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REGISTERED NUMBER: 05236018 (England and Wales)













Financial Statements

for the Year Ended 31 July 2023

for

UKDocks Mashfords Limited

UKDocks Mashfords Limited (Registered number: 05236018)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


UKDocks Mashfords Limited

Company Information
for the year ended 31 July 2023







DIRECTORS: H Wilson
G Wilson
J Wilson
C Wilson





REGISTERED OFFICE: Mashfords
Cremyll Ship Yard
Cremyll
Cornwall
PL10 1HY





REGISTERED NUMBER: 05236018 (England and Wales)





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

UKDocks Mashfords Limited (Registered number: 05236018)

Statement of Financial Position
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 258,036 228,700
258,036 228,700

CURRENT ASSETS
Debtors 6 778,799 706,162
Cash at bank and in hand 201,690 138,119
980,489 844,281
CREDITORS
Amounts falling due within one year 7 279,332 249,766
NET CURRENT ASSETS 701,157 594,515
TOTAL ASSETS LESS CURRENT
LIABILITIES

959,193

823,215

CREDITORS
Amounts falling due after more than one
year

8

(19,302

)

-

PROVISIONS FOR LIABILITIES (9,741 ) -
NET ASSETS 930,150 823,215

CAPITAL AND RESERVES
Called up share capital 4 4
Retained earnings 930,146 823,211
930,150 823,215

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

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

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


UKDocks Mashfords Limited (Registered number: 05236018)

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

1. STATUTORY INFORMATION

UKDocks Mashfords 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" 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 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 tax.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of the business, has been fully amortised over its estimated useful life.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - Straight line over the term of the lease
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 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 Statement of Income and Retained Earnings, 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.


UKDocks Mashfords Limited (Registered number: 05236018)

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 contract
Amounts recoverable on contracts are valued using the stage of completion method by reference to sales made on the contracts entered into. An element of profit is added onto the costs to date based on a proportion the directors consider appropriate on a contract by contract basis. Consideration is then made for for any losses/bad debt risk which may be suffered, on a contract by contract basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 23 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2022
and 31 July 2023 37,999
AMORTISATION
At 1 August 2022
and 31 July 2023 37,999
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 -

UKDocks Mashfords Limited (Registered number: 05236018)

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

5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 August 2022 404,749 - - - 404,749
Additions - 10,958 6,898 25,995 43,851
At 31 July 2023 404,749 10,958 6,898 25,995 448,600
DEPRECIATION
At 1 August 2022 176,049 - - - 176,049
Charge for year 9,626 739 359 3,791 14,515
At 31 July 2023 185,675 739 359 3,791 190,564
NET BOOK VALUE
At 31 July 2023 219,074 10,219 6,539 22,204 258,036
At 31 July 2022 228,700 - - - 228,700

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 25,995
At 31 July 2023 25,995
DEPRECIATION
Charge for year 3,791
At 31 July 2023 3,791
NET BOOK VALUE
At 31 July 2023 22,204

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 84,704 56,253
Amounts owed by group undertakings 157,797 33,509
Amounts recoverable on contract 451,748 528,870
Other debtors 49,585 47,885
Prepayments and accrued income 34,965 39,645
778,799 706,162

UKDocks Mashfords Limited (Registered number: 05236018)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 4,568 -
Trade creditors 164,772 100,598
Tax 23,657 74,435
Social security and other taxes 25,338 21,299
VAT 13,827 4,365
Other creditors 3,735 1,444
Accrued expenses 43,435 47,625
279,332 249,766

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 19,302 -

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 4,568 -
Between one and five years 19,302 -
23,870 -

Non-cancellable operating leases
2023 2022
£    £   
Within one year 82,299 77,595
Between one and five years 218,319 30,569
In more than five years 1,615,750 1,684,750
1,916,368 1,792,914

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 23,870 -

Hire purchase contracts are secured upon the assets to which they relate.

There is an unlimited debenture and a letter of set off in place across the company. This is with UK Docks Marine Services North.

UKDocks Mashfords Limited (Registered number: 05236018)

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

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

The Report of the Auditors was unqualified.

David J Cook FCCA (Senior Statutory Auditor)
for and on behalf of TTR Barnes Limited

12. AUDITOR LIABILITY LIMITATION AGREEMENT

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

13. PARENT COMPANY

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

Wilson Group Holdings Limited prepare group financial statements and its registered office is River Drive, South Shields, Tyne and Wear, NE33 1LH.