16 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 623,369 30,475 653,844 392,710 87,991 480,701 173,143 230,659 xbrli:pure xbrli:shares iso4217:GBP SC471851 2022-04-01 2023-03-31 SC471851 2023-03-31 SC471851 2022-03-31 SC471851 2021-04-01 2022-03-31 SC471851 2022-03-31 SC471851 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-04-01 2023-03-31 SC471851 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 SC471851 core:FurnitureFittings 2022-04-01 2023-03-31 SC471851 core:MotorVehicles 2022-04-01 2023-03-31 SC471851 bus:RegisteredOffice 2022-04-01 2023-03-31 SC471851 bus:LeadAgentIfApplicable 2022-04-01 2023-03-31 SC471851 bus:Director1 2022-04-01 2023-03-31 SC471851 bus:Director2 2022-04-01 2023-03-31 SC471851 bus:Director3 2022-04-01 2023-03-31 SC471851 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 SC471851 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 SC471851 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 SC471851 core:FurnitureFittings 2022-03-31 SC471851 core:MotorVehicles 2022-03-31 SC471851 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 SC471851 core:PlantMachinery 2023-03-31 SC471851 core:FurnitureFittings 2023-03-31 SC471851 core:MotorVehicles 2023-03-31 SC471851 core:PlantMachinery 2022-04-01 2023-03-31 SC471851 core:WithinOneYear 2023-03-31 SC471851 core:WithinOneYear 2022-03-31 SC471851 core:ShareCapital 2023-03-31 SC471851 core:ShareCapital 2022-03-31 SC471851 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC471851 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC471851 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-31 SC471851 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 SC471851 core:FurnitureFittings 2022-03-31 SC471851 core:MotorVehicles 2022-03-31 SC471851 bus:SmallEntities 2022-04-01 2023-03-31 SC471851 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC471851 bus:FullAccounts 2022-04-01 2023-03-31 SC471851 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 SC471851 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC471851 core:OfficeEquipment 2022-03-31 SC471851 core:OfficeEquipment 2022-04-01 2023-03-31 SC471851 core:OfficeEquipment 2023-03-31
COMPANY REGISTRATION NUMBER: SC471851
POSEIDON NAVIGATION SERVICES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
POSEIDON NAVIGATION SERVICES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
POSEIDON NAVIGATION SERVICES LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr T Gunn
Mrs C Timney-Gunn
Mr A H Assanvo
Registered office
26-30 Marine Place
Buckie
Moray
Scotland
AB56 1UT
Accountants
Ritsons
Chartered Accountants
26-30 Marine Place
Buckie
Moray
AB56 1UT
POSEIDON NAVIGATION SERVICES LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF POSEIDON NAVIGATION SERVICES LIMITED
YEAR ENDED 31 MARCH 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Poseidon Navigation Services Limited for the year ended 31 March 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Poseidon Navigation Services Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Poseidon Navigation Services Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Poseidon Navigation Services Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Poseidon Navigation Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Poseidon Navigation Services Limited. You consider that Poseidon Navigation Services Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Poseidon Navigation Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ritsons Chartered Accountants
26-30 Marine Place Buckie Moray AB56 1UT
16 November 2023
POSEIDON NAVIGATION SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
FIXED ASSETS
Intangible assets
5
173,143
230,659
Tangible assets
6
140,796
197,456
---------
---------
313,939
428,115
CURRENT ASSETS
Stocks
80,732
77,072
Debtors
7
442,926
343,145
Cash at bank and in hand
38,888
101,961
---------
---------
562,546
522,178
CREDITORS: amounts falling due within one year
8
1,034,019
1,190,464
------------
------------
NET CURRENT LIABILITIES
471,473
668,286
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 157,534)
( 240,171)
---------
---------
NET LIABILITIES
( 157,534)
( 240,171)
---------
---------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
( 157,634)
( 240,271)
---------
---------
SHAREHOLDERS DEFICIT
( 157,534)
( 240,171)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
POSEIDON NAVIGATION SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 16 November 2023 , and are signed on behalf of the board by:
Mr T Gunn
Director
Company registration number: SC471851
POSEIDON NAVIGATION SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 26-30 Marine Place, Buckie, Moray, AB56 1UT, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Despite the deficit position, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence in the foreseeable future.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
IPR
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and Buildings
-
10% straight line
Fixtures and Fittings
-
20% straight line
Motor Vehicles
-
25% straight line
Office Equipment
-
10 - 20% Straight Line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2022: 18 ).
5. Intangible assets
IPR
£
Cost
At 1 April 2022
623,369
Additions
30,475
---------
At 31 March 2023
653,844
---------
Amortisation
At 1 April 2022
392,710
Charge for the year
87,991
---------
At 31 March 2023
480,701
---------
Carrying amount
At 31 March 2023
173,143
---------
At 31 March 2022
230,659
---------
Amortisation commences from when the project is first brought into commercial use.
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2022
347,866
79,894
97,675
116,171
641,606
Additions
7,068
4,074
11,142
Disposals
( 1,700)
( 1,700)
---------
-------
--------
--------
---------
---------
At 31 Mar 2023
347,866
7,068
79,894
97,675
118,545
651,048
---------
-------
--------
--------
---------
---------
Depreciation
At 1 Apr 2022
229,828
78,399
51,004
84,919
444,150
Charge for the year
34,787
349
18,875
13,791
67,802
Disposals
( 1,700)
( 1,700)
---------
-------
--------
--------
---------
---------
At 31 Mar 2023
264,615
78,748
69,879
97,010
510,252
---------
-------
--------
--------
---------
---------
Carrying amount
At 31 Mar 2023
83,251
7,068
1,146
27,796
21,535
140,796
---------
-------
--------
--------
---------
---------
At 31 Mar 2022
118,038
1,495
46,671
31,252
197,456
---------
-------
--------
--------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
315,077
230,772
Other debtors
127,849
112,373
---------
---------
442,926
343,145
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
179,434
163,037
Social security and other taxes
8,351
4,775
Other creditors
846,234
1,022,652
------------
------------
1,034,019
1,190,464
------------
------------
9. Related party transactions
At 31 March 2023 the company owed the directors £478,190 (2022: £630,767) by way of a director's loan account.