Silverfin false false 30/09/2023 01/10/2022 30/09/2023 Mr J Crawford 12/01/2022 Mr T E Howard 16/11/2017 15 April 2024 The principal activity of the Company during the financial year was that of research and development in the marine sector and product management and sales. 04972465 2023-09-30 04972465 bus:Director1 2023-09-30 04972465 bus:Director2 2023-09-30 04972465 2022-09-30 04972465 core:CurrentFinancialInstruments 2023-09-30 04972465 core:CurrentFinancialInstruments 2022-09-30 04972465 core:Non-currentFinancialInstruments 2023-09-30 04972465 core:Non-currentFinancialInstruments 2022-09-30 04972465 core:ShareCapital 2023-09-30 04972465 core:ShareCapital 2022-09-30 04972465 core:SharePremium 2023-09-30 04972465 core:SharePremium 2022-09-30 04972465 core:RetainedEarningsAccumulatedLosses 2023-09-30 04972465 core:RetainedEarningsAccumulatedLosses 2022-09-30 04972465 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-09-30 04972465 core:OtherResidualIntangibleAssets 2022-09-30 04972465 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-30 04972465 core:OtherResidualIntangibleAssets 2023-09-30 04972465 core:LeaseholdImprovements 2022-09-30 04972465 core:PlantMachinery 2022-09-30 04972465 core:Vehicles 2022-09-30 04972465 core:LeaseholdImprovements 2023-09-30 04972465 core:PlantMachinery 2023-09-30 04972465 core:Vehicles 2023-09-30 04972465 bus:OrdinaryShareClass1 2023-09-30 04972465 2022-10-01 2023-09-30 04972465 bus:FilletedAccounts 2022-10-01 2023-09-30 04972465 bus:SmallEntities 2022-10-01 2023-09-30 04972465 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 04972465 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 04972465 bus:Director1 2022-10-01 2023-09-30 04972465 bus:Director2 2022-10-01 2023-09-30 04972465 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-10-01 2023-09-30 04972465 core:OtherResidualIntangibleAssets core:TopRangeValue 2022-10-01 2023-09-30 04972465 core:LeaseholdImprovements core:TopRangeValue 2022-10-01 2023-09-30 04972465 core:PlantMachinery core:BottomRangeValue 2022-10-01 2023-09-30 04972465 core:PlantMachinery core:TopRangeValue 2022-10-01 2023-09-30 04972465 core:Vehicles core:TopRangeValue 2022-10-01 2023-09-30 04972465 2021-10-01 2022-09-30 04972465 core:OtherResidualIntangibleAssets 2022-10-01 2023-09-30 04972465 core:LeaseholdImprovements 2022-10-01 2023-09-30 04972465 core:PlantMachinery 2022-10-01 2023-09-30 04972465 core:Vehicles 2022-10-01 2023-09-30 04972465 core:CurrentFinancialInstruments 2022-10-01 2023-09-30 04972465 core:Non-currentFinancialInstruments 2022-10-01 2023-09-30 04972465 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 04972465 bus:OrdinaryShareClass1 2021-10-01 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04972465 (England and Wales)

TRISKEL MARINE LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

TRISKEL MARINE LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

TRISKEL MARINE LIMITED

BALANCE SHEET

As at 30 September 2023
TRISKEL MARINE LIMITED

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 2,223,570 1,639,523
Tangible assets 4 85,596 98,458
2,309,166 1,737,981
Current assets
Stocks 126,390 120,717
Debtors
- due within one year 5 332,416 2,282,148
- due after more than one year 5 293,592 146,108
Cash at bank and in hand 6 58,838 60,689
811,236 2,609,662
Creditors: amounts falling due within one year 7 ( 724,340) ( 1,212,829)
Net current assets 86,896 1,396,833
Total assets less current liabilities 2,396,062 3,134,814
Creditors: amounts falling due after more than one year 8 ( 254,287) ( 353,655)
Net assets 2,141,775 2,781,159
Capital and reserves
Called-up share capital 9 13,007 13,007
Share premium account 3,496,750 3,496,750
Profit and loss account ( 1,367,982 ) ( 728,598 )
Total shareholders' funds 2,141,775 2,781,159

For the financial year ending 30 September 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Triskel Marine Limited (registered number: 04972465) were approved and authorised for issue by the Board of Directors on 15 April 2024. They were signed on its behalf by:

Mr T E Howard
Director
TRISKEL MARINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
TRISKEL MARINE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Triskel Marine Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 1 Marine Renewables Energy Park, North Quay, Hayle, TR27 4DD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
Goods are shipped to customers, by the Company:
Installation of equipment is finalised and operational:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 20 % reducing balance
Other intangible assets 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Plant and machinery 2 - 5 years straight line
Vehicles 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Stocks

Stocks are stated at the lower of cost and estimated selling prices less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit of loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 17 11

3. Intangible assets

Development costs Other intangible assets Total
£ £ £
Cost
At 01 October 2022 753,579 1,200,000 1,953,579
Additions 759,137 0 759,137
Disposals ( 16,096) 0 ( 16,096)
At 30 September 2023 1,496,620 1,200,000 2,696,620
Accumulated amortisation
At 01 October 2022 304,056 10,000 314,056
Charge for the financial year 38,994 120,000 158,994
At 30 September 2023 343,050 130,000 473,050
Net book value
At 30 September 2023 1,153,570 1,070,000 2,223,570
At 30 September 2022 449,523 1,190,000 1,639,523

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 October 2022 65,540 225,021 9,595 300,156
Additions 3,149 26,339 0 29,488
At 30 September 2023 68,689 251,360 9,595 329,644
Accumulated depreciation
At 01 October 2022 41,718 152,304 7,676 201,698
Charge for the financial year 8,602 31,829 1,919 42,350
At 30 September 2023 50,320 184,133 9,595 244,048
Net book value
At 30 September 2023 18,369 67,227 0 85,596
At 30 September 2022 23,822 72,717 1,919 98,458

5. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 38,430 205,893
Corporation tax 234,204 111,222
Other debtors 59,782 1,965,033
332,416 2,282,148
Debtors: amounts falling due after more than one year
Deferred tax asset 293,592 146,108

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 58,838 60,689

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 105,578 97,617
Trade creditors 184,008 227,500
Other taxation and social security 37,633 157,873
Obligations under finance leases and hire purchase contracts 273 1,459
Other creditors 396,848 728,380
724,340 1,212,829

Cornwall and Isles of Scilly Investment LP holds both fixed and floating charges which cover all property or undertaking of the company.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 254,287 353,382
Obligations under finance leases and hire purchase contracts 0 273
254,287 353,655

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
13,007 Ordinary shares of £ 1.00 each 13,007 13,007