Registration number:
Offshore Marine Equipment Limited
for the Year Ended 31 December 2022
Pages for filing with Registrar
Offshore Marine Equipment Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Offshore Marine Equipment Limited
Company Information
Director |
R L D Grimmond |
Registered office |
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Registered number |
11264377 |
Auditors |
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Offshore Marine Equipment Limited
(Registration number: 11264377)
Balance Sheet as at 31 December 2022
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2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
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Director
Offshore Marine Equipment Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies
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.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The director has prepared the financial statements on the going concern basis which assumes that the company will have sufficient financial resources in order to meet its liabilities for a period of at least 12 months from the date of approving these financial statements. The company’s balance sheet includes a significant net creditor position owed to group undertakings, and therefore the director has considered the support to be received from the wider group when completing this assessment. Based on the support which the director expects to be available from the parent company and wider group, and taking into account the financial performance of the group since the year-end, the director considers it appropriate to prepare the financial statements on a going concern basis.
Offshore Marine Equipment Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the leasing of goods in the ordinary course of the company’s activities. Turnover is shown net of 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.
In general, based on the company's terms of business, the company therefore recognises revenue over the period of the related hire or rental.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Foreign exchange gains and losses are taken to profit and loss and classified within administrative expenses.
Tangible fixed assets
Marine equipment is held at fair value, applying the revaluation model permitted by FRS 102. The equipment held in this category is highly specialised and so valuations of these assets are based on estimates of depreciated replacement cost. The valuations will be reviewed with sufficient regularity to avoid a material difference between estimated fair value and the carrying value in the accounts.
If an asset’s carrying amount is increased as a result of a revaluation, the increase is recognised in other comprehensive income and accumulated in the revaluation reserve within equity. However, the increase shall be recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss.
The decrease of an asset’s carrying amount as a result of a revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity, in respect of that asset. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Other 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.
Offshore Marine Equipment Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Furniture and fixtures |
20% straight line |
Marine equipment |
10% straight line |
Plant and machinery |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are recognised initially at the transaction price. 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 recognised initially at the transaction price and subsequently measured at amortised cost and using the effective interest method if the balance is due in more than one year.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases or hire purchase contracts are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Employee benefits
The costs of short-term employee benefits, including the cost of any unused holiday entitlement, are recognised as a liability and an expense in the period in which the employee's services are received.
Offshore Marine Equipment Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Significant accounting estimates and judgements |
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of certain assets and liabilities. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:
• Revaluation of marine equipment
Tangible fixed assets includes marine equipment which is measured at an estimate of its fair value rather than it being measured, as is the case with other tangible fixed assets, at depreciated historical cost. The fair value of the equipment as at 31 December 2022 is £262,500 (2021 - £300,000). The year-end estimate is based on a valuation of depreciated replacement cost. Any valuation of a fixed asset, unless it is based on observable market prices for the same or similar assets, involves judgement and estimation. However, given the very specialist nature of the marine equipment in question, and the relatively volatile nature of the marine industry during the year under review and since the year-end, there is significant estimation uncertainty regarding the 31 December 2022 valuation.
Should the true replacement cost differ from the estimate as at 31 December 2022 then the adjustment to that estimate would be credited or charged (as applicable) to profit or loss in the period the difference is identified.
Staff numbers |
The average number of persons employed by the company during the year was
Taxation |
Deferred tax
Deferred tax assets and liabilities
2022 |
Liability |
Revaluation of tangible fixed assets |
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2021 |
Liability |
Revaluation of tangible fixed assets |
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Offshore Marine Equipment Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Tangible fixed assets |
Furniture & Fixtures |
Marine equipment |
Plant & Machinery |
Total |
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Cost or valuation |
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At 1 January 2022 |
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Additions |
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- |
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At 31 December 2022 |
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Depreciation |
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At 1 January 2022 |
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- |
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Charge for the year |
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At 31 December 2022 |
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Carrying amount |
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At 31 December 2022 |
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At 31 December 2021 |
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The marine equipment was initially valued by the director as at 31 December 2019, applying the revaluation model. The carrying amount as at 31 December 2021 was updated to an estimate of 31 December 2021 fair value provided by a third party valuer. Fair value is based on depreciated replacement cost. If the cost model was applied then the carrying value of the marine equipment would be £102,373 (2021: £116,658).
No revaluation adjustment was deemed necessary by management as at 31 December 2022.
Debtors: amounts falling due within one year |
2022 |
2021 |
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Amounts owed by group undertakings |
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Offshore Marine Equipment Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Creditors |
Note |
2022 |
2021 |
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Amounts falling due within one year |
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Bank overdraft |
- |
40,008 |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Accruals |
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Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Loans and borrowings |
2022 |
2021 |
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Current loans and borrowings |
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Bank overdrafts |
- |
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The bank overdraft is secured by a fixed and floating charge over the assets of the company, in the favour of HSBC PLC.
Offshore Marine Equipment Limited
Notes to the Financial Statements for the Year Ended 31 December 2022
Parent and ultimate parent undertaking |
The company’s immediate parent company is Offshore Marine Management Holdings Limited, their registered office is First Floor Office, Unit J The Underfall Boat Yard, Cumberland Road, Bristol, BS1 6XG.
The ultimate controlling party is R L D Grimmond by virtue of his interest in Confideo Invest Holding SA, incorporated in Switzerland, parent company to Offshore Marine Management Holdings Limited.
Audit report |
As the profit and loss account has been omitted from the filing copy of the financial statements the following information is in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
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• The auditor was