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Registered number: 00793999










MAREX MARINE SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

 
MAREX MARINE SERVICES LIMITED
 

COMPANY INFORMATION


Directors
Mr W I Henderson 
Mr R C J Riddoch (resigned 1 July 2022)
Mr N J Smeaton 




Registered number
00793999



Registered office
Orbis Energy
Wilde Street

Lowestoft

Suffolk

NR32 1XH




Trading Address
Neo House
Riverside Drive

Aberdeen

AB11 7LH






Accountants
EQ Accountants LLP
Chartered Accountants

14 City Quay

Dundee

DD1 3JA





 
MAREX MARINE SERVICES LIMITED
REGISTERED NUMBER: 00793999

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
£
£

Fixed assets
  

Tangible fixed assets
  
5,070
6,383

  
5,070
6,383

Current assets
  

Stocks
  
73,873
55,545

Debtors
 5 
203,041
129,504

Cash at bank and in hand
  
19,210
3,102

  
296,124
188,151

Creditors: amounts falling due within one year
 6 
(285,522)
(244,127)

Net current assets/(liabilities)
  
 
 
10,602
 
 
(55,976)

Total assets less current liabilities
  
15,672
(49,593)

Creditors: amounts falling due after more than one year
 7 
(101,488)
(120,118)

Provisions for liabilities
  

Deferred tax
  
(227)
(899)

  
 
 
(227)
 
 
(899)

Net liabilities
  
(86,043)
(170,610)


Capital and reserves
  

Called up share capital 
 8 
10,000
10,000

Profit and loss account
  
(96,043)
(180,610)

  
(86,043)
(170,610)


Page 1

 
MAREX MARINE SERVICES LIMITED
REGISTERED NUMBER: 00793999

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 September 2023.




Mr W I Henderson
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
MAREX MARINE SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Marex Marine Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbis Energy, Wilde Street, Lowestoft, Suffolk, NR32 1XH.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasoble expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
MAREX MARINE SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
MAREX MARINE SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases:

Depreciation is provided on the following basis:

Plant and machinery
-
20%
reducing balance
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks and work in progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. In respect of work in progress, cost comprises the direct labour and those overheads that have been incurred in bringing the work in progress to its current stage of completion. Work in progress is vaued at the lower of the current WIP price and the agreed proposal price with external customers.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the
Page 5

 
MAREX MARINE SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 10).


4.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
10,689
42,802
53,491


Additions
-
871
871


Disposals
(583)
(17,642)
(18,225)



At 31 March 2023

10,106
26,031
36,137



Depreciation


At 1 April 2022
6,362
40,746
47,108


Charge for the year on owned assets
912
1,506
2,418


Disposals
(818)
(17,641)
(18,459)



At 31 March 2023

6,456
24,611
31,067



Net book value



At 31 March 2023
3,650
1,420
5,070



At 31 March 2022
4,327
2,056
6,383

Page 6

 
MAREX MARINE SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£



Trade debtors
187,598
121,463

Other debtors
-
3,069

Prepayments and accrued income
15,443
4,972

203,041
129,504



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
124,174
76,262

Bank loans
18,646
18,115

Trade creditors
36,694
43,607

Amounts owed to group undertakings
19,727
23,500

Other taxation and social security
35,173
9,817

Other creditors
39,725
67,826

Accruals and deferred income
11,383
5,000

285,522
244,127



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
51,488
70,118

Other loans
50,000
50,000

101,488
120,118


The bank loan and overdraft are secured by a fixed and floating charge over the assets of the company.


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,000 (2022 - 10,000) Ordinary shares of £1.00 each
10,000
10,000


Page 7

 
MAREX MARINE SERVICES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.


Controlling party

Marex Marine Services Limited is a 90% owned subsidiary of Kaizah Limited, a company registered in Scotland, with a registered office of 14 City Quay, Dundee, Tayside, United Kingdom, DD1 3JA. 


Page 8