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REGISTERED NUMBER: 01297874 (England and Wales)













Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 July 2023

for

UK Docks Marine Services North Limited

UK Docks Marine Services North Limited (Registered number: 01297874)






Contents of the Financial Statements
for the year ended 31 July 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Income and Retained Earnings 10

Statement of Financial Position 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 14


UK Docks Marine Services North Limited

Company Information
for the year ended 31 July 2023







DIRECTORS: H Wilson
G Wilson
C Wilson
J Wilson
S R Lee



SECRETARY: G Wilson



REGISTERED OFFICE: River Drive
South Shields
Tyne & Wear
NE33 1LH



REGISTERED NUMBER: 01297874 (England and Wales)



AUDITORS: TTR Barnes Limited
Chartered Accountants and Statutory Auditors
3-5 Grange Terrace
Stockton Road
Sunderland
Tyne & Wear
SR2 7DG



BANKERS: Lloyds TSB
King Street
South Shields
Tyne and Wear
NE33 1DT

UK Docks Marine Services North Limited (Registered number: 01297874)

Strategic Report
for the year ended 31 July 2023

The directors present their strategic report for the year ended 31 July 2023.

REVIEW OF BUSINESS
The company activity is that of marine engineers, providing ship repair and maintenance service's

The directors feel at present, the market for the industry is positive and trading conditions have remained strong.

A key performance indicator used by the director's is turnover achieved and gross profit percentage generated. Results for the year under review indicate that turnover has increased and profitability has increased, both being in line with company objectives.

Key financial results are as follow :

2023 2022 2021 2020 2019
£ £ £ £ £
Sales 19,246,002 16,603,585 20,463,339 15,262,837 5,169,340
Cost of Sales 13,284,871 11,719,477 16,973,526 12,516,999 4,728,555
Gross profit % 30.97% 29.42% 17.05% 17.99% 8.53%

The company has seen an increase in GP%, this was expected due to position of contracts and being well established.

The directors are positive for the future of the company and are continually looking to grow the business and seek new contracts.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors are of the opinion that the principal risk for the company is that of economic risk and the general difficult trading conditions that exist in some of the companies markets.

At present, the directors feel that the general business environment is relatively stable and that good trading relations exist with both suppliers and customers.

The directors continually review the risks and uncertainties and are proactive to reduce these.

FINANCIAL RISK MANAGEMENT
The company's operations may expose it to a variety of financial risks that include the effects of changes in prices, credit risk, liquidity risk, currency movements and interest rate risk. The company seeks to limit the adverse effect of the financial performance of the company as follows:

Price Risk
The directors monitor movements in market prices on a regular basis. The company's exposure to equity securities price risk is also closely monitored and the investments are actively managed to avoid any significant risk of losses.

Credit Risk
The company is mostly credit based and therefore risk is considered high. Extensive credit and background checks are required before and after contracts are entered into.

Liquidity Risk
The company has good cash reserves and actively maintains sufficient liquid working capital balances to fund operations, therefore, is no subject to significant liquidity risk.

Currency Movements
The company carries out minimal transactions in currencies other than GBP. Directors monitor currency movements and trends to seek to minimise risks from such,

Interest Rate Risk
The company does not have any borrowings or any other interest bearing liabilities. Cash balances earn interest at variable rates, the directors consider the risk from interest rates is minimal.


UK Docks Marine Services North Limited (Registered number: 01297874)

Strategic Report
for the year ended 31 July 2023

FUTURE DEVELOPMENTS
The directors anticipate the business environment will remain competitive. They believe the company is in a good financial position and that the risks identified have been mitigated. The directors are confident in the company's ability to maintain and build on the current market position.

ON BEHALF OF THE BOARD:





G Wilson - Director


14 March 2024

UK Docks Marine Services North Limited (Registered number: 01297874)

Report of the Directors
for the year ended 31 July 2023

The directors present their report with the financial statements of the company for the year ended 31 July 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of marine engineers.

DIVIDENDS
The total distribution of dividends for the year ended 31 July 2023 will be £ 1,352,111 .

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

H Wilson
G Wilson
C Wilson
J Wilson

Other changes in directors holding office are as follows:

S R Lee - appointed 1 June 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

UK Docks Marine Services North Limited (Registered number: 01297874)

Report of the Directors
for the year ended 31 July 2023


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

ON BEHALF OF THE BOARD:



G Wilson - Director


14 March 2024

Report of the Independent Auditors to the Members of
UK Docks Marine Services North Limited

Opinion
We have audited the financial statements of UK Docks Marine Services North Limited (the 'company') for the year ended 31 July 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 company's affairs as at 31 July 2023 and of its 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 company 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 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 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 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 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
UK Docks Marine Services North Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 set out on page four, 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 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 company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
UK Docks Marine Services North Limited


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 electrical contractors 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, taxation legislation and
data protection, anti-bribery, employment, environmental (including Waste Electrical and Electronic Equipment
recycling (WEEE) Regulations 2013) and health and safety legislation;
- 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 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 including the Health and Safety Executive, 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
UK Docks Marine Services North Limited


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.




David J Cook (Senior Statutory Auditor)
for and on behalf of TTR Barnes Limited
Chartered Accountants and Statutory Auditors
3-5 Grange Terrace
Stockton Road
Sunderland
Tyne & Wear
SR2 7DG

15 March 2024

UK Docks Marine Services North Limited (Registered number: 01297874)

Statement of Income and
Retained Earnings
for the year ended 31 July 2023

2023 2022
Notes £    £   

TURNOVER 3 19,246,002 16,603,585

Cost of sales 13,284,871 11,719,477
GROSS PROFIT 5,961,131 4,884,108

Administrative expenses 1,190,296 899,377
4,770,835 3,984,731

Other operating income 257,401 213,799
OPERATING PROFIT 5,028,236 4,198,530

Interest receivable and similar income 3,207 29
PROFIT BEFORE TAXATION 5 5,031,443 4,198,559

Tax on profit 6 1,067,270 764,894
PROFIT FOR THE FINANCIAL YEAR 3,964,173 3,433,665

Retained earnings at beginning of year 1,849,304 1,621,172

Dividends 7 (1,352,111 ) (3,205,533 )

RETAINED EARNINGS AT END OF
YEAR

4,461,366

1,849,304

UK Docks Marine Services North Limited (Registered number: 01297874)

Statement of Financial Position
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 29,070 101,941

CURRENT ASSETS
Debtors 9 6,930,167 2,297,220
Cash at bank 3,011,846 2,140,055
9,942,013 4,437,275
CREDITORS
Amounts falling due within one year 10 5,502,349 2,677,243
NET CURRENT ASSETS 4,439,664 1,760,032
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,468,734

1,861,973

PROVISIONS FOR LIABILITIES 12 7,268 12,569
NET ASSETS 4,461,466 1,849,404

CAPITAL AND RESERVES
Called up share capital 13 100 100
Retained earnings 14 4,461,366 1,849,304
SHAREHOLDERS' FUNDS 4,461,466 1,849,404

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2024 and were signed on its behalf by:





G Wilson - Director


UK Docks Marine Services North Limited (Registered number: 01297874)

Statement of Cash Flows
for the year ended 31 July 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,869,821 4,801,607
Tax paid (733,642 ) (721,649 )
Net cash from operating activities 2,136,179 4,079,958

Cash flows from investing activities
Purchase of tangible fixed assets (14,227 ) (63,663 )
Sale of tangible fixed assets 98,743 2,000
Interest received 3,207 29
Net cash from investing activities 87,723 (61,634 )

Cash flows from financing activities
Amount introduced by directors - 5,193
Amount withdrawn by directors - (4,119 )
Equity dividends paid (1,352,111 ) (3,205,533 )
Net cash from financing activities (1,352,111 ) (3,204,459 )

Increase in cash and cash equivalents 871,791 813,865
Cash and cash equivalents at beginning of
year

2

2,140,055

1,326,190

Cash and cash equivalents at end of year 2 3,011,846 2,140,055

UK Docks Marine Services North Limited (Registered number: 01297874)

Notes to the Statement of Cash Flows
for the year ended 31 July 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 5,031,443 4,198,559
Depreciation charges 7,132 24,263
Profit on disposal of fixed assets (18,778 ) (2,000 )
Finance income (3,207 ) (29 )
5,016,590 4,220,793
(Increase)/decrease in stocks (3,960,400 ) 112,778
Increase in trade and other debtors (695,603 ) (352,930 )
Increase in trade and other creditors 2,509,234 820,966
Cash generated from operations 2,869,821 4,801,607

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 July 2023
31/7/23 1/8/22
£    £   
Cash and cash equivalents 3,011,846 2,140,055
Year ended 31 July 2022
31/7/22 1/8/21
£    £   
Cash and cash equivalents 2,140,055 1,326,190


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/8/22 Cash flow At 31/7/23
£    £    £   
Net cash
Cash at bank 2,140,055 871,791 3,011,846
2,140,055 871,791 3,011,846
Total 2,140,055 871,791 3,011,846

UK Docks Marine Services North Limited (Registered number: 01297874)

Notes to the Financial Statements
for the year ended 31 July 2023

1. STATUTORY INFORMATION

UK Docks Marine Services North 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.

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.

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future, which the directors consider to be appropriate.

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

Income is recognised upon completion of work and services undertaken for customers.

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 - 25% on reducing balance
Computer equipment - 25% on reducing balance

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

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 statement of financial position date.


UK Docks Marine Services North Limited (Registered number: 01297874)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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
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 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.

Amounts recoverable on contracts
Amounts recoverable on contracts is in respect of revenue generating contracts entered into which are not yet complete. Contract costs incurred are released to the profit and loss account as they fall due. Revenue is valued using a stage of completion method and recognised accordingly in the period for which the corresponding costs have been recognised. They are reviewed on a contract by contract basis and any foreseeable losses are recognised immediately in the profit and loss account.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 18,429,422 15,558,990
Europe 816,580 1,044,595
19,246,002 16,603,585

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 778,113 823,671
Social security costs 88,092 104,965
Other pension costs 17,595 30,279
883,800 958,915

UK Docks Marine Services North Limited (Registered number: 01297874)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

4. EMPLOYEES AND DIRECTORS - continued

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

Direct staff 26 25
Admin staff 5 4
31 29

2023 2022
£    £   
Directors' remuneration 78,521 8,264

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 72,650 67,100
Depreciation - owned assets 7,133 24,262
Profit on disposal of fixed assets (18,778 ) (2,000 )
Auditors' remuneration 10,888 7,000
Auditors' remuneration for non audit work 4,152 4,260
Foreign exchange differences 521 13,529

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 1,072,571 755,914

Deferred taxation (5,301 ) 8,980
Tax on profit 1,067,270 764,894

UK Docks Marine Services North Limited (Registered number: 01297874)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

6. TAXATION - continued

Reconciliation of total tax charge 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 5,031,443 4,198,559
Profit multiplied by the standard rate of corporation tax in the UK of
21.005% (2022 - 19%)

1,056,855

797,726

Effects of:
Expenses not deductible for tax purposes 7,767 4,604
Capital allowances in excess of depreciation - (9,796 )
Depreciation in excess of capital allowances 7,925 -
Group relief - (36,620 )
Rounding 24 -
Deferred tax (5,301 ) 8,980
Total tax charge 1,067,270 764,894

7. DIVIDENDS
2023 2022
£    £   
A Ordinary shares of £1 each
Interim 1,352,111 3,205,533

8. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 August 2022 179,754 13,220 192,974
Additions 3,466 10,761 14,227
Disposals (158,247 ) (399 ) (158,646 )
At 31 July 2023 24,973 23,582 48,555
DEPRECIATION
At 1 August 2022 85,670 5,363 91,033
Charge for year 5,123 2,010 7,133
Eliminated on disposal (78,321 ) (360 ) (78,681 )
At 31 July 2023 12,472 7,013 19,485
NET BOOK VALUE
At 31 July 2023 12,501 16,569 29,070
At 31 July 2022 94,084 7,857 101,941

UK Docks Marine Services North Limited (Registered number: 01297874)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 765,752 593,926
Amounts recoverable on contract 5,507,511 1,547,111
Other Debtors 561,607 54,348
VAT 72,694 95,751
Prepayments and accrued income 22,603 6,084
6,930,167 2,297,220

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,762,643 1,144,460
Amounts owed to group undertakings 1,257,848 1,126,606
Taxation 521,747 182,818
Social security and other taxes 45,271 25,897
Deferred income 540,152 -
Accrued expenses 1,374,688 197,462
5,502,349 2,677,243

11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 43,221 18,080
Between one and five years 43,372 24,441
86,593 42,521

12. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred taxation -
accelerated capital allowances 7,268 12,569
7,268 12,569

Deferred
tax
£   
Balance at 1 August 2022 12,569
Credit to Income Statement during year (5,301 )
Balance at 31 July 2023 7,268

UK Docks Marine Services North Limited (Registered number: 01297874)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
54 A Ordinary £1 54 54
15 B Ordinary £1 15 15
15 C Ordinary £1 15 15
15 D Ordinary £1 15 15
1 E Ordinary £1 1 1
100 100

Called up share capital represents the nominal value of shares that have been issued.

All shares issued have full voting, dividend and capital distribution rights (upon winding up).

14. RESERVES
Retained
earnings
£   

At 1 August 2022 1,849,304
Profit for the year 3,964,173
Dividends (1,352,111 )
At 31 July 2023 4,461,366

Retained earnings include all current and prior period retained profits and losses less any distributions made.

15. PENSION COMMITMENTS

Defined Contribution Scheme

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company. The pension cost charges represent contributions payable by the company to the fund.

16. RELATED PARTY DISCLOSURES

2023 2022
£    £   
Key Management
Key management remuneration 313,978 270,942


Associates
Amounts owed from associates 186,683 159,949
Rent paid to associate 886,122 775,000
Management charge paid to associate 98,744 -
Assets sold to associate 98,744 -

Other Related Parties
Remuneration 16,178 9,567


UK Docks Marine Services North Limited (Registered number: 01297874)

Notes to the Financial Statements - continued
for the year ended 31 July 2023

17. AUDITOR LIABILITY LIMITATION AGREEMENT

The limitation of liability in respect of this audit is 10 times the audit fee which was agreed in our terms of engagement letter dated 1st August 2022.

18. PARENT COMPANY

The ultimate parent company is Wilson Group Holdings Limited, a company registered in England and Wales.

Wilson Group Holdings prepares consolidated group financial statements and it's registered office is River Drive, South Shields, Tyne and Wear, NE33 1LH.