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REGISTERED NUMBER: SC489965 (Scotland)












Financial Statements for the Year Ended 30 September 2023

for

MARINE ELECTRICAL ENGINEERING LTD

MARINE ELECTRICAL ENGINEERING LTD (REGISTERED NUMBER: SC489965)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MARINE ELECTRICAL ENGINEERING LTD

Company Information
for the Year Ended 30 September 2023







DIRECTORS: I Richmond
A J Marshall





REGISTERED OFFICE: 12 Traill Drive
Montrose
Angus
DD10 8SW





REGISTERED NUMBER: SC489965 (Scotland)





ACCOUNTANTS: Account Tax Ltd
Chartered Certified Accountants
12 Traill Drive
Montrose
Angus
DD10 8SW

MARINE ELECTRICAL ENGINEERING LTD (REGISTERED NUMBER: SC489965)

Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 186,122 181,712

CURRENT ASSETS
Stocks 5 63,000 77,000
Debtors 6 514,093 405,828
Cash at bank 893,461 982,914
1,470,554 1,465,742
CREDITORS
Amounts falling due within one year 7 281,623 341,676
NET CURRENT ASSETS 1,188,931 1,124,066
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,375,053

1,305,778

CREDITORS
Amounts falling due after more than one
year

8

-

(12,548

)

PROVISIONS FOR LIABILITIES 9 (39,399 ) (33,173 )
NET ASSETS 1,335,654 1,260,057

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,335,554 1,259,957
SHAREHOLDERS' FUNDS 1,335,654 1,260,057

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MARINE ELECTRICAL ENGINEERING LTD (REGISTERED NUMBER: SC489965)

Balance Sheet - continued
30 September 2023


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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2024 and were signed on its behalf by:





I Richmond - Director


MARINE ELECTRICAL ENGINEERING LTD (REGISTERED NUMBER: SC489965)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Marine Electrical Engineering Ltd is a private company, limited by shares , registered in Scotland. 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.

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

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.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 14 ) .

MARINE ELECTRICAL ENGINEERING LTD (REGISTERED NUMBER: SC489965)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 October 2022 7,118 41,019 17,209
Additions - 4,905 1,039
At 30 September 2023 7,118 45,924 18,248
DEPRECIATION
At 1 October 2022 - 26,539 12,645
Charge for year - 4,848 1,499
At 30 September 2023 - 31,387 14,144
NET BOOK VALUE
At 30 September 2023 7,118 14,537 4,104
At 30 September 2022 7,118 14,480 4,564

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 October 2022 229,412 3,041 297,799
Additions 32,396 6,967 45,307
At 30 September 2023 261,808 10,008 343,106
DEPRECIATION
At 1 October 2022 75,889 1,014 116,087
Charge for year 31,214 3,336 40,897
At 30 September 2023 107,103 4,350 156,984
NET BOOK VALUE
At 30 September 2023 154,705 5,658 186,122
At 30 September 2022 153,523 2,027 181,712

MARINE ELECTRICAL ENGINEERING LTD (REGISTERED NUMBER: SC489965)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 October 2022
and 30 September 2023 174,653
DEPRECIATION
At 1 October 2022 73,654
Charge for year 16,130
At 30 September 2023 89,784
NET BOOK VALUE
At 30 September 2023 84,869
At 30 September 2022 100,999

5. STOCKS
2023 2022
£    £   
Stocks 63,000 77,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 426,451 343,489
Other debtors 87,642 62,339
514,093 405,828

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 12,548 16,530
Trade creditors 98,735 158,488
Taxation and social security 145,508 152,605
Other creditors 24,832 14,053
281,623 341,676

MARINE ELECTRICAL ENGINEERING LTD (REGISTERED NUMBER: SC489965)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts - 12,548

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 39,399 33,173

Deferred
tax
£   
Balance at 1 October 2022 33,173
Provided during year 6,226
Accelerated Capital Allowances
Balance at 30 September 2023 39,399

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £172,560 (2022 - £183,840) were paid to the directors .

The company was under the control of I Richmond and A J Marshall, the directors, throughout the current and previous year.