Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr A M Pooley 01/06/2017 Mr G H Pooley 20/06/2023 02/07/2007 Mrs M Y Pooley 03/11/2011 28 March 2024 The principal activity of the Company during the financial year was that of marine construction activities. 06299465 2023-12-31 06299465 bus:Director1 2023-12-31 06299465 bus:Director2 2023-12-31 06299465 bus:Director3 2023-12-31 06299465 2022-12-31 06299465 core:CurrentFinancialInstruments 2023-12-31 06299465 core:CurrentFinancialInstruments 2022-12-31 06299465 core:Non-currentFinancialInstruments 2023-12-31 06299465 core:Non-currentFinancialInstruments 2022-12-31 06299465 core:ShareCapital 2023-12-31 06299465 core:ShareCapital 2022-12-31 06299465 core:RevaluationReserve 2023-12-31 06299465 core:RevaluationReserve 2022-12-31 06299465 core:RetainedEarningsAccumulatedLosses 2023-12-31 06299465 core:RetainedEarningsAccumulatedLosses 2022-12-31 06299465 core:Goodwill 2022-12-31 06299465 core:Goodwill 2023-12-31 06299465 core:PlantMachinery 2022-12-31 06299465 core:Vehicles 2022-12-31 06299465 core:OtherPropertyPlantEquipment 2022-12-31 06299465 core:PlantMachinery 2023-12-31 06299465 core:Vehicles 2023-12-31 06299465 core:OtherPropertyPlantEquipment 2023-12-31 06299465 bus:OrdinaryShareClass1 2023-12-31 06299465 bus:OrdinaryShareClass2 2023-12-31 06299465 bus:OrdinaryShareClass3 2023-12-31 06299465 bus:OrdinaryShareClass4 2023-12-31 06299465 core:WithinOneYear 2023-12-31 06299465 core:WithinOneYear 2022-12-31 06299465 core:BetweenOneFiveYears 2023-12-31 06299465 core:BetweenOneFiveYears 2022-12-31 06299465 2023-01-01 2023-12-31 06299465 bus:FilletedAccounts 2023-01-01 2023-12-31 06299465 bus:SmallEntities 2023-01-01 2023-12-31 06299465 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06299465 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06299465 bus:Director1 2023-01-01 2023-12-31 06299465 bus:Director2 2023-01-01 2023-12-31 06299465 bus:Director3 2023-01-01 2023-12-31 06299465 core:Goodwill core:TopRangeValue 2023-01-01 2023-12-31 06299465 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 06299465 core:Vehicles 2023-01-01 2023-12-31 06299465 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-01-01 2023-12-31 06299465 2022-01-01 2022-12-31 06299465 core:PlantMachinery 2023-01-01 2023-12-31 06299465 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 06299465 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 06299465 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 06299465 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 06299465 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 06299465 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 06299465 bus:OrdinaryShareClass3 2023-01-01 2023-12-31 06299465 bus:OrdinaryShareClass3 2022-01-01 2022-12-31 06299465 bus:OrdinaryShareClass4 2023-01-01 2023-12-31 06299465 bus:OrdinaryShareClass4 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06299465 (England and Wales)

MARINE SERVICES (SW) LIMITED

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

MARINE SERVICES (SW) LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

MARINE SERVICES (SW) LIMITED

BALANCE SHEET

As at 31 December 2023
MARINE SERVICES (SW) LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 476,722 301,548
476,722 301,548
Current assets
Debtors 5 98,571 64,529
Cash at bank and in hand 420,867 331,621
519,438 396,150
Creditors: amounts falling due within one year 6 ( 118,356) ( 117,071)
Net current assets 401,082 279,079
Total assets less current liabilities 877,804 580,627
Creditors: amounts falling due after more than one year 7 ( 14,167) ( 24,167)
Provision for liabilities ( 169,123) ( 75,329)
Net assets 694,514 481,131
Capital and reserves
Called-up share capital 8 150 150
Revaluation reserve 109,182 65,369
Profit and loss account 585,182 415,612
Total shareholder's funds 694,514 481,131

For the financial year ending 31 December 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 Marine Services (SW) Limited (registered number: 06299465) were approved and authorised for issue by the Board of Directors on 28 March 2024. They were signed on its behalf by:

Mrs M Y Pooley
Director
MARINE SERVICES (SW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
MARINE SERVICES (SW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Marine Services (SW) 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 61 Speedwell Crescent, Eggbuckland, Plymouth, Devon, PL6 5SZ, 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 stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion
when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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:

Goodwill 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, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Vehicles 25 % reducing balance
Other property, plant and equipment 15 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
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at X.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 6

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 150,000 150,000
At 31 December 2023 150,000 150,000
Accumulated amortisation
At 01 January 2023 150,000 150,000
At 31 December 2023 150,000 150,000
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Plant and machinery Vehicles Other property, plant
and equipment
Total
£ £ £ £
Cost/Valuation
At 01 January 2023 36,677 16,501 334,941 388,119
Additions 375 36,500 110,303 147,178
Revaluations 0 0 64,543 64,543
At 31 December 2023 37,052 53,001 509,787 599,840
Accumulated depreciation
At 01 January 2023 33,626 7,766 45,179 86,571
Charge for the financial year 1,224 11,309 24,014 36,547
At 31 December 2023 34,850 19,075 69,193 123,118
Net book value
At 31 December 2023 2,202 33,926 440,594 476,722
At 31 December 2022 3,051 8,735 289,762 301,548

Revaluation of tangible assets

During the year, there has been a revaluation of other property, plant and equipment which was determined by the directors as at 31 December 2023.

Deferred tax has been provided against the gains on these assets, and is included within the revaluation reserve.

The historical cost, accumulated depreciation and carrying value is set out below.

2023 2022
£ £
Historical cost 353,402 243,099
Accumulated depreciation (58,384) (40,495)
Carrying value 295,018 202,604

5. Debtors

2023 2022
£ £
Trade debtors 79,675 51,361
Other debtors 18,896 13,168
98,571 64,529

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 10,315 10,000
Trade creditors 2,234 13,967
Taxation and social security 62,179 14,283
Other creditors 43,628 78,821
118,356 117,071

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

2023 2022
£ £
Bank loans 14,167 24,167

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

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
50 Ordinary A shares of £ 1.00 each 50 50
12 Ordinary B shares of £ 1.00 each 12 12
76 Ordinary C shares of £ 1.00 each 76 76
12 Ordinary D shares of £ 1.00 each 12 12
150 150

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 11,801 11,801
between one and five years 24,243 36,044
36,044 47,845