Caseware UK (AP4) 2022.0.179 2022.0.179 2023-12-312023-12-317truefalse2023-01-01No description of principal activity6trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10920442 2023-01-01 2023-12-31 10920442 2022-01-01 2022-12-31 10920442 2023-12-31 10920442 2022-12-31 10920442 c:Director4 2023-01-01 2023-12-31 10920442 c:Director5 2023-01-01 2023-12-31 10920442 d:PlantMachinery 2023-01-01 2023-12-31 10920442 d:PlantMachinery 2023-12-31 10920442 d:PlantMachinery 2022-12-31 10920442 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10920442 d:MotorVehicles 2023-01-01 2023-12-31 10920442 d:MotorVehicles 2023-12-31 10920442 d:MotorVehicles 2022-12-31 10920442 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10920442 d:OfficeEquipment 2023-01-01 2023-12-31 10920442 d:OfficeEquipment 2023-12-31 10920442 d:OfficeEquipment 2022-12-31 10920442 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10920442 d:ComputerEquipment 2023-01-01 2023-12-31 10920442 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10920442 d:Goodwill 2023-01-01 2023-12-31 10920442 d:Goodwill 2023-12-31 10920442 d:Goodwill 2022-12-31 10920442 d:CurrentFinancialInstruments 2023-12-31 10920442 d:CurrentFinancialInstruments 2022-12-31 10920442 d:Non-currentFinancialInstruments 2023-12-31 10920442 d:Non-currentFinancialInstruments 2022-12-31 10920442 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 10920442 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 10920442 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 10920442 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 10920442 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 10920442 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 10920442 d:ShareCapital 2023-12-31 10920442 d:ShareCapital 2022-12-31 10920442 d:RetainedEarningsAccumulatedLosses 2023-12-31 10920442 d:RetainedEarningsAccumulatedLosses 2022-12-31 10920442 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 10920442 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 10920442 d:OtherDeferredTax 2023-12-31 10920442 d:OtherDeferredTax 2022-12-31 10920442 c:FRS102 2023-01-01 2023-12-31 10920442 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 10920442 c:FullAccounts 2023-01-01 2023-12-31 10920442 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10920442 d:WithinOneYear 2023-12-31 10920442 d:WithinOneYear 2022-12-31 10920442 d:Goodwill d:OwnedIntangibleAssets 2023-01-01 2023-12-31 10920442 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 10920442









MARINE FABRICATION U.K LTD

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MARINE FABRICATION U.K LTD
 

CONTENTS



Page
Balance Sheet
 
1 - 2
Notes to the Financial Statements
 
3 - 9

 
MARINE FABRICATION U.K LTD
REGISTERED NUMBER: 10920442

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
5,417
6,417

Tangible assets
 5 
71,070
91,783

  
76,487
98,200

Current assets
  

Stocks
  
20,000
25,000

Debtors: amounts falling due within one year
 6 
80,750
105,355

Cash at bank and in hand
  
41,003
31,975

  
141,753
162,330

Creditors: amounts falling due within one year
 7 
(178,732)
(180,763)

Net current liabilities
  
 
 
(36,979)
 
 
(18,433)

Total assets less current liabilities
  
39,508
79,767

Creditors: amounts falling due after more than one year
 8 
(13,659)
(24,039)

Provisions for liabilities
  

Deferred tax
 10 
(17,422)
(22,700)

  
 
 
(17,422)
 
 
(22,700)

Net assets
  
8,427
33,028


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
8,426
33,027

  
8,427
33,028

Page 1

 
MARINE FABRICATION U.K LTD
REGISTERED NUMBER: 10920442

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 March 2024.




................................................
J C Dungar
................................................
C Dungar
Director
Director

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
MARINE FABRICATION U.K LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Marine Fabrication U.K Ltd is a private company limited by shares, domiciled in England and Wales with the registration number 10920442. The address of the registered office is The Island Site, Main Road, North Burlingham, Norwich, England, NR13 4TA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors consider that the resources available to the company will be sufficient for it to be able to continue as a going concern. The financial statements do not contain any adjustments that would be required if the company were not able to continue as a going concern.

 
2.3

Revenue

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 also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

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.

Page 3

 
MARINE FABRICATION U.K LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
MARINE FABRICATION U.K LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Profit and Loss Account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Reducing balence
Motor vehicles
-
25%
Reducing balence
Office equipment
-
25%
Reducing balence
Computer equipment
-
25%
Reducing balence

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Stocks and Work in Progress

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 5

 
MARINE FABRICATION U.K LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 7).


4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
10,000



At 31 December 2023

10,000



Amortisation


At 1 January 2023
3,583


Charge for the year on owned assets
1,000



At 31 December 2023

4,583



Net book value



At 31 December 2023
5,417



At 31 December 2022
6,417



Page 6

 
MARINE FABRICATION U.K LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
151,475
24,982
2,720
179,177


Additions
426
2,664
-
3,090



At 31 December 2023

151,901
27,646
2,720
182,267



Depreciation


At 1 January 2023
71,921
14,509
964
87,394


Charge for the year on owned assets
19,976
3,388
439
23,803



At 31 December 2023

91,897
17,897
1,403
111,197



Net book value



At 31 December 2023
60,004
9,749
1,317
71,070



At 31 December 2022
79,554
10,473
1,756
91,783


6.


Debtors

2023
2022
£
£


Trade debtors
42,539
48,774

Prepayments and accrued income
2,211
4,581

Amounts recoverable on long-term contracts
36,000
52,000

80,750
105,355


Page 7

 
MARINE FABRICATION U.K LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,380
10,124

Trade creditors
12,943
20,578

Corporation tax
5,038
11,206

Other taxation and social security
20,305
24,037

Other creditors
120,841
106,812

Accruals and deferred income
9,225
8,006

178,732
180,763



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
13,659
24,039

13,659
24,039



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,380
10,124


Amounts falling due 2-5 years

Bank loans
13,659
24,039


24,039
34,163


Page 8

 
MARINE FABRICATION U.K LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Deferred taxation




2023


£






At beginning of year
(22,700)


Charged to profit or loss
5,278



At end of year
(17,422)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(17,410)
(22,700)

Other timing difference
(12)
-

(17,422)
(22,700)


11.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £1,533 (2022 - £1,513). Contributions totalling £95 (2022 - £nil) were payable to the fund at the balance sheet date and are included in creditors.


12.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
14,480
14,480

14,480
14,480


13.


Controlling party

The company's ultimate controlling party is CJDungar Holdings Ltd.

Page 9