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Registered number: 07018834
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MARITIME SERVICE LINE UK LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE 9 MONTHS ENDED 31 DECEMBER 2023
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MARITIME SERVICE LINE UK LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OFMARITIME SERVICE LINE UK LIMITED
FOR THE 9 MONTHS ENDED 31 DECEMBER 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Maritime Service Line UK Limited for the 9 Months ended 31 December 2023 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Maritime Service Line UK Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Maritime Service Line UK Limited and state those matters that we have agreed to state to the Board of Directors of Maritime Service Line UK Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Maritime Service Line UK Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Maritime Service Line UK Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the company's assets, liabilities, financial position and profit. You consider that Maritime Service Line UK Limited is exempt from the statutory audit requirement for the .
We have not been instructed to carry out an audit or review of the financial statements of Maritime Service Line UK Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Bishop Fleming LLP
Chartered Accountants
10 Temple Back
Bristol
BS1 6FL
24 July 2024
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MARITIME SERVICE LINE UK LIMITED
REGISTERED NUMBER:07018834
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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 comprehensive income 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:
The notes on pages 3 to 7 form part of these financial statements.
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MARITIME SERVICE LINE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTHS ENDED 31 DECEMBER 2023
Maritime Service Line UK Limited is a company limited by shares, incorporated in England and Wales and domiciled in England.
The company's registered number is 07018834 and its registered office is Ocean House, Marston Park, Tamworth, Staffordshire, B78 3HU.
The principal activity of the company during the year was that of freight forwarders.
The trade of Maritime Service Line UK Limited is being wound down (and has been since 1st of December 2022) and is being transferred to Cargo Marketing Services Limited.
2.ACCOUNTING POLICIES
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BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.
The financial statements are prepared in Sterling, which is the functional and presentation currency of the company, and are rounded to the nearest £1.
The following principal accounting policies have been applied:
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FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS
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The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Cargo Marketing Services Limited as at 31 March 2023 and these financial statements may be obtained from Companies House.
Maritime Service Line UK Limited is in the process of being wound down. The financial statements have been prepared under a basis other than going concern, where appropriate, writing down the company's assets to net realisable value. The financial statements do not include any provision for future costs of terminating the business of the company except to the extent that such costs were committed at the balance sheet date.
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MARITIME SERVICE LINE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTHS ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
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FOREIGN CURRENCY TRANSLATION
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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.
The turnover shown in the Statement of Comprehensive Income represents amounts invoiced during the year, exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations to the customer. For the 9 months to 31 December 2023, the company has no turnover.
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OPERATING LEASES: THE COMPANY AS LESSEE
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
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 reporting date in the countries where the company operates and generates income.
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.
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MARITIME SERVICE LINE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTHS ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
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CASH AND CASH EQUIVALENTS
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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.
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.
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The average monthly number of employees, including the directors, during the 9 Months was as follows:
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Employees including directors
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Amounts owed by group undertakings
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In the year a loan was issued between Maritime Service Line UK Limited and MSL Corporate SL. 3.25% interest is charged on the loan and this loan will be repayable in financial year ending 31 December 2024.
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CASH AND CASH EQUIVALENTS
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MARITIME SERVICE LINE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTHS ENDED 31 DECEMBER 2023
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CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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Amounts owed to group undertakings
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Accruals and deferred income
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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 £Nil (31 March 2023: £8,351). £Nil- (31 March 2023: £32,370) of contributions were payable to the fund at the Balance Sheet date.
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RELATED PARTY TRANSACTIONS
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During the year Maritime Service Line UK Limited sold services totalling £Nil- (31 March 2023: £5,781) and purchased services totalling £Nil- (31 March 2023: £446,030) from Cargo Marketing Services Limited, the company's parent undertaking. As at 31 December 2023 the company owed £Nil- (31 March 2023: £15,823) to Cargo Marketing Services Limited.
In the year a loan was issued to MSL Corporate SL for £2,000,000. As at 31 December 2023, the loan repayable amounted to £2,003,205.
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75% of the issued share capital of the company is owned by Cargo Marketing Services Limited, a company incorporated in England and Wales.
Cargo Marketing Services Limited is the company's parent undertaking. Consolidated financial statements are prepared by Cargo Marketing Services Limited, which can be obtained from the company's registered office.
The ultimate controlling party is MSL Corporate SL who own 100% of the issued share capital of the parent company, Cargo Marketing Services Limited. The principal address of MSL Corporate SL is C/SOL 139 - Poligono Industrial De Sedavi, Valencia, Spain.
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MARITIME SERVICE LINE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTHS ENDED 31 DECEMBER 2023
The auditors' report on the financial statements for the 9 Months ended 31 December 2023 was unqualified.
The audit report was signed on 24 July 2024 by Ria Burridge FCCA (Senior Statutory Auditor) on behalf of Bishop Fleming LLP.
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