
Debtors
7
9
15,590
Cash at bank and in hand
227,598
303,352
---------
---------
232,607
331,942
Creditors: amounts falling due within one year
8
122,436
274,857
---------
---------
Net current assets
110,171
57,085
---------
--------
Total assets less current liabilities
112,547
58,066
Creditors: amounts falling due after more than one year
9
25,649
35,000
---------
--------
Net assets
86,898
23,066
---------
--------
Capital and reserves
Called up share capital
10
4
4
Profit and loss account
86,894
23,062
--------
--------
Shareholders funds
86,898
23,066
--------
--------
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 2022 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 2022
These financial statements were approved by the board of directors and authorised for issue on 14 June 2023 , 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 2022
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.
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.
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 2 (2021: 2 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 January 2022
7,330
7,330
Additions
1,640
1,640
-------
-------
At 31 December 2022
8,970
8,970
-------
-------
Depreciation
At 1 January 2022
6,349
6,349
Charge for the year
245
245
-------
-------
At 31 December 2022
6,594
6,594
-------
-------
Carrying amount
At 31 December 2022
2,376
2,376
-------
-------
At 31 December 2021
981
981
-------
-------
6. Investments
Shares in group undertaking
£
Cost
At 1 January 2022 and 31 December 2022
2
----
Impairment
At 1 January 2022 and 31 December 2022
2
----
Carrying amount
At 31 December 2022
–
----
At 31 December 2021
–
----
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
2022
2021
£
£
Trade debtors
9
15,590
----
--------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
10,000
10,000
Accruals and deferred income
2,365
175,435
Corporation tax
17,688
1,568
Social security and other taxes
1,643
680
Director loan accounts
87,537
86,499
Other creditors
3,203
675
---------
---------
122,436
274,857
---------
---------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
25,649
35,000
--------
--------
10. Called up share capital
Issued, called up and fully paid
2022
2021
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)
2022
2021
2022
2021
£
£
£
£
Directors loan account
–
–
( 87,537)
( 86,499)
----
----
--------
--------