MARINE RESCUE TECHNOLOGIES LIMITED

Company Registration Number:
04202403 (England and Wales)

Unaudited statutory accounts for the year ended 30 December 2022

Period of accounts

Start date: 31 December 2021

End date: 30 December 2022

MARINE RESCUE TECHNOLOGIES LIMITED

Contents of the Financial Statements

for the Period Ended 30 December 2022

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

MARINE RESCUE TECHNOLOGIES LIMITED

Directors' report period ended 30 December 2022

The directors present their report with the financial statements of the company for the period ended 30 December 2022

Principal activities of the company

The principal activity of the company is the sale and rental of marine safety devices.



Directors

The director shown below has held office during the whole of the period from
31 December 2021 to 30 December 2022

R Petit


The director shown below has held office during the period of
31 December 2021 to 1 November 2022

R Gaunt


The director shown below has held office during the period of
1 November 2022 to 30 December 2022

R Wilkinson


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
4 April 2023

And signed on behalf of the board by:
Name: R Petit
Status: Director

MARINE RESCUE TECHNOLOGIES LIMITED

Profit And Loss Account

for the Period Ended 30 December 2022

2022 2021


£

£
Turnover: 2,269,569 1,953,432
Cost of sales: ( 803,095 ) ( 709,510 )
Gross profit(or loss): 1,466,474 1,243,922
Administrative expenses: ( 925,179 ) ( 783,407 )
Other operating income: 21,316
Operating profit(or loss): 541,295 481,831
Interest receivable and similar income: 0 0
Interest payable and similar charges: ( 59,064 ) ( 56,931 )
Profit(or loss) before tax: 482,231 424,900
Tax: ( 72,352 ) ( 122,368 )
Profit(or loss) for the financial year: 409,879 302,532

MARINE RESCUE TECHNOLOGIES LIMITED

Balance sheet

As at 30 December 2022

Notes 2022 2021


£

£
Fixed assets
Intangible assets: 3 847,283 639,126
Tangible assets: 4 86,615 118,257
Investments: 5 222,597 222,597
Total fixed assets: 1,156,495 979,980
Current assets
Stocks: 6 433,840 476,647
Debtors: 7 337,170 1,225,439
Cash at bank and in hand: 1,365,928 462,822
Total current assets: 2,136,938 2,164,908
Creditors: amounts falling due within one year: 8 ( 2,659,528 ) ( 884,852 )
Net current assets (liabilities): (522,590) 1,280,056
Total assets less current liabilities: 633,905 2,260,036
Creditors: amounts falling due after more than one year: 9 ( 1,022,516 )
Provision for liabilities: ( 128,262 ) ( 52,637 )
Total net assets (liabilities): 505,643 1,184,883
Capital and reserves
Called up share capital: 1,000 1,000
Profit and loss account: 504,643 1,183,883
Total Shareholders' funds: 505,643 1,184,883

The notes form part of these financial statements

MARINE RESCUE TECHNOLOGIES LIMITED

Balance sheet statements

For the year ending 30 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 4 April 2023
and signed on behalf of the board by:

Name: R Petit
Status: Director

The notes form part of these financial statements

MARINE RESCUE TECHNOLOGIES LIMITED

Notes to the Financial Statements

for the Period Ended 30 December 2022

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.Revenue from the sale of goods is recognised when the significant risks and rewards of ownerships of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.Revenue from rental contracts is recognised on a straight line basis over the length of the rental agreement.

    Tangible fixed assets depreciation policy

    Tangible assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over the useful lives on the following bases:- Rental equipment 2 to 5 years- Tools and machinery 3 to 10 years- Fixtures and fittings 5 to 25 years- Motor vehicles 4 to 5 yearsThe gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

    Intangible fixed assets amortisation policy

    Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.Development costs are being amortised evenly over their estimated useful life of five years.

    Other accounting policies

    Impairment of fixed assetsAt each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).Recoverable amount is the higher of fair value less cost to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.Fixed asset investmentsInterests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.Government grantsGovernment grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. Grants of a revenue nature are credited to other operating income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. A grant that becomes 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 is recognised in other operating income in the period in which it becomes receivable. Grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments.StocksStocks are stated at the lower of cost and estimated selling prices less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.Cash and cash equivalentsCash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within current liabilities. Financial instrumentsThe company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet where the company becomes party to the contractual provisions of the instrument.Basic financial assetsBasic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.Classification of financial liabilitiesFinancial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.Basic financial liabilitiesBasic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.Equity instrumentsEquity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.TaxationTaxation 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 balance sheet date.Deferred taxDeferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 developmentResearch expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.Foreign currenciesAssets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.LeasesLeases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.Pension costs and other post-retirement benefitsThe 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. Employee benefitsThe costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.Debtors and creditors receivable/payable within one yearDebtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.Loans and borrowingsLoans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

MARINE RESCUE TECHNOLOGIES LIMITED

Notes to the Financial Statements

for the Period Ended 30 December 2022

  • 2. Employees

    2022 2021
    Average number of employees during the period 15 14

MARINE RESCUE TECHNOLOGIES LIMITED

Notes to the Financial Statements

for the Period Ended 30 December 2022

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 31 December 2021 1,604,298 1,604,298
Additions 216,339 216,339
Disposals
Revaluations
Transfers
At 30 December 2022 1,820,637 1,820,637
Amortisation
At 31 December 2021 965,172 965,172
Charge for year 8,182 8,182
On disposals
Other adjustments
At 30 December 2022 973,354 973,354
Net book value
At 30 December 2022 847,283 847,283
At 30 December 2021 639,126 639,126

MARINE RESCUE TECHNOLOGIES LIMITED

Notes to the Financial Statements

for the Period Ended 30 December 2022

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 31 December 2021 1,133,406 156,940 18,665 1,309,011
Additions 36,591 36,591
Disposals ( 138,725 ) ( 5,865 ) ( 144,590 )
Revaluations
Transfers
At 30 December 2022 1,169,997 18,215 12,800 1,201,012
Depreciation
At 31 December 2021 1,022,402 156,940 11,412 1,190,754
Charge for year 65,673 2,560 68,233
On disposals ( 138,725 ) ( 5,865 ) ( 144,590 )
Other adjustments
At 30 December 2022 1,088,075 18,215 8,107 1,114,397
Net book value
At 30 December 2022 81,922 0 4,693 86,615
At 30 December 2021 111,004 0 7,253 118,257

MARINE RESCUE TECHNOLOGIES LIMITED

Notes to the Financial Statements

for the Period Ended 30 December 2022

5. Fixed assets investments note

Brought forward/carried forwardShares in Group Undertakings £1Other Investments £222,596

MARINE RESCUE TECHNOLOGIES LIMITED

Notes to the Financial Statements

for the Period Ended 30 December 2022

6. Stocks

2022 2021
£ £
Stocks 433,840 476,647
Total 433,840 476,647

MARINE RESCUE TECHNOLOGIES LIMITED

Notes to the Financial Statements

for the Period Ended 30 December 2022

7. Debtors

2022 2021
£ £
Trade debtors 282,513 1,202,323
Other debtors 54,657 23,116
Total 337,170 1,225,439
Debtors due after more than one year: 905,000

MARINE RESCUE TECHNOLOGIES LIMITED

Notes to the Financial Statements

for the Period Ended 30 December 2022

8. Creditors: amounts falling due within one year note

2022 2021
£ £
Bank loans and overdrafts 1,007,265 322,999
Amounts due under finance leases and hire purchase contracts 0 3,775
Trade creditors 204,072 86,137
Taxation and social security 49,419 174,103
Other creditors 1,398,772 297,838
Total 2,659,528 884,852

MARINE RESCUE TECHNOLOGIES LIMITED

Notes to the Financial Statements

for the Period Ended 30 December 2022

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

  2021
  £
Bank loans and overdrafts 1,022,516
Total   1,022,516