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Registration number: 04560649

Hartman Marine Services Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

(filleted for filing purposes)

 

Hartman Marine Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

Hartman Marine Services Limited

Company Information

Directors

T Kemp

D M Lewis

Company secretary

T Kemp

Registered office

Unit A The Boatyard
Stonar Industrial Estate
Sandwich
Kent
CT13 9LY

 

Hartman Marine Services Limited

(Registration number: 04560649)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

211,292

226,403

Current assets

 

Stocks

6

4,000

8,300

Debtors

7

79,245

126,350

Cash at bank and in hand

 

62,766

69,155

 

146,011

203,805

Creditors: Amounts falling due within one year

8

(53,000)

(85,004)

Net current assets

 

93,011

118,801

Total assets less current liabilities

 

304,303

345,204

Creditors: Amounts falling due after more than one year

8

-

(104,565)

Provisions for liabilities

(8,902)

(10,919)

Net assets

 

295,401

229,720

Capital and reserves

 

Called up share capital

9

15

15

Capital redemption reserve

85

85

Retained earnings

295,301

229,620

Shareholders' funds

 

295,401

229,720

 

Hartman Marine Services Limited

(Registration number: 04560649)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 March 2024 and signed on its behalf by:
 

.........................................
T Kemp
Company secretary and director

.........................................
D M Lewis
Director

 

Hartman Marine Services Limited

Statement of Changes in Equity for the Year Ended 30 November 2023

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 December 2022

15

85

229,620

229,720

Profit for the year

-

-

68,681

68,681

Dividends

-

-

(3,000)

(3,000)

At 30 November 2023

15

85

295,301

295,401

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 December 2021

15

85

222,436

222,536

Profit for the year

-

-

19,184

19,184

Dividends

-

-

(12,000)

(12,000)

At 30 November 2022

15

85

229,620

229,720

 

Hartman Marine Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit A The Boatyard
Stonar Industrial Estate
Sandwich
Kent
CT13 9LY
England

These financial statements were authorised for issue by the Board on 26 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

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 taxable income.

 

Hartman Marine Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% on written down value

Plant and machinery

15% on written down value

Freehold buildings

Over 50 years

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

written off over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Hartman Marine Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Hartman Marine Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 9).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

30,000

30,000

At 30 November 2023

30,000

30,000

Amortisation

At 1 December 2022

30,000

30,000

At 30 November 2023

30,000

30,000

Carrying amount

At 30 November 2023

-

-

 

Hartman Marine Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Tangible assets

Freehold land and buildings
£

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

216,648

158,736

47,440

422,824

Additions

-

416

-

416

At 30 November 2023

216,648

159,152

47,440

423,240

Depreciation

At 1 December 2022

48,884

123,526

24,011

196,421

Charge for the year

4,333

5,336

5,858

15,527

At 30 November 2023

53,217

128,862

29,869

211,948

Carrying amount

At 30 November 2023

163,431

30,290

17,571

211,292

At 30 November 2022

167,764

35,210

23,429

226,403

Included within the net book value of land and buildings above is £163,431 (2022 - £167,764) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Work in progress

1,000

5,300

Other inventories

3,000

3,000

4,000

8,300

7

Debtors

Current

2023
£

2022
£

Trade debtors

69,890

116,103

Prepayments

7,310

6,674

Other debtors

2,045

3,573

 

79,245

126,350

 

Hartman Marine Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

5,050

47,483

Trade creditors

 

501

14,281

Other related parties

10,000

8,000

Taxation and social security

 

11,658

10,353

Other creditors

 

25,791

4,887

 

53,000

85,004

Due after one year

 

Loans and borrowings

10

-

104,565

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

44,233

Other borrowings

5,050

3,250

5,050

47,483