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REGISTERED NUMBER: 08356950 (England and Wales)














Financial Statements

for the Year Ended 28th February 2023

for

MMS Offshore Renewable Services Limited

MMS Offshore Renewable Services Limited (Registered number: 08356950)






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




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


MMS Offshore Renewable Services Limited

Company Information
for the year ended 28th February 2023







DIRECTOR: R S Langton



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



REGISTERED NUMBER: 08356950 (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

MMS Offshore Renewable Services Limited (Registered number: 08356950)

Abridged Balance Sheet
28th February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,739,341 4,919,352

CURRENT ASSETS
Debtors 422,343 257,958
Cash at bank 382,447 373,403
804,790 631,361
CREDITORS
Amounts falling due within one year 1,307,704 1,202,039
NET CURRENT LIABILITIES (502,914 ) (570,678 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,236,427

4,348,674

CREDITORS
Amounts falling due after more than one
year

(3,166,512

)

(3,556,006

)

PROVISIONS FOR LIABILITIES (548,161 ) (198,892 )
NET ASSETS 521,754 593,776

CAPITAL AND RESERVES
Called up share capital 6 100 100
Retained earnings 521,654 593,676
SHAREHOLDERS' FUNDS 521,754 593,776

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 28th February 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 1st November 2023 and were signed by:





R S Langton - Director


MMS Offshore Renewable Services Limited (Registered number: 08356950)

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

1. STATUTORY INFORMATION

MMS Offshore Renewable Services Limited 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 Company 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Turnover is recognised at the completion of the hire period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - straight line over 30 years

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.

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.

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.

MMS Offshore Renewable Services Limited (Registered number: 08356950)

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

2. ACCOUNTING POLICIES - continued

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 10 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st March 2022
and 28th February 2023 5,400,316
DEPRECIATION
At 1st March 2022 480,964
Charge for year 180,011
At 28th February 2023 660,975
NET BOOK VALUE
At 28th February 2023 4,739,341
At 28th February 2022 4,919,352

5. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 3,556,006 3,972,368

The bank loan is secured by a first legal charge of the vessels and property of the company and the parent company assets.

6. CALLED UP SHARE CAPITAL

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

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alan Brocklehurst (Senior Statutory Auditor)
for and on behalf of Sadofskys

MMS Offshore Renewable Services Limited (Registered number: 08356950)

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

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the year end the company owed £100,000 (2022: £100,000) to R. S. Langton, a director of the company.