Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-281false2022-03-01No description of principal activity1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11222086 2022-03-01 2023-02-28 11222086 2021-03-01 2022-02-28 11222086 2023-02-28 11222086 2022-02-28 11222086 c:Director1 2022-03-01 2023-02-28 11222086 c:RegisteredOffice 2022-03-01 2023-02-28 11222086 d:PlantMachinery 2022-03-01 2023-02-28 11222086 d:PlantMachinery 2023-02-28 11222086 d:PlantMachinery 2022-02-28 11222086 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 11222086 d:CurrentFinancialInstruments 2023-02-28 11222086 d:CurrentFinancialInstruments 2022-02-28 11222086 d:Non-currentFinancialInstruments 2023-02-28 11222086 d:Non-currentFinancialInstruments 2022-02-28 11222086 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 11222086 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 11222086 d:ShareCapital 2023-02-28 11222086 d:ShareCapital 2022-02-28 11222086 d:RetainedEarningsAccumulatedLosses 2023-02-28 11222086 d:RetainedEarningsAccumulatedLosses 2022-02-28 11222086 c:FRS102 2022-03-01 2023-02-28 11222086 c:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 11222086 c:FullAccounts 2022-03-01 2023-02-28 11222086 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 11222086 2 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 11222086










BALTIC MARINE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 28 FEBRUARY 2023

 
BALTIC MARINE LIMITED
 
 
COMPANY INFORMATION


Director
J P Carrington 




Registered number
11222086



Registered office
1 Marsh Road

Upton

NR13 6BP




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
BALTIC MARINE LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 7


 
BALTIC MARINE LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BALTIC MARINE LIMITED
FOR THE PERIOD ENDED 28 FEBRUARY 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 Baltic Marine Limited for the period ended 28 February 2023 which comprise  the Balance Sheet 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 the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Baltic Marine Limited in accordance with the terms of our engagement letter dated 24 April 2019Our work has been undertaken solely to prepare for your approval the financial statements of Baltic Marine Limited  and state those matters that we have agreed to state to the director of Baltic Marine Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Baltic Marine Limited and its director for our work or for this report. 

It is your duty to ensure that Baltic Marine 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 Baltic Marine Limited. You consider that Baltic Marine Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Baltic Marine 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.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
28 November 2023
Page 1

 
BALTIC MARINE LIMITED
REGISTERED NUMBER: 11222086

BALANCE SHEET
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
56,546
53,408

Current assets
  

Stocks
  
3,330
-

Debtors: amounts falling due after more than one year
 5 
59,098
54,301

Debtors: amounts falling due within one year
 5 
797,252
615,943

Cash at bank and in hand
  
438,860
320,538

  
1,298,540
990,782

Creditors: amounts falling due within one year
 6 
(81,123)
(44,121)

Net current assets
  
 
 
1,217,417
 
 
946,661

Total assets less current liabilities
  
1,273,963
1,000,069

  

Net assets
  
1,273,963
1,000,069


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,273,863
999,969

  
1,273,963
1,000,069


Page 2

 
BALTIC MARINE LIMITED
REGISTERED NUMBER: 11222086
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J P Carrington
Director

Date: 28 November 2023

The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
BALTIC MARINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

1.


General information

Baltic Marine Limited is a private company limited by shares incorporated in England and Wales, registration 11222086.  The registered office is 1 Marsh Road, Upton, Norfolk, NR13 6BP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 4

 
BALTIC MARINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of
Page 5

 
BALTIC MARINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

financial assets and liabilities.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.  Debt instruments that are payable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. 

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the period was 1 (2022 - 1).


4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 March 2022
100,914


Additions
27,544



At 28 February 2023

128,458



Depreciation


At 1 March 2022
47,506


Charge for the period on owned assets
24,406



At 28 February 2023

71,912



Net book value



At 28 February 2023
56,546



At 28 February 2022
53,408

Page 6

 
BALTIC MARINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
59,098
54,301

59,098
54,301


2023
2022
£
£

Due within one year

Other debtors
797,152
615,843

Called up share capital not paid
100
100

797,252
615,943



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
(17,756)

Corporation tax
62,672
40,416

Other taxation and social security
17,251
20,076

Accruals and deferred income
1,200
1,385

81,123
44,121



7.


Transactions with directors

As at 28 February 2023 a balance of £22,854 (2022: £9,769) was due to the Company from the director. Interest is charged on the loan at the official rate of interest, totalling £1,044. The loan is repayable on demand and included within other debtors in note 5 to the financial statements. 

 
Page 7