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REGISTERED NUMBER: 00721735 (England and Wales)















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: Mr L G Hildesley
Ms A Patel



SECRETARY: Mr I Amakye Mensah



REGISTERED OFFICE: Unit C5
Penner Road
Endeavour Business Park
Havant
Hampshire
PO9 1QN



REGISTERED NUMBER: 00721735 (England and Wales)



SENIOR STATUTORY AUDITOR: D A Sanders BA (Hons) BFP FCA



AUDITORS: Sheen Stickland
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 28,260 36,288

CURRENT ASSETS
Stocks - 11,720
Debtors 5 197,404 85,471
Cash at bank and in hand 56,025 33,642
253,429 130,833
CREDITORS
Amounts falling due within one year 6 (156,971 ) (58,244 )
NET CURRENT ASSETS 96,458 72,589
TOTAL ASSETS LESS CURRENT
LIABILITIES

124,718

108,877

CREDITORS
Amounts falling due after more than
one year

7

(25,795

)

(35,663

)
NET ASSETS 98,923 73,214

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Share premium 64 64
Retained earnings 93,859 68,150
SHAREHOLDERS' FUNDS 98,923 73,214

Keel Marine Limited (Registered number: 00721735)

Balance Sheet - continued
30th June 2023


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

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 1st November 2023 and were signed on its behalf by:





Ms A Patel - Director


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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost and 20% on cost

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 6 (2022 - 5 ) .

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 46,392
Additions 1,665
Disposals (120 )
At 30th June 2023 47,937
DEPRECIATION
At 1st July 2022 10,104
Charge for year 9,693
Eliminated on disposal (120 )
At 30th June 2023 19,677
NET BOOK VALUE
At 30th June 2023 28,260
At 30th June 2022 36,288

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 177,356 70,325
Other debtors 2,165 208
Prepayments 17,883 14,938
197,404 85,471

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,826 9,585
Loan from parent undertaking 2,832 3,657
Payments on account 10,699 -
Trade creditors 11,500 23,440
Social security and other taxes 3,209 2,427
VAT 15,667 3,658
Accrued expenses 103,238 15,477
156,971 58,244

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 10,120 9,868
Bank loans - 2-5 years 15,675 25,795
25,795 35,663

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 20,000 20,000
Between one and five years 60,000 80,000
80,000 100,000

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.

D A Sanders BA (Hons) BFP FCA (Senior Statutory Auditor)
for and on behalf of Sheen Stickland

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.