Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-31falseNo description of principal activity2023-01-01126138falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05428135 2023-01-01 2023-12-31 05428135 2022-01-01 2022-12-31 05428135 2023-12-31 05428135 2022-12-31 05428135 c:CompanySecretary1 2023-01-01 2023-12-31 05428135 c:Director1 2023-01-01 2023-12-31 05428135 c:RegisteredOffice 2023-01-01 2023-12-31 05428135 d:PlantMachinery 2023-01-01 2023-12-31 05428135 d:PlantMachinery 2023-12-31 05428135 d:PlantMachinery 2022-12-31 05428135 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05428135 d:FurnitureFittings 2023-01-01 2023-12-31 05428135 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 05428135 d:ComputerSoftware 2023-12-31 05428135 d:ComputerSoftware 2022-12-31 05428135 d:CurrentFinancialInstruments 2023-12-31 05428135 d:CurrentFinancialInstruments 2022-12-31 05428135 d:Non-currentFinancialInstruments 2023-12-31 05428135 d:Non-currentFinancialInstruments 2022-12-31 05428135 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05428135 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05428135 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 05428135 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 05428135 d:ShareCapital 2023-12-31 05428135 d:ShareCapital 2022-12-31 05428135 d:RetainedEarningsAccumulatedLosses 2023-12-31 05428135 d:RetainedEarningsAccumulatedLosses 2022-12-31 05428135 c:FRS102 2023-01-01 2023-12-31 05428135 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 05428135 c:FullAccounts 2023-01-01 2023-12-31 05428135 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05428135 2 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Company registration number: 05428135







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


MARITIME ASSET SECURITY AND TRAINING (MAST) LTD






































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MARITIME ASSET SECURITY AND TRAINING (MAST) LTD
 


 
COMPANY INFORMATION


Director
P M Cable 




Company secretary
P M Cable



Registered number
05428135



Registered office
Suite 3.2
3rd Floor

1 st. Andrew's Hill

London

EC4V 5BY




Accountants
Menzies LLP
Chartered Accountants

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


MARITIME ASSET SECURITY AND TRAINING (MAST) LTD
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 10


 


MARITIME ASSET SECURITY AND TRAINING (MAST) LTD
REGISTERED NUMBER:05428135



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
14,386
12,550

  
14,386
12,550

Current assets
  

Debtors: amounts falling due within one year
 6 
1,277,222
1,525,849

Current asset investments
  
467,870
467,870

Cash at bank and in hand
  
248,389
416,291

  
1,993,481
2,410,010

Creditors: amounts falling due within one year
 8 
(1,206,741)
(1,788,804)

Net current assets
  
 
 
786,740
 
 
621,206

Total assets less current liabilities
  
801,126
633,756

Creditors: amounts falling due after more than one year
 9 
(103,409)
(125,629)

  

Net assets
  
697,717
508,127

Page 1

 


MARITIME ASSET SECURITY AND TRAINING (MAST) LTD
REGISTERED NUMBER:05428135


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
2,000
2,000

Profit and loss account
  
695,717
506,127

  
697,717
508,127


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 year 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 statement of income and retained earnings 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: 





P M Cable
Director

Date: 4 April 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 


MARITIME ASSET SECURITY AND TRAINING (MAST) LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Maritime Asset Security and Training (MAST) Ltd is a private company limited by shares incorporated in England and Wales. The address of it's registered office and trading address is disclosed on the company information page.

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 


MARITIME ASSET SECURITY AND TRAINING (MAST) LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 revenue 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.

 
2.4

Interest income

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

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 


MARITIME ASSET SECURITY AND TRAINING (MAST) LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

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.

Page 5

 


MARITIME ASSET SECURITY AND TRAINING (MAST) LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

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
-
25%
Straight line
Fixtures and fittings
-
25%
Straight line
Other fixed assets
-
25%
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.

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Page 6

 


MARITIME ASSET SECURITY AND TRAINING (MAST) LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 126 (2022 - 138).

Page 7

 


MARITIME ASSET SECURITY AND TRAINING (MAST) LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Computer software

£



Cost


At 1 January 2023
495,868



At 31 December 2023

495,868



Amortisation


At 1 January 2023
495,868



At 31 December 2023

495,868



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 8

 


MARITIME ASSET SECURITY AND TRAINING (MAST) LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 January 2023
104,363


Additions
9,634



At 31 December 2023

113,997



Depreciation


At 1 January 2023
91,813


Charge for the year on owned assets
7,798



At 31 December 2023

99,611



Net book value



At 31 December 2023
14,386



At 31 December 2022
12,550


6.


Debtors

2023
2022
£
£


Trade debtors
1,014,506
1,410,293

Other debtors
61,722
50,314

Prepayments and accrued income
200,994
65,242

1,277,222
1,525,849



7.


Current asset investments

2023
2022
£
£

Unlisted investments
467,870
467,870

467,870
467,870


Page 9

 


MARITIME ASSET SECURITY AND TRAINING (MAST) LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
74,753
75,000

Trade creditors
541,477
945,246

Amounts owed to group undertakings
8,000
10,000

Other taxation and social security
307,605
557,863

Other creditors
33,145
6,080

Accruals and deferred income
241,761
194,615

1,206,741
1,788,804



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
103,409
125,629

103,409
125,629


 
Page 10