REGISTERED NUMBER: |
Keel Marine Limited |
Audited Financial Statements for the Year Ended 30th June 2023 |
REGISTERED NUMBER: |
Keel Marine Limited |
Audited Financial Statements for the Year Ended 30th June 2023 |
Keel Marine Limited (Registered number: 00721735) |
Contents of the Financial Statements |
for the Year Ended 30th June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 7 |
Keel Marine Limited |
Company Information |
for the Year Ended 30th June 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
The Engine House |
77 Station Road |
Petersfield |
Hampshire |
GU32 3FQ |
Keel Marine Limited (Registered number: 00721735) |
Balance Sheet |
30th June 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
Keel Marine Limited (Registered number: 00721735) |
Balance Sheet - continued |
30th June 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Keel Marine Limited (Registered number: 00721735) |
Notes to the Financial Statements |
for the Year Ended 30th June 2023 |
1. | STATUTORY INFORMATION |
Keel Marine Limited in a private company, limited by shares, incorporated in England and Wales. The address of the registered office is Unit C5, Penner Road, Endeavour Business Park, Havant, PO9 1QN. The registration number is 00721735. |
The financial statements are presented in sterling, which is the functional currency of the company, and rounded to the nearest pound. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. |
Revenue is from the sale of marine consultancy services and is recognised when the company has completed the approved contract and will receive the previously agreed payment, exclusive of value added tax, which is then adjusted for the value of contracts in progress at the beginning and end of the year. |
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work completed in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts for on-going services is recognised by reference to the stage of completion. |
Tangible fixed assets |
Computer equipment | - |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Taxation |
Taxation 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. |
Keel Marine Limited (Registered number: 00721735) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred 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. |
Foreign currencies |
Assets 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Keel Marine Limited (Registered number: 00721735) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2023 |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1st July 2022 |
Additions |
Disposals | ( |
) |
At 30th June 2023 |
DEPRECIATION |
At 1st July 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30th June 2023 |
NET BOOK VALUE |
At 30th June 2023 |
At 30th June 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Loan from parent undertaking |
Payments on account |
Trade creditors |
Social security and other taxes |
VAT | 15,667 | 3,658 |
Accrued expenses |
Keel Marine Limited (Registered number: 00721735) |
Notes to the Financial Statements - continued |
for the Year Ended 30th June 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In the prior financial year the company signed a 5 year lease for the Havant office. This is at an annual cost of £20,000. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
British Naval Architects Limited owns 100% of the issued share capital of Keel Marine Limited. |
At 30 June 2023 Keel Marine Limited owed British Naval Architects Limited £2,832 (2022: £3,657) The loan is repayable on demand and is interest free. |