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Registered number: 01419444
M L (UK) Dredging Limited
Financial Statements
For The Year Ended 31 December 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—6
Page 1
Balance Sheet
Registered number: 01419444
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 258,438 303,850
258,438 303,850
CURRENT ASSETS
Debtors 5 93,133 4,620
Cash at bank and in hand 52,888 382,013
146,021 386,633
Creditors: Amounts Falling Due Within One Year 6 (139,024 ) (194,257 )
NET CURRENT ASSETS (LIABILITIES) 6,997 192,376
TOTAL ASSETS LESS CURRENT LIABILITIES 265,435 496,226
PROVISIONS FOR LIABILITIES
Deferred Taxation (33,187 ) (75,963 )
NET ASSETS 232,248 420,263
CAPITAL AND RESERVES
Called up share capital 7 1,032 132
Capital redemption reserve 20 20
Profit and Loss Account 231,196 420,111
SHAREHOLDERS' FUNDS 232,248 420,263
Page 1
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J T Liney
Director
Miss J L Liney
Director
Mr M J Liney
Director
21/08/2024
The notes on pages 4 to 6 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Capital Redemption Profit and Loss Account Total
£ £ £ £
As at 1 January 2022 132 20 245,386 245,538
Profit for the year and total comprehensive income - - 419,725 419,725
Dividends paid - - (245,000) (245,000)
As at 31 December 2022 and 1 January 2023 132 20 420,111 420,263
Loss for the year and total comprehensive income - - (82,915 ) (82,915)
Dividends paid - - (106,000) (106,000)
Arising on shares issued during the period 900 - - 900
As at 31 December 2023 1,032 20 231,196 232,248
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Notes to the Financial Statements
1. General Information
M L (UK) Dredging Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01419444 . The registered office is 7 Kettering Terrace, Mile End, Portsmouth, Hants, PO2 7QH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery Reducing 20%
Motor Vehicles Reducing 25%
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Within plant & machinery is a subcategory for Ships which uses a straight line depreciation method at 5%, and Commercial Vehicles which uses a reducing balance depreciation method at 25%.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2022: 6)
6 6
4. Tangible Assets
Plant & Machinery
£
Cost
As at 1 January 2023 1,460,349
Disposals (15,000 )
As at 31 December 2023 1,445,349
Depreciation
As at 1 January 2023 1,156,499
Provided during the period 35,850
Disposals (5,438 )
As at 31 December 2023 1,186,911
Net Book Value
As at 31 December 2023 258,438
As at 1 January 2023 303,850
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 81,128 1,510
Prepayments and accrued income 10,105 1,310
Rent deposit 1,900 1,800
93,133 4,620
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 36,661 36,498
Corporation tax - 79,204
Other taxes and social security 14,264 11,107
VAT 10,350 8,470
Amounts due to associated companies 72,225 13,848
Pensions payables 371 -
Accruals and deferred income 3,124 2,134
Directors' loan accounts 2,029 42,996
139,024 194,257
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Page 6
7. Share Capital
2023 2022
Allotted, called up but not fully paid £ £
1,000 Ordinary Shares of £ 1.00 each 1,000 100
10 Ordinary A shares of £ 1.00 each 10 10
2 Ordinary B shares of £ 10.00 each 20 20
1 Ordinary C shares of £ 1.00 each 1 1
1 Ordinary D shares of £ 1.00 each 1 1
1,032 -
Shares issued during the period: £
900 Ordinary Shares of £ 1.00 each 900
The Ordinary shares issued and allotted during the year include full voting rights, dividend and capital distribution including on widing up and do not convey any rights of redemption.
8. Pension Commitments
The company operates a defined contribution pension scheme for the employees and directors of the business. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £371 (PY Nil) were due to the fund. They are included in Other Creditors.
9. Related Party Transactions
At the Balance Sheet date the company owed an associated company £72,225 (2022 £13,848). The loan was made interest free and is repayable upon demand. The companies are associated by common directorship. 
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