Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-312022-01-01falsethe provision of marine services to the offshore energy sector2322truetrue 07484504 2022-01-01 2022-12-31 07484504 2021-01-01 2021-12-31 07484504 2022-12-31 07484504 2021-12-31 07484504 c:Director1 2022-01-01 2022-12-31 07484504 d:Buildings 2022-01-01 2022-12-31 07484504 d:Buildings 2022-12-31 07484504 d:Buildings 2021-12-31 07484504 d:Buildings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07484504 d:PlantMachinery 2022-01-01 2022-12-31 07484504 d:PlantMachinery 2022-12-31 07484504 d:PlantMachinery 2021-12-31 07484504 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07484504 d:MotorVehicles 2022-01-01 2022-12-31 07484504 d:MotorVehicles 2022-12-31 07484504 d:MotorVehicles 2021-12-31 07484504 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07484504 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 07484504 d:CurrentFinancialInstruments 2022-12-31 07484504 d:CurrentFinancialInstruments 2021-12-31 07484504 d:Non-currentFinancialInstruments 2022-12-31 07484504 d:Non-currentFinancialInstruments 2021-12-31 07484504 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07484504 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 07484504 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 07484504 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 07484504 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 07484504 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-12-31 07484504 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 07484504 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-12-31 07484504 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-12-31 07484504 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-12-31 07484504 d:ShareCapital 2022-12-31 07484504 d:ShareCapital 2021-12-31 07484504 d:SharePremium 2022-01-01 2022-12-31 07484504 d:SharePremium 2022-12-31 07484504 d:SharePremium 2021-12-31 07484504 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 07484504 d:RetainedEarningsAccumulatedLosses 2022-12-31 07484504 d:RetainedEarningsAccumulatedLosses 2021-12-31 07484504 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 07484504 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2021-12-31 07484504 c:OrdinaryShareClass1 2022-01-01 2022-12-31 07484504 c:OrdinaryShareClass1 2022-12-31 07484504 c:OrdinaryShareClass1 2021-12-31 07484504 c:OrdinaryShareClass2 2022-01-01 2022-12-31 07484504 c:OrdinaryShareClass2 2022-12-31 07484504 c:OrdinaryShareClass2 2021-12-31 07484504 c:FRS102 2022-01-01 2022-12-31 07484504 c:Audited 2022-01-01 2022-12-31 07484504 c:FullAccounts 2022-01-01 2022-12-31 07484504 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 07484504 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 07484504 2 2022-01-01 2022-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 07484504










TIDAL TRANSIT LIMITED








AUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
REGISTERED NUMBER: 07484504

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,700,436
3,227,512

Current assets
  

Stocks
  
788,733
639,197

Debtors: amounts falling due within one year
 6 
862,931
684,446

Cash at bank and in hand
 7 
87,035
367,879

  
1,738,699
1,691,522

Creditors: amounts falling due within one year
 8 
(510,491)
(489,486)

Net current assets
  
 
 
1,228,208
 
 
1,202,036

Total assets less current liabilities
  
3,928,644
4,429,548

Creditors: amounts falling due after more than one year
 9 
(2,287,037)
(1,921,451)

  

Net assets
  
1,641,607
2,508,097


Capital and reserves
  

Called up share capital 
  
2,201,300
2,201,300

Share premium account
  
342,474
342,474

Profit and loss account
  
(902,167)
(35,677)

  
1,641,607
2,508,097


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 comprehensive income 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 29 September 2023.




Leo Percival Hambro
Director

The notes on pages 2 to 10 form part of these financial statements.

Page 1

 
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Tidal Transit Limited is a private company, limited by shares and incorporated in England and Wales, registered number 07484504. The registered office address is Unit 6, North Creake Airfield Business Park, Bunkers Hill, Egmere, Walsingham, England, NR22 6AZ.

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.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company was loss making in the period but is in a net asset position at the year end date. The financial statements have been prepared on a going concern basis which means that the Company can be expected to meet its liabilities as they fall due for a period of 12 months from the date of signing these financial statements. The Company meets its day-to-day working capital requirements through its cash holdings.  In assessing the appropriateness of the going concern basis of preparation the Directors have considered the key risks of the business as well as the Company's business model and the availability of cash resources.  The directors have prepared budgets and forecasts that support the ability of the Company to generate sufficient cash to meet its liabilities. On this basis, after making enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP and rounded to the nearest £.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2

 
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
2.5

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.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 3

 
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.7

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

 
2.8

Interest income

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

 
2.9

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.

 
2.10

Borrowing costs

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

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

 
2.13

Development costs

Development expenditure is capitalised and amortised over its useful life. 

 
2.14

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

 
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.14
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Marine vessels
-
6.67% / 12.5% on cost
Plant and machinery
-
10% on cost
Motor vehicles
-
20% on cost

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.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.16

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.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

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.

 
2.19

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially
Page 5

 
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.19
Financial instruments (continued)

and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, management is required to make judgements,estimates and assumptions which affect expected reported income, expenses, assets and liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. 

Management do not consider the Company to have any key sources of estimation uncertainty nor significant judgements or assumptions in preparing these financial statements.


4.


Employees

The average monthly number of employees, including directors, during the year was 23 (2021 - 22).

Page 6

 
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Tangible fixed assets





Marine vessels
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2022
6,447,356
132,474
111,535
6,691,365


Additions
-
2,159
3,000
5,159


Disposals
-
(2,750)
-
(2,750)



At 31 December 2022

6,447,356
131,883
114,535
6,693,774



Depreciation


At 1 January 2022
3,353,570
69,445
40,838
3,463,853


Charge for the year on owned assets
494,806
13,188
22,277
530,271


Disposals
-
(786)
-
(786)



At 31 December 2022

3,848,376
81,847
63,115
3,993,338



Net book value



At 31 December 2022
2,598,980
50,036
51,420
2,700,436



At 31 December 2021
3,093,786
63,029
70,697
3,227,512


6.


Debtors

2022
2021
£
£


Trade debtors
403,607
251,132

Amounts owed by group undertakings
1,660
1,660

Other debtors
411,170
399,338

Prepayments and accrued income
46,494
32,316

862,931
684,446



7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
87,035
367,879


Page 7

 
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
208,583
278,166

Trade creditors
138,536
150,438

Other taxation and social security
28,304
21,507

Other creditors
5,039
-

Accruals and deferred income
130,029
39,375

510,491
489,486





The bank loan of £188,583 (2021 : £258,166) are secured by fixed charges over the Company's marine vessels. The interest rate charged on this loan is 5.08%. The other bank loan of £20,000 (2021 : £20,000) is unsecured with an interest rate of 2.38%.


9.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
2,287,037
1,921,451





The bank loan of £2,238,704 (2021 : £1,853,118) are secured by fixed charges over the Company's marine vessels. The interest rate charged on this loan is 5.08%. The other bank loan of £48,333 (2021 : £68,333) is unsecured with an interest rate of 2.38%.

Page 8

 
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
208,583
278,166


208,583
278,166

Amounts falling due 1-2 years

Bank loans
303,506
281,732


303,506
281,732

Amounts falling due 2-5 years

Bank loans
1,028,790
1,639,719


1,028,790
1,639,719

Amounts falling due after more than 5 years

Bank loans
954,741
-

954,741
-

2,495,620
2,199,617



11.


Financial instruments

2022
2021
£
£

Financial assets


Financial assets measured at fair value through profit or loss
87,035
367,879




Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.

Page 9

 
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



1,300 (2021 - 1,300) Ordinary shares of £1.00 each
1,300
1,300
2,200,000 (2021 - 2,200,000) Preference shares of £1.00 each
2,200,000
2,200,000

2,201,300

2,201,300



13.


Reserves

Share premium account

The share premium account represents the premium arising on the issue of shares, net of issue costs

Profit and loss account

The profit and loss account represents cumulative profits and losses, net of dividends and other adjustmentsy.


14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost chare represents contributions payable by the fund and amounted to £5,292 (2021 - £5,505). No contributions were payable to the fund at the Balance Sheet date (2021 - £Nil).


15.


Commitments under operating leases

The Company has no commitments under non-cancellable operating leases at the balance sheet date. 


16.


Related party transactions

The company has taken the exemption under FRS 102 from disclosing related party transactions with it's parent company, on the basis it is a wholly owned subsidiary.


17.


Controlling party

The company is a subsidiary undertaking of Tidal Transit Holdings Limited. Copies of the accounts for Tidal Transit Holdings Limited can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.
The company's individual accounts are exempt from the obligation to prepare group accounts as the group qualifies as being a small group under FRS102, para 9.3


18.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 29 September 2023 by Mark Nelligan FCA (senior statutory auditor) on behalf of Wellden Turnbull.

Page 10

 
 

Page 11