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REGISTERED NUMBER: 07097126 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

AXSMARINE LIMITED

AXSMARINE LIMITED (REGISTERED NUMBER: 07097126)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


AXSMARINE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: J C Goudchaux


REGISTERED OFFICE: c/o PKF Littlejohn
15 Westferry Circus
Canary Wharf
London
E14 4HD


REGISTERED NUMBER: 07097126 (England and Wales)


SENIOR STATUTORY AUDITOR: Dawn O'Leary CA


AUDITORS: Davis Burton Sellek
Chartered Accountants
Statutory Auditors
The Galleries
Charters Road
Sunningdale
Berkshire
SL5 9QJ


BANKERS: HSBC UK Bank PLC
1-3 Bishopsgate
London
EC2N 3AQ

AXSMARINE LIMITED (REGISTERED NUMBER: 07097126)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,919 2,984

CURRENT ASSETS
Debtors 5 410,092 220,252
Cash at bank 56,881 110,502
466,973 330,754
CREDITORS
Amounts falling due within one year 6 297,528 195,384
NET CURRENT ASSETS 169,445 135,370
TOTAL ASSETS LESS CURRENT
LIABILITIES

175,364

138,354

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings 125,364 88,354
175,364 138,354

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 April 2024 and were signed by:





J C Goudchaux - Director


AXSMARINE LIMITED (REGISTERED NUMBER: 07097126)

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


1. STATUTORY INFORMATION

AXSMarine Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Going concern
The company's activities and its finances ultimately derive from its parent company AXS Marine SAS. The company has received a letter of support from AXS Marine confirming that it will continue to provide the company with finance as required to meet its obligations for the period of at least twelve months from the date of approval of these financial statements.

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue operations for the foreseeable future. The director has prepared budgets and projections demonstrating the company's ability to continue as a going concern for a period of at least twelve months. Whilst the director recognises the challenges and uncertainties facing the company and the industry due to a possible recession and therefore a slower growth, he remains confident moving forward. The director therefore continues to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
The company is contracted by its parent company to prospect and to provide assistance to its clients. The turnover represents intercompany revenue under the terms of the service agreement which is on a cost plus basis.

Turnover 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 the amount of turnover 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.

AXSMARINE LIMITED (REGISTERED NUMBER: 07097126)

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


2. ACCOUNTING POLICIES - continued

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, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings - 5 years straight line
Office equipment - 3 years straight line

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 the profit and loss.

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.


AXSMARINE LIMITED (REGISTERED NUMBER: 07097126)

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


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Short term debtors and creditors
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 5 ) .

AXSMARINE LIMITED (REGISTERED NUMBER: 07097126)

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


4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 3,999 21,116 25,115
Additions - 5,513 5,513
At 31 December 2023 3,999 26,629 30,628
DEPRECIATION
At 1 January 2023 3,999 18,132 22,131
Charge for year - 2,578 2,578
At 31 December 2023 3,999 20,710 24,709
NET BOOK VALUE
At 31 December 2023 - 5,919 5,919
At 31 December 2022 - 2,984 2,984

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 401,426 211,984
Other debtors 8,666 8,268
410,092 220,252

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 4,823 763
Taxation and social security 73,630 26,008
Other creditors 219,075 168,613
297,528 195,384

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Dawn O'Leary CA (Senior Statutory Auditor)
for and on behalf of Davis Burton Sellek

8. RELATED PARTY DISCLOSURES

During the year, the company made sales of £949,442 (2022 : £661,984) to AXSMarine SAS, the parent undertaking. As at 31 December 2023, the amount outstanding, owed to the company totalled £401,426 (2022 : £211,984). No interest is charged and the amount is repayable on demand.

J Goudchaux, the director, received €50,000 (2022 : €50,000) from Sofia Marine EOOD, a fellow subsidiary, during the year for his services in relation to the group.

AXSMARINE LIMITED (REGISTERED NUMBER: 07097126)

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


9. ULTIMATE CONTROLLING PARTY

The ultimate parent company is BRS International SA, a company incorporated in Luxembourg. The immediate parent undertaking of the company is AXSMarine SAS, a company incorporated in France. Group consolidated financial statements are not prepared or published. The parent company's principal trading address is 92200 Neuilly-sur-Seine, France.

In the opinion of the director, there is no one ultimate controlling individual.