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REGISTERED NUMBER: 05282491 (England and Wales)















EDWARDS DIVING SERVICES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023






EDWARDS DIVING SERVICES LIMITED (REGISTERED NUMBER: 05282491)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


EDWARDS DIVING SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: P R Edwards
J Edwards
S P Richings





REGISTERED OFFICE: Unit G15
Main Avenue
Treforest Industrial Estate
Pontypridd
Treforest
CF37 5YL





REGISTERED NUMBER: 05282491 (England and Wales)





ACCOUNTANTS: Green & Co
Chartered Certified Accountants
Pembroke House
Llantarnam Park Way
Cwmbran
Torfaen
NP44 3AU

EDWARDS DIVING SERVICES LIMITED (REGISTERED NUMBER: 05282491)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 3,966,525 3,896,025
Investments 6 346,792 346,792
4,313,317 4,242,817

CURRENT ASSETS
Stocks 22,800 54,544
Debtors 7 876,691 512,934
Cash at bank and in hand 484,675 806,262
1,384,166 1,373,740
CREDITORS
Amounts falling due within one year 8 573,226 667,426
NET CURRENT ASSETS 810,940 706,314
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,124,257

4,949,131

CREDITORS
Amounts falling due after more than one
year

9

(1,907,180

)

(2,017,427

)

PROVISIONS FOR LIABILITIES (291,842 ) (207,719 )
NET ASSETS 2,925,235 2,723,985

EDWARDS DIVING SERVICES LIMITED (REGISTERED NUMBER: 05282491)

BALANCE SHEET - continued
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 15 15
Retained earnings 2,925,220 2,723,970
SHAREHOLDERS' FUNDS 2,925,235 2,723,985

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Profit and Loss has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29th July 2024 and were signed on its behalf by:





P R Edwards - Director


EDWARDS DIVING SERVICES LIMITED (REGISTERED NUMBER: 05282491)

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

1. STATUTORY INFORMATION

Edwards Diving Services 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 15% on reducing balance
Computer equipment - 15% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 50 (2022 - 48 ) .

EDWARDS DIVING SERVICES LIMITED (REGISTERED NUMBER: 05282491)

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st January 2023
and 31st December 2023 32,500
AMORTISATION
At 1st January 2023
and 31st December 2023 32,500
NET BOOK VALUE
At 31st December 2023 -
At 31st December 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1st January 2023 2,771,622 1,587,198 11,545
Additions - 143,477 -
At 31st December 2023 2,771,622 1,730,675 11,545
DEPRECIATION
At 1st January 2023 - 758,907 7,286
Charge for year - 145,765 639
At 31st December 2023 - 904,672 7,925
NET BOOK VALUE
At 31st December 2023 2,771,622 826,003 3,620
At 31st December 2022 2,771,622 828,291 4,259

EDWARDS DIVING SERVICES LIMITED (REGISTERED NUMBER: 05282491)

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

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st January 2023 460,235 48,560 4,879,160
Additions 135,751 2,137 281,365
At 31st December 2023 595,986 50,697 5,160,525
DEPRECIATION
At 1st January 2023 192,980 23,962 983,135
Charge for year 60,451 4,010 210,865
At 31st December 2023 253,431 27,972 1,194,000
NET BOOK VALUE
At 31st December 2023 342,555 22,725 3,966,525
At 31st December 2022 267,255 24,598 3,896,025

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1st January 2023
and 31st December 2023 346,792
NET BOOK VALUE
At 31st December 2023 346,792
At 31st December 2022 346,792

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 718,569 490,026
Other debtors 4,146 3,445
Ty Draig Group Limited 390 390
Remar Safety Services Limited 19,073 19,073
Prepayments and accrued income 134,513 -
876,691 512,934

EDWARDS DIVING SERVICES LIMITED (REGISTERED NUMBER: 05282491)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 97,585 97,585
Lloyds CBILS loan 20,000 20,000
Trade creditors 160,141 168,672
Corporation Tax 107,177 119,689
Social security and other taxes 70,842 62,120
VAT 99,460 183,113
Other creditors 10,610 9,119
Directors' current accounts 1,100 1,507
Accrued expenses 6,311 5,621
573,226 667,426

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Dragon House mortgage 137,077 156,375
Lloyds CBILS loan 33,333 53,333
Lloyds Variable 862,231 898,979
Lloyds Fixed 874,539 908,740
1,907,180 2,017,427

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:


Number Class Nominal 2022 2021
value: £    £   
NIL Ordinary £1 - 10
NIL Ordinary B £1 - 5
1,000 Ordinary 1p 10 -
499 Ordinary B 1p 5 -
1 Ordinary C 1p - -

15 15

EDWARDS DIVING SERVICES LIMITED (REGISTERED NUMBER: 05282491)

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

11. RELATED PARTY DISCLOSURES

The company had the following directors loans at the year end:
- P R Edwards was owed £591 (2022 - £562)
- J Edwards was owed £508 (2022 - £945)

These company was owed £19,073 (2022 - £19,073) by Remar Safety Services Limited a company in which the directors P R Edwards and J Edwards have a controlling interest.


During the year the company paid rent of £Nil (2022 - £Nil) to P R Edwards and £Nil (2022 - £Nil) to J Edwards (directors and shareholders of the company) for the use of freehold property owned by them. The lease is under a formal contract terms and has an independently verified rent review every three years

.