Registration number:
Chatham Marine Limited
for the Year Ended 31 July 2019
Thompson Jenner LLP
Statutory Auditors
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
Chatham Marine Limited
(Registration number: 06221251)
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Chatham Marine Limited
(Registration number: 06221251)
Company Information
Directors |
S Marsh R Marsh P Marsh S Ball |
Registered office |
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Auditors |
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Page 1 |
Chatham Marine Limited
(Registration number: 06221251)
Balance Sheet as at 31 July 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 2 |
Chatham Marine Limited
(Registration number: 06221251)
Notes to the Financial Statements for the Year Ended 31 July 2019
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The directors have considered the impact of COVID-19 and do not consider it to have a material impact on the balances included within the financial statements.
In addition, the Directors do not consider it to cast any significant doubt upon the company's ability to continue to trade as a going concern.
The directors have taken both reactive and proactive measures in order to mitigate any risks associated with COVID-19 including managing cash flow to ensure that debts can be paid when they fall due, managing staffing levels and monitoring key customer and supplier activity.
The directors have implemented robust systems of procedures and controls in order to deal with any associated risks.
Going concern
The financial statements have been prepared on a going concern basis.
Audit report
Page 3 |
Chatham Marine Limited
(Registration number: 06221251)
Notes to the Financial Statements for the Year Ended 31 July 2019
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Equipment |
25% reducing balance |
Fixtures and fittings |
15% reducing balance |
Motor vehicles |
25% reducing balance |
Page 4 |
Chatham Marine Limited
(Registration number: 06221251)
Notes to the Financial Statements for the Year Ended 31 July 2019
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 5 |
Chatham Marine Limited
(Registration number: 06221251)
Notes to the Financial Statements for the Year Ended 31 July 2019
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Fixtures and fittings |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 August 2018 |
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Additions |
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- |
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Disposals |
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( |
- |
( |
At 31 July 2019 |
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Depreciation |
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At 1 August 2018 |
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Charge for the year |
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Eliminated on disposal |
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( |
- |
( |
At 31 July 2019 |
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Carrying amount |
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At 31 July 2019 |
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At 31 July 2018 |
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Stocks |
2019 |
2018 |
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Finished goods and goods for resale |
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The cost of stocks recognised as an expense in the year amounted to £
Page 6 |
Chatham Marine Limited
(Registration number: 06221251)
Notes to the Financial Statements for the Year Ended 31 July 2019
Debtors |
2019 |
2018 |
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Trade debtors |
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Amounts owed by group undertakings |
- |
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Other debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
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Creditors |
2019 |
2018 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Accrued expenses |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
There is a cross guarantee for the group overdraft facility between Chatham Marine Limited, Rainbow Club Limited and Sterling & Hunt Limited. The maximum potential liability at the balance sheet date is £650,577 (2018 - £546,955).
At the balance sheet date, the company had a guarantee for £60,000 (2018 - £60,000) in favour of HMRC (with recourse).
Page 7 |
Chatham Marine Limited
(Registration number: 06221251)
Notes to the Financial Statements for the Year Ended 31 July 2019
Related party transactions |
Transactions with directors |
2019 |
At 1 August 2018 |
Advances to directors |
Repayments by directors |
At 31 July 2019 |
Interest free trade debtor account |
508 |
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( |
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508 |
588 |
(1,052) |
44 |
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2018 |
At 1 August 2017 |
Advances to directors |
Repayments by director |
At 31 July 2018 |
Interest free trade debtor account |
261 |
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( |
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261 |
876 |
(629) |
508 |
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Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from Hennock Court, Hennock Road East, Marsh Barton Trading Estate, Exeter, Devon, EX2 8RU
Non adjusting events after the financial period |
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Page 8 |