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REGISTERED NUMBER: 02226135 (England and Wales)














Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 28th February 2023

for

MMS Ship Repair and Dry Dock Co. Ltd

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)






Contents of the Consolidated Financial Statements
for the year ended 28th February 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


MMS Ship Repair and Dry Dock Co. Ltd

Company Information
for the year ended 28th February 2023







DIRECTORS: R S Langton
Mrs P Langton



SECRETARY: Miss L Langton



REGISTERED OFFICE: North East Corner
Alexandra Dock
Hull
East Yorkshire
HU9 1TA



REGISTERED NUMBER: 02226135 (England and Wales)



AUDITORS: Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX



BANKERS: Virgin Money
214 Holderness Road
Kingston Shopping Centre
Hull
HU9 2AA



SOLICITORS: Andrew M. Jackson
Essex House
Hull
HU1 1XH

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Group Strategic Report
for the year ended 28th February 2023

The directors present their strategic report of the company and the group for the year ended 28th February 2023.

REVIEW OF BUSINESS
The key performance indicators of turnover, turnover growth and net profit before taxation communicate the financial performance of the group as a whole.


The key performance indicators for the last four years are as follows:


2023 2022 2021 2020
£
Turnover 7,020,459 5,457,068 5,713,731 6,333,238
Turnover Growth 28.64% -4.49% -9.78% 22.89%
Profit before tax 727,942 184,202 635,843 952,470
Profit before tax margin 10.37% 3.38% 11.13% 15.04%



The significant increase in group turnover was mainly due to improved contribution by the subsidiary operating the offshore supply vessel fleet.

As expected the turnover of the subsidiary increased by 85.5% due to having all vessels fully operational throughout the financial year resulting in a company profit of £274,057 (2022 Loss £351,591)

The main trading company operating the ship repair and dry dock facility continued to perform well with turnover up 10.4% although with some reduction in gross margin due to increased wages costs. Some essential yard and dry dock repairs were carried out in the final quarter resulting in a reduced company profit of £454,060 (2022: £535,793)

The directors are pleased to report a substantial increase in group profit compared with the previous financial year.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance the company's operations.

Price risk
Due to the well located and varied operations of the group, there is a minimal amount of price risk.

Foreign exchange risk
The group has a small amount of exposure to foreign exchange risks. These are considered to be an immaterial amount in the company's transactions.

Credit risk
The group has little experience of material bad debts in general and therefore does not consider credit risk to be significant.

Liquidity risk
The group's liquidity risk is managed by ensuring sufficient funds are available to meet amounts due and does not consider that liquidity poses a significant risk.

Interest rate and cash flow risk
The group had a favourable cash balance during the year and therefore does not consider that interest rates or cash flow pose a significant risk.


MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Group Strategic Report
for the year ended 28th February 2023

FUTURE DEVELOPMENTS
The ship repair and dry dock facility is continuing to perform well as the market gains momentum. Oil and gas fields in the North Sea are seeing buoyant times once again as the Russia and Ukraine conflict has pushed countries to explore, develop and carry out secondary recovery of existing oil and gas fields. More vessels operating in the North Sea has increased docking enquiries. In addition there is an increasing number of offshore wind support vessels operating in the North Sea and the location of the MMS facility is ideal for attracting work.

With the UK general cargo fleet also increasing due to improved freight rates and government incentives the directors expect the company to benefit from increased demand.

The offshore support vessel fleet operation continues to build strong relationships with main customers who have confidence in the reliability of the company to provide three very well maintained vessels with regular crews. Having a back up maintenance facility within the group is also a great assurance for customers. The fleet mainly works out of the home port of Grimsby but has also operated from Lowestoft, the Thames, Scotland and UK west coast when required to.

The directors are anticipating further growth and contribution from this subsidiary company.

ON BEHALF OF THE BOARD:





R S Langton - Director


1st November 2023

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Report of the Directors
for the year ended 28th February 2023

The directors present their report with the financial statements of the company and the group for the year ended 28th February 2023.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of ship repairing, maintenance and fabrication, marine engineering, workboat building and hire of vessels.

DIVIDENDS
An interim dividend of £20.20202 per share was paid on 28th February 2023. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 28th February 2023 will be £ 2,000 .

FUTURE DEVELOPMENTS
These details have been provided in the company's strategic report.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st March 2022 to the date of this report.

R S Langton
Mrs P Langton

FINANCIAL INSTRUMENTS
The group's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance the group's operations.

Revenue Maintenance
The group actively markets and manages its services to focus on revenue building and maintenance which can contribute to the future profits of the business.

Risks and uncertainties
These details have been provided in the group's strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Report of the Directors
for the year ended 28th February 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Sadofskys, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R S Langton - Director


1st November 2023

Report of the Independent Auditors to the Members of
MMS Ship Repair and Dry Dock Co. Ltd

Opinion
We have audited the financial statements of MMS Ship Repair and Dry Dock Co. Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 28th February 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 28th February 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
MMS Ship Repair and Dry Dock Co. Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
MMS Ship Repair and Dry Dock Co. Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the manufacturing sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, UK tax legislation, and data protection, anti-bribery, employment, environmental, health and safety legislation along with industry specific regulations and requirements.
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
MMS Ship Repair and Dry Dock Co. Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Alan Brocklehurst (Senior Statutory Auditor)
for and on behalf of Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX

1st November 2023

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Consolidated
Statement of Comprehensive
Income
for the year ended 28th February 2023

2023 2022
Notes £    £   

TURNOVER 3 7,020,459 5,457,068

Cost of sales 4,482,574 3,631,841
GROSS PROFIT 2,537,885 1,825,227

Administrative expenses 1,650,757 1,510,417
887,128 314,810

Other operating income - 51,598
OPERATING PROFIT 5 887,128 366,408

Interest receivable and similar income 2,418 4
889,546 366,412

Interest payable and similar expenses 6 161,604 182,210
PROFIT BEFORE TAXATION 727,942 184,202

Tax on profit 7 438,605 (51,772 )
PROFIT FOR THE FINANCIAL YEAR 289,337 235,974

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

289,337

235,974

Profit attributable to:
Owners of the parent 289,337 235,974

Total comprehensive income attributable to:
Owners of the parent 289,337 235,974

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Consolidated Balance Sheet
28th February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 7,592,915 8,079,943
Investments 11 - -
7,592,915 8,079,943

CURRENT ASSETS
Stocks 12 3,782,304 3,772,355
Debtors 13 807,382 836,691
Cash at bank 885,059 1,195,378
5,474,745 5,804,424
CREDITORS
Amounts falling due within one year 14 1,538,514 2,694,859
NET CURRENT ASSETS 3,936,231 3,109,565
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,529,146

11,189,508

CREDITORS
Amounts falling due after more than one
year

15

(3,166,512

)

(3,556,006

)

PROVISIONS FOR LIABILITIES 19 (898,992 ) (457,197 )
NET ASSETS 7,463,642 7,176,305

CAPITAL AND RESERVES
Called up share capital 20 100 100
Retained earnings 7,463,542 7,176,205
SHAREHOLDERS' FUNDS 7,463,642 7,176,305

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:





R S Langton - Director


MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Company Balance Sheet
28th February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 2,853,574 3,160,591
Investments 11 200 200
2,853,774 3,160,791

CURRENT ASSETS
Stocks 12 3,782,304 3,772,355
Debtors 13 1,115,645 1,196,729
Cash at bank 502,612 821,975
5,400,561 5,791,059
CREDITORS
Amounts falling due within one year 14 961,341 2,110,916
NET CURRENT ASSETS 4,439,220 3,680,143
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,292,994

6,840,934

PROVISIONS FOR LIABILITIES 19 350,831 258,305
NET ASSETS 6,942,163 6,582,629

CAPITAL AND RESERVES
Called up share capital 20 100 100
Retained earnings 6,942,063 6,582,529
SHAREHOLDERS' FUNDS 6,942,163 6,582,629

Company's profit for the financial year 361,534 520,763

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

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:





R S Langton - Director


MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Consolidated Statement of Changes in Equity
for the year ended 28th February 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1st March 2021 100 6,942,231 6,942,331

Changes in equity
Dividends - (2,000 ) (2,000 )
Total comprehensive income - 235,974 235,974
Balance at 28th February 2022 100 7,176,205 7,176,305

Changes in equity
Dividends - (2,000 ) (2,000 )
Total comprehensive income - 289,337 289,337
Balance at 28th February 2023 100 7,463,542 7,463,642

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Company Statement of Changes in Equity
for the year ended 28th February 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1st March 2021 100 6,063,766 6,063,866

Changes in equity
Dividends - (2,000 ) (2,000 )
Total comprehensive income - 520,763 520,763
Balance at 28th February 2022 100 6,582,529 6,582,629

Changes in equity
Dividends - (2,000 ) (2,000 )
Total comprehensive income - 361,534 361,534
Balance at 28th February 2023 100 6,942,063 6,942,163

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Consolidated Cash Flow Statement
for the year ended 28th February 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 421,791 544,397
Interest paid (160,549 ) (177,990 )
Interest element of hire purchase payments
paid

(1,055

)

(4,220

)
Tax (paid)/received 3,190 -
Net cash from operating activities 263,377 362,187

Cash flows from investing activities
Purchase of tangible fixed assets (8,341 ) (110,000 )
Sale of tangible fixed assets 105,039 -
Interest received 2,418 4
Net cash from investing activities 99,116 (109,996 )

Cash flows from financing activities
Capital repayments in year (432,195 ) (462,256 )
Amount introduced by directors - 151,304
Amount withdrawn by directors (238,617 ) -
Equity dividends paid (2,000 ) (2,000 )
Net cash from financing activities (672,812 ) (312,952 )

Decrease in cash and cash equivalents (310,319 ) (60,761 )
Cash and cash equivalents at beginning of
year

2

1,195,378

1,256,139

Cash and cash equivalents at end of year 2 885,059 1,195,378

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Notes to the Consolidated Cash Flow Statement
for the year ended 28th February 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 727,942 184,202
Depreciation charges 389,605 394,815
Loss on disposal of fixed assets 725 -
Finance costs 161,604 182,210
Finance income (2,418 ) (4 )
1,277,458 761,223
Increase in stocks (9,949 ) (1,349,527 )
Decrease in trade and other debtors 29,309 216,896
(Decrease)/increase in trade and other creditors (875,027 ) 915,805
Cash generated from operations 421,791 544,397

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 28th February 2023
28/2/23 1/3/22
£    £   
Cash and cash equivalents 885,059 1,195,378
Year ended 28th February 2022
28/2/22 1/3/21
£    £   
Cash and cash equivalents 1,195,378 1,256,139


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/3/22 Cash flow At 28/2/23
£    £    £   
Net cash
Cash at bank 1,195,378 (310,319 ) 885,059
1,195,378 (310,319 ) 885,059
Debt
Finance leases (15,833 ) 15,833 -
Debts falling due within 1 year (416,362 ) 26,868 (389,494 )
Debts falling due after 1 year (3,556,006 ) 389,494 (3,166,512 )
(3,988,201 ) 432,195 (3,556,006 )
Total (2,792,823 ) 121,876 (2,670,947 )

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Notes to the Consolidated Financial Statements
for the year ended 28th February 2023

1. STATUTORY INFORMATION

MMS Ship Repair and Dry Dock Co. Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - in accordance with the property
Improvements to property - in accordance with the property
Plant and machinery - 33% on cost, 20% on cost and 15% on reducing balance
Fixtures and fittings - 33% on cost and 15% on reducing balance
Motor vehicles - 25% on reducing balance and 25% on cost
Catamaran Support Vessel - 33% on cost and straight line over 30 years

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.

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.

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Notes to the Consolidated Financial Statements - continued
for the year ended 28th February 2023

2. ACCOUNTING POLICIES - continued

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Repairs, maintenance and build 4,671,503 4,241,157
Hire of vessels 2,348,956 1,215,911
7,020,459 5,457,068

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,206,474 2,071,848
Social security costs 243,875 213,525
Other pension costs 49,746 49,502
2,500,095 2,334,875

The average number of employees during the year was as follows:
2023 2022

Sales and administration 12 10
Operational 47 47
59 57

The average number of employees by undertakings that were proportionately consolidated during the year was 10 (2022 - 13 ) .

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Notes to the Consolidated Financial Statements - continued
for the year ended 28th February 2023

4. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 42,086 42,085

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 290,381 294,301
Depreciation - owned assets 373,726 331,815
Depreciation - assets on hire purchase contracts 15,879 63,000
Loss on disposal of fixed assets 725 -
Auditors' remuneration 8,885 7,750
Foreign exchange differences (1,062 ) (187 )
Formation costs 175 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 160,549 177,990
Hire purchase interest 1,055 4,220
161,604 182,210

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax (3,190 ) -

Deferred taxation 441,795 (51,772 )
Tax on profit 438,605 (51,772 )

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Notes to the Consolidated Financial Statements - continued
for the year ended 28th February 2023

7. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 727,942 184,202
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

138,309

34,998

Effects of:
Expenses not deductible for tax purposes 3,253 1,539
Capital allowances in excess of depreciation (67,652 ) (111,626 )
Adjustments to tax charge in respect of previous periods 82,739 (51,772 )
Losses carried forward 67,176 75,089
Loss on sale of fixed assets 138 -
Depreciation on non-qualifying assets 2,075 -
Effective change in tax provision rate 215,757 -
R&D credit (3,190 ) -
Total tax charge/(credit) 438,605 (51,772 )

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2023 2022
£    £   
Interim Ordinary 2,000 2,000

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Notes to the Consolidated Financial Statements - continued
for the year ended 28th February 2023

10. TANGIBLE FIXED ASSETS

Group
Improvements
Short Long to Plant and
leasehold leasehold property machinery
£    £    £    £   
COST
At 1st March 2022 640,092 105,764 469,902 1,305,794
Additions - - - -
Disposals - (105,764 ) - -
At 28th February 2023 640,092 - 469,902 1,305,794
DEPRECIATION
At 1st March 2022 313,459 - 374,673 1,180,445
Charge for year 5,625 - 22,376 66,044
At 28th February 2023 319,084 - 397,049 1,246,489
NET BOOK VALUE
At 28th February 2023 321,008 - 72,853 59,305
At 28th February 2022 326,633 105,764 95,229 125,349

Fixtures Catamaran
and Motor Support
fittings vehicles Vessel Totals
£    £    £    £   
COST
At 1st March 2022 - 142,818 8,250,316 10,914,686
Additions 8,341 - - 8,341
Disposals - - - (105,764 )
At 28th February 2023 8,341 142,818 8,250,316 10,817,263
DEPRECIATION
At 1st March 2022 - 105,202 860,964 2,834,743
Charge for year 965 19,584 275,011 389,605
At 28th February 2023 965 124,786 1,135,975 3,224,348
NET BOOK VALUE
At 28th February 2023 7,376 18,032 7,114,341 7,592,915
At 28th February 2022 - 37,616 7,389,352 8,079,943

The net book value of tangible fixed assets includes £NIL (2022 - £ 121,167 ) in respect of assets held under hire purchase contracts.

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Notes to the Consolidated Financial Statements - continued
for the year ended 28th February 2023

10. TANGIBLE FIXED ASSETS - continued

Company
Improvements
Short Long to Plant and
leasehold leasehold property machinery
£    £    £    £   
COST
At 1st March 2022 640,092 105,764 469,902 1,305,794
Additions - - - -
Disposals - (105,764 ) - -
At 28th February 2023 640,092 - 469,902 1,305,794
DEPRECIATION
At 1st March 2022 313,459 - 374,673 1,180,445
Charge for year 5,625 - 22,376 66,044
At 28th February 2023 319,084 - 397,049 1,246,489
NET BOOK VALUE
At 28th February 2023 321,008 - 72,853 59,305
At 28th February 2022 326,633 105,764 95,229 125,349

Fixtures Catamaran
and Motor Support
fittings vehicles Vessel Totals
£    £    £    £   
COST
At 1st March 2022 - 142,818 2,850,000 5,514,370
Additions 8,341 - - 8,341
Disposals - - - (105,764 )
At 28th February 2023 8,341 142,818 2,850,000 5,416,947
DEPRECIATION
At 1st March 2022 - 105,202 380,000 2,353,779
Charge for year 965 19,584 95,000 209,594
At 28th February 2023 965 124,786 475,000 2,563,373
NET BOOK VALUE
At 28th February 2023 7,376 18,032 2,375,000 2,853,574
At 28th February 2022 - 37,616 2,470,000 3,160,591

The net book value of tangible fixed assets includes £NIL (2022 - £ 121,167 ) in respect of assets held under hire purchase contracts.

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Notes to the Consolidated Financial Statements - continued
for the year ended 28th February 2023

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaking
£   
COST
At 1st March 2022
and 28th February 2023 200
NET BOOK VALUE
At 28th February 2023 200
At 28th February 2022 200

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

MMS Offshore Renewable Services Limited
Registered office: North East Corner, Alexandra Dock, Hull, East Yorkshire, HU9 ITA
Nature of business: Hire of vessels
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 521,754 593,776
Loss for the year (72,022 ) (284,786 )

MMS Workboats Limited
Registered office: North East Corner, Alexandra Dock, Hull, East Yorkshire, HU9 ITA
Nature of business: Inland freight water transport
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves (75 ) 100
Loss for the year (175 ) -


12. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Stocks 50,000 50,000 50,000 50,000
Work-in-progress 3,732,304 3,722,355 3,732,304 3,722,355
3,782,304 3,772,355 3,782,304 3,772,355

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Notes to the Consolidated Financial Statements - continued
for the year ended 28th February 2023

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 538,393 575,014 204,624 395,374
Amounts owed by group undertakings - - 730,506 617,896
Other debtors 300 - 67,926 61,125
VAT 92,231 88,522 - -
Prepayments 176,458 173,155 112,589 122,334
807,382 836,691 1,115,645 1,196,729

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 16) 389,494 416,362 - -
Hire purchase contracts (see note 17) - 15,833 - 15,833
Trade creditors 466,721 517,412 390,312 469,398
Social security and other taxes 39,486 42,455 39,486 30,902
Other creditors 15,253 6,063 11,448 4,549
Directors' current accounts 257,960 496,577 157,960 396,577
Accruals and deferred income 369,600 1,200,157 362,135 1,193,657
1,538,514 2,694,859 961,341 2,110,916

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Bank loans (see note 16) 3,166,512 3,556,006

16. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 389,494 416,362
Amounts falling due between one and two years:
Bank loans - 1-2 years 3,166,512 1,893,440
Amounts falling due between two and five years:
Bank loans - 2-5 years - 1,662,566

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Notes to the Consolidated Financial Statements - continued
for the year ended 28th February 2023

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year - 16,888

Finance charges repayable:
Within one year - 1,055

Net obligations repayable:
Within one year - 15,833

Company
Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year - 16,888

Finance charges repayable:
Within one year - 1,055

Net obligations repayable:
Within one year - 15,833

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 253,193 253,193
Between one and five years 890,105 922,105
In more than five years 884,772 1,105,965
2,028,070 2,281,263

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts - 15,833 - 15,833

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Notes to the Consolidated Financial Statements - continued
for the year ended 28th February 2023

19. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred taxation 898,992 457,197 350,831 258,305

Group
Deferred
tax
£   
Balance at 1st March 2022 457,197
Movement during the year 441,795
Balance at 28th February 2023 898,992

Company
Deferred
tax
£   
Balance at 1st March 2022 258,305
Movement in year 92,526
Balance at 28th February 2023 350,831

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the group owed £257,960 (2022: £496,577) to R. S. Langton, a director of the group.

22. RELATED PARTY DISCLOSURES

During the year, total dividends of £2,000 were paid to the directors .

During the year, the company charged a management fee of £120,000 (2022 : £120,000) to MMS Offshore Renewable Services Limited, a wholly owned subsidiary of MMS Ship Repair and Dry Dock Co. Ltd.

At the year end, the company was owed £730,331 (2022 : £617,896) from MMS Offshore Renewable Services Limited and was owed £175 (2022 : £0) from MMS Workboats Limited.

During the year, the company traded on normal commercial terms with MMS Offshore Renewable Services Limited. The company made sales of £158,758 (2022 : £132,048) and purchases of £0 (2022 : £50,000) with MMS Offshore Renewable Services Limited. There were no sales or purchases made to or from MMS Workboats Limited.

23. ULTIMATE CONTROLLING PARTY

The controlling party is R S Langton.