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Registration number: 07169610

Marine Surveying And Engineering Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

Marine Surveying And Engineering Limited

Contents

Company Information

1

Balance Sheet

2

Related party transactions

6 to 7

 

Marine Surveying And Engineering Limited

Company Information

Director

Mr Simon Yardley

Company secretary

Mr Simon Yardley

Registered office

10 Speeton Close
Billingham
Cleveland
TS23 3YH

Accountants

HMB Accountants Limited
18a Manor Way
Belasis Hall Technology Park
Billingham
TS23 4HN

 

Marine Surveying And Engineering Limited

(Registration number: 07169610)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,431

1,759

Current assets

 

Debtors

5

3,570

12,621

Cash at bank and in hand

 

30,157

50,388

 

33,727

63,009

Creditors: Amounts falling due within one year

6

(6,183)

(6,546)

Net current assets

 

27,544

56,463

Net assets

 

28,975

58,222

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

28,875

58,122

Shareholders' funds

 

28,975

58,222

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 12 October 2023
 

.........................................
Mr Simon Yardley
Company secretary and director

 

Marine Surveying And Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Speeton Close
Billingham
Cleveland
TS23 3YH

These financial statements were authorised for issue by the director on 12 October 2023.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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:

 

Marine Surveying And Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Asset class

Depreciation method and rate

Computer equipment

33% on cost

Office equipment

15% on reducing balance

Plant & machinery

20% on reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. The market value is to be determined annually should the directors consider it necessary by external valuers. The valuers are expected to use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Marine Surveying And Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2022

10,831

10,831

At 31 January 2023

10,831

10,831

Depreciation

At 1 February 2022

9,072

9,072

Charge for the year

328

328

At 31 January 2023

9,400

9,400

Carrying amount

At 31 January 2023

1,431

1,431

At 31 January 2022

1,759

1,759

5

Debtors

2023
£

2022
£

Prepayments

851

881

Other debtors

2,719

11,740

3,570

12,621

 

Marine Surveying And Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

(170)

-

Taxation and social security

79

96

Accruals and deferred income

1,932

2,108

Other creditors

4,342

4,342

6,183

6,546

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £40.00 per each Ordinary

 

4,000

 

4,000

         

9

Related party transactions

 

Marine Surveying And Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

11,850

11,850

Contributions paid to money purchase schemes

225

169

12,075

12,019