Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-3011The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-10-01false11truetrue 03405814 2022-10-01 2023-09-30 03405814 2021-10-01 2022-09-30 03405814 2023-09-30 03405814 2022-09-30 03405814 c:Director1 2022-10-01 2023-09-30 03405814 c:Director2 2022-10-01 2023-09-30 03405814 c:Director3 2022-10-01 2023-09-30 03405814 d:Buildings 2022-10-01 2023-09-30 03405814 d:Buildings 2023-09-30 03405814 d:Buildings 2022-09-30 03405814 d:Buildings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 03405814 d:PlantMachinery 2022-10-01 2023-09-30 03405814 d:PlantMachinery 2023-09-30 03405814 d:PlantMachinery 2022-09-30 03405814 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 03405814 d:FurnitureFittings 2022-10-01 2023-09-30 03405814 d:FurnitureFittings 2023-09-30 03405814 d:FurnitureFittings 2022-09-30 03405814 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 03405814 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 03405814 d:CurrentFinancialInstruments 2023-09-30 03405814 d:CurrentFinancialInstruments 2022-09-30 03405814 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 03405814 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 03405814 d:ShareCapital 2023-09-30 03405814 d:ShareCapital 2022-09-30 03405814 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 03405814 d:RetainedEarningsAccumulatedLosses 2023-09-30 03405814 d:RetainedEarningsAccumulatedLosses 2022-09-30 03405814 c:OrdinaryShareClass1 2022-10-01 2023-09-30 03405814 c:OrdinaryShareClass1 2023-09-30 03405814 c:OrdinaryShareClass1 2022-09-30 03405814 c:FRS102 2022-10-01 2023-09-30 03405814 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 03405814 c:FullAccounts 2022-10-01 2023-09-30 03405814 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 03405814 2 2022-10-01 2023-09-30 03405814 6 2022-10-01 2023-09-30 03405814 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 03405814 d:AcceleratedTaxDepreciationDeferredTax 2022-09-30 03405814 2 2023-09-30 03405814 2 2022-09-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 03405814










MARINER SYSTEMS (UK) LIMITED

UNAUDITED
DIRECTORS' REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
30 SEPTEMBER 2023
 






 



 







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MARINER SYSTEMS (UK) LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

The directors present their report and the financial statements for the year ended 30 September 2023.

Principal activity

The principal activity of the Company continued to be that of selling computer systems and instrumentation hardware for the shipping industry.

Directors

The directors who served during the year were:

Mr G E Blogg 
Mr L E Blogg 
Mr M J Blogg 

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Mr G E Blogg
Director

Date: 11 August 2024

Page 1

 
MARINER SYSTEMS (UK) LIMITED
REGISTERED NUMBER:03405814

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
                                                                           Note
£
£

Fixed assets
  

Tangible assets
 4 
1,063,825
1,057,519

Fixed asset investments
  
5,444
33,137

  
1,069,269
1,090,656

Current assets
  

Stocks
  
394,594
459,239

Debtors: amounts falling due within one year
 6 
450,061
457,796

Current asset investments
 7 
2,391,219
2,228,609

Cash at bank and in hand
 8 
1,377,651
1,299,870

  
4,613,525
4,445,514

Creditors: amounts falling due within one year
 9 
(421,289)
(461,599)

Net current assets
  
 
 
4,192,236
 
 
3,983,915

Total assets less current liabilities
  
5,261,505
5,074,571

Provisions for liabilities
  

Deferred tax
 10 
(14,908)
(14,908)

  
 
 
(14,908)
 
 
(14,908)

Net assets
  
5,246,597
5,059,663


Capital and reserves
  

Called up share capital 
 12 
100
100

Profit and loss account
 13 
5,246,497
5,059,563

  
5,246,597
5,059,663


Page 2

 
MARINER SYSTEMS (UK) LIMITED
REGISTERED NUMBER:03405814

BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 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 statement of income and retained earnings 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 by: 




Mr G E Blogg
Director

Date: 11 August 2024

The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
MARINER SYSTEMS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Mariner systems (UK) Limited is a private company, limited by shares, incorporated in England and Wales, registered number 03405814. The registered office is Oaklands Park, Wokingham, Berkshire, RG41 2FD. 

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The accounts have been prepared in accordance with the provisions of FRS102. There were no material departures from that standard.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
MARINER SYSTEMS (UK) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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.

Page 5

 
MARINER SYSTEMS (UK) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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:

Freehold property
-
not depreciated
Plant and machinery
-
Reducing balance and 33.33% straight line
Fixtures and fittings
-
Reducing balance

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.

Page 6

 
MARINER SYSTEMS (UK) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.11

Stocks

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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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.

Page 7

 
MARINER SYSTEMS (UK) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Page 8

 
MARINER SYSTEMS (UK) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)


Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.16

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 11 (2022 - 11).

Page 9

 
MARINER SYSTEMS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 October 2022
950,753
910,009
63,250
1,924,012


Additions
-
34,010
2,751
36,761


Disposals
-
-
(274)
(274)



At 30 September 2023

950,753
944,019
65,727
1,960,499



Depreciation


At 1 October 2022
-
806,668
59,825
866,493


Charge for the year on owned assets
-
28,962
1,485
30,447


Disposals
-
-
(266)
(266)



At 30 September 2023

-
835,630
61,044
896,674



Net book value



At 30 September 2023
950,753
108,389
4,683
1,063,825



At 30 September 2022
950,753
103,341
3,425
1,057,519

Page 10

 
MARINER SYSTEMS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 October 2022
99,581



At 30 September 2023

99,581



Impairment


At 1 October 2022
66,444


Charge for the period
27,694



At 30 September 2023

94,138



Net book value



At 30 September 2023
5,443



At 30 September 2022
33,137

Fixed asset investments represents 50% shareholding in a joint venture company.


6.


Debtors

2023
2022
£
£


Trade debtors
387,957
332,822

Other debtors
14,992
79,225

Prepayments and accrued income
47,112
45,749

450,061
457,796


Page 11

 
MARINER SYSTEMS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

7.


Current asset investments

2023
2022
£
£

Listed investments
2,391,219
2,228,609


Current asset investments are investments in listed stocks and shares stated at fair values. The fair value of the investments have been arrived at on the basis of the valuation carried by Bank Julius Baer & Co Ltd who are not connected with the company. The valuations of individual assets are based on prices and values from standard market information sources.
in order to ascertain the fair value of £2,391,219 the fair value movement of £50,513 is included in the profit and loss for the year. The deferred tax provision has been increased by NIL for the year in relation to the movement in fair value.

2023
2022
£
£


Opening fair value
2,228,609
2,441,384

Purchases
609,785
424,277

Sales
(396,662)
(292,039)

(Losses)/Gains on remeasurement to fair value
(50,513)
(345,013)

Market value
2,391,219
2,228,609





8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,377,651
1,299,870



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
93,830
118,299

Corporation tax
248,001
230,700

Other taxation and social security
18,044
17,491

Other creditors
18,414
53,529

Accruals and deferred income
43,000
41,580

421,289
461,599


Page 12

 
MARINER SYSTEMS (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Deferred taxation




2023


£






At beginning of year
(14,908)



At end of year
(14,908)

2023
2022
£
£


Accelerated capital allowances
(14,908)
(14,908)


11.


Directors' transactions

Dividends totalling £773,500 (2022 - £500,500) were paid in the year in respect of shares held by the company's directors. 


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares shares of £1.00 each
100
100



13.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.
 


Page 13