Silverfin false false 31/10/2023 01/11/2022 31/10/2023 Mr J Wood 08 March 2024 The principal activity of the Company during the financial year was engineering. 11620741 2023-10-31 11620741 2022-10-31 11620741 core:CurrentFinancialInstruments 2023-10-31 11620741 core:CurrentFinancialInstruments 2022-10-31 11620741 core:ShareCapital 2023-10-31 11620741 core:ShareCapital 2022-10-31 11620741 core:RetainedEarningsAccumulatedLosses 2023-10-31 11620741 core:RetainedEarningsAccumulatedLosses 2022-10-31 11620741 core:Vehicles 2022-10-31 11620741 core:FurnitureFittings 2022-10-31 11620741 core:Vehicles 2023-10-31 11620741 core:FurnitureFittings 2023-10-31 11620741 2022-11-01 2023-10-31 11620741 bus:FilletedAccounts 2022-11-01 2023-10-31 11620741 bus:SmallEntities 2022-11-01 2023-10-31 11620741 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 11620741 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 11620741 bus:Director1 2022-11-01 2023-10-31 11620741 core:Vehicles 2022-11-01 2023-10-31 11620741 core:FurnitureFittings 2022-11-01 2023-10-31 11620741 2021-11-01 2022-10-31 iso4217:GBP xbrli:pure

Company No: 11620741 (England and Wales)

GLOBAL MARINE SOLUTIONS LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

GLOBAL MARINE SOLUTIONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

GLOBAL MARINE SOLUTIONS LIMITED

BALANCE SHEET

As at 31 October 2023
GLOBAL MARINE SOLUTIONS LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 8,757 9,707
8,757 9,707
Current assets
Debtors 4 1,104 429
Cash at bank and in hand 21,971 9,474
23,075 9,903
Creditors: amounts falling due within one year 5 ( 19,830) ( 10,316)
Net current assets/(liabilities) 3,245 (413)
Total assets less current liabilities 12,002 9,294
Net assets 12,002 9,294
Capital and reserves
Called-up share capital 19 19
Profit and loss account 11,983 9,275
Total shareholders' funds 12,002 9,294

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Global Marine Solutions Limited (registered number: 11620741) were approved and authorised for issue by the Director on 08 March 2024. They were signed on its behalf by:

Mr J Wood
Director
GLOBAL MARINE SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
GLOBAL MARINE SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 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

Global Marine Solutions 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 Leanne House East Wing Ground, 6 Avon Close, Weymouth, DT4 9UX, 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 or reducing balance basis over its expected useful life, as follows:

Vehicles 20 % reducing balance
Fixtures and fittings 20 % reducing balance

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

The company is run and administered by the director of the company for whom no formal contract of service is in place

3. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 November 2022 12,756 1,379 14,135
Additions 0 1,954 1,954
Disposals 0 ( 1,379) ( 1,379)
At 31 October 2023 12,756 1,954 14,710
Accumulated depreciation
At 01 November 2022 4,252 176 4,428
Charge for the financial year 1,701 241 1,942
Disposals 0 ( 417) ( 417)
At 31 October 2023 5,953 0 5,953
Net book value
At 31 October 2023 6,803 1,954 8,757
At 31 October 2022 8,504 1,203 9,707

4. Debtors

2023 2022
£ £
Trade debtors 675 0
Other debtors 429 429
1,104 429

5. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 11,694 1,704
Other creditors 8,136 8,612
19,830 10,316

6. Related party transactions

The Directors loan accounts are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 November 2022 the balance owed to the director was £7,032. During the year, £44,390 was advanced and £44,317 was repaid. The balance due to the director as at 31 October 2023 was £6,959.

At 1 November 2021 the balance owed to the Company was £2,349. During the year, £702 was advanced and £10,083 was repaid. The balance due to the director as at 31 October 2022 was £7,032.