Registered number: 07726729 | ||||||||
FOR THE YEAR ENDED 31 AUGUST 2023 | ||||||||
Prepared By: | ||||||||
Lever Bros & Co | ||||||||
Chartered Accountants | ||||||||
First Floor, 690 Great West Road | ||||||||
Osterley Village | ||||||||
Isleworth | ||||||||
TW7 4PU |
Maritime Adjusting Services Limited | ||||||||
ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31 AUGUST 2023 | ||||||||
DIRECTORS | ||||||||
REGISTERED OFFICE | ||||||||
COMPANY DETAILS | ||||||||
Private company limited by shares registered in EW - England and Wales, registered number 07726729 | ||||||||
ACCOUNTANTS | ||||||||
Lever Bros & Co | ||||||||
Chartered Accountants | ||||||||
First Floor, 690 Great West Road | ||||||||
Osterley Village | ||||||||
Isleworth | ||||||||
TW7 4PU |
Maritime Adjusting Services Limited | ||||||||
ACCOUNTS | ||||||||
FOR THEYEARENDED31 AUGUST 2023 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Directors' Report | - | |||||||
Accountants' Report | - | |||||||
Statement Of Comprehensive Income | - | |||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 4 | |||||||
The following do not form part of the statutory financial statements: | ||||||||
Trading And Profit And Loss Account | - | |||||||
Profit And Loss Account Summaries | - |
Maritime Adjusting Services Limited | ||||||||
BALANCE SHEET AT | ||||||||||
2023 | 2022 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | 3,4 | - | - | |||||||
CURRENT ASSETS | ||||||||||
Debtors | 5 | |||||||||
Cash at bank and in hand | ||||||||||
293,259 | 284,680 | |||||||||
CREDITORS: Amounts falling due within one year | 6 | |||||||||
NET CURRENT ASSETS | 229,903 | |||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | ||||||||||
CAPITAL AND RESERVES | ||||||||||
Called up share capital | 7 | |||||||||
Profit and loss account | 258,849 | 229,803 | ||||||||
SHAREHOLDERS' FUNDS | ||||||||||
Approved by the board on | ||||||||||
............................. | ||||||||||
Director | ||||||||||
Maritime Adjusting Services Limited | ||||||||
NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 31 AUGUST 2023 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting | ||||||||
The financial statements have been prepared under 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 1m). | ||||||||
The following principal accounting policies have been applied: |
1b. Depreciation | ||||||||
1c. Taxation | ||||||||
Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of the income and expenses 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. |
1d. Pension Costs | ||||||||
The Company makes contributions to its employees own defined contribution pension schemes. Once the contributions have been paid the Company has no further payment obligations. | ||||||||
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. |
Maritime Adjusting Services Limited | ||||||||
1e. Turnover | ||||||||
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 be met before revenue is recognised: | ||||||||
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. |
1f. Goodwill | ||||||||
1g. Statutory Information | ||||||||
Maritime Adjusting Services Limited is a private company, limited by shares, incorporated and domiciled in England and Wales. The company's registered number is 07726729 and registered office address is First Floor 690 Great West Road, Osterley Village, Isleworth, TW7 4PU. | ||||||||
These financial statements are presented in Pounds Sterling (GBP) as that is the currency in which the majority of the Company transactions are denominated. They comprise the financial statements of the Company for the year ended 31 August 2023 and are presented to the nearest pound. | ||||||||
The Company has determined that the (GBP) is its functional currency as this is the currency of the economic environment in which the Company predominantly operates. The principal activity of the Company during the year continued to be the provision of insurance adjusting services. |
1h. Foreign Currency Translation Functional And Presentation Currency | ||||||||
The Company's functional and presentation currency is GBP. |
1i. 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 exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using 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 assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges. |
1j. Operating Leases The Company As Lessee | ||||||||
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on the straight-line basis over the lease term. |
Maritime Adjusting Services Limited | ||||||||
1k. Finance Costs | ||||||||
Finance costs are charged to the Statement of Comprehensive Income 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. |
1l. Financial Instruments | ||||||||
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. | ||||||||
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. | ||||||||
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income. Financial assets and liabilities are offset, and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the assets and settle the liability simultaneously. |
1m. Judgements In Applying Accounting Policies And Key Sources Of Estimation Uncertainty | ||||||||
In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expanses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates. | ||||||||
Due to the simplicity of the Company's transaction streams and year-end financial position, the Director considers there to be no critical judgements, estimates or assumptions in the preparation of these financial statements. |
Maritime Adjusting Services Limited | ||||||||
2. EMPLOYEES | ||||||
2023 | 2022 | |||||
No. | No. | |||||
Average number of employees | 1 | |||||
3. INTANGIBLE FIXED ASSETS | ||||
Purchased | ||||
Goodwill | Total | |||
£ | £ | |||
Cost | ||||
At 1 September 2022 | 400,000 | 400,000 | ||
At 31 August 2023 | 400,000 | 400,000 | ||
Depreciation | ||||
At 1 September 2022 | 400,000 | 400,000 | ||
At 31 August 2023 | 400,000 | 400,000 | ||
Net Book Amounts | ||||
At 31 August 2023 | ||||
4. TANGIBLE FIXED ASSETS | ||||
Fixtures | ||||
and Fittings | Total | |||
£ | £ | |||
Cost | ||||
At 1 September 2022 | 2,229 | 2,229 | ||
At 31 August 2023 | 2,229 | 2,229 | ||
Depreciation | ||||
At 1 September 2022 | 2,229 | 2,229 | ||
At 31 August 2023 | 2,229 | 2,229 | ||
Net Book Amounts | ||||
At 31 August 2023 | - | |||
5. DEBTORS | 2023 | 2022 | ||||||
£ | £ | |||||||
Amounts falling due within one year | ||||||||
Amounts due from group companies | 256,603 | 221,195 | ||||||
256,603 | 221,195 | |||||||
Maritime Adjusting Services Limited | ||||||||
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Taxation and social security | 6,621 | 5,209 | ||||||
Directors current account | 3,603 | 570 | ||||||
Other creditors | 14,386 | 29,786 | ||||||
Accruals | 9,700 | 19,212 | ||||||
34,310 | 54,777 | |||||||
7. SHARE CAPITAL | 2023 | 2022 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
100 | 100 | |||||||
100 | 100 | |||||||
8. CONTROLLING PARTY | ||||||||
The ultimate parent company is considered to be Dorling Holdings Limited, a company registered in England and Wales. C C Dorling is the sole shareholder of the ultimate parent company and is deemed to be the ultimate controlling party. | ||||||||
9. RELATED PARTY TRANSACTIONS | |||||||||||||||||||||||||||||||||||||
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