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Registration number: 03522485

Astral Marine Services Limited

Annual Report and Financial Statements

for the Year Ended 30 April 2024

 

Astral Marine Services Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Independent Auditor's Report

5 to 8

Income Statement

9

Statement of Comprehensive Income

10

Statement of Financial Position

11

Statement of Changes in Equity

12

Statement of Cash Flows

13

Notes to the Financial Statements

14 to 25

 

Astral Marine Services Limited

Company Information

Directors

Mr Claes Morgan Eliasson

Mr Claes Marcus Eliasson

Mr Stuart Hall

Registered office

Index House
St Georges Lane
Ascot
Berkshire
SL5 7EU

Auditors

Sterling Grove Accountants Limited
Chartered Certified Accountants and Registered Auditors
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

Astral Marine Services Limited

Strategic Report for the Year Ended 30 April 2024

The directors present their strategic report for the year ended 30 April 2024.

Fair review of the business

The results for the year and financial position of the company are shown in the annexed financial statements.

The company's key financial and other performance indicators during the year were as follows:

 

Unit

2024

2023

Turnover

£

1,165,399

1,154,978

Turnover growth

%

1

15

Gross profit margin

%

70

70

Profit/(loss) before tax

£

126,527

125,099

The directors are satisfied with the company's results for the year and are confident of maintaining or improving profitability in the forthcoming year.

Principal risks and uncertainties

Currency risk

The company does not have the need to utilise and be paid in foreign currency. The company does not currently hedge such foreign currency cash flows and as a consequence is exposed through fluctuations in foreign exchange rates. During the year the company had an overall gain on foreign exchange of £39 (2022: loss of £40) which has been charged to the profit and loss account.

Interest rate risk

The company pays interest on amounts due to other group companies based on market rates which are subject to floating interest rates. It also receives bank interest on deposits held with banks; all based on floating interest rates. The company does not hedge the floating rate and accordingly the company is subject to interest rate risk through fluctuations in base rates.

Approved by the board on 3 September 2024 and signed on its behalf by:
 

.........................................
Mr Stuart Hall
Director

 

Astral Marine Services Limited

Directors' Report for the Year Ended 30 April 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with UK adopted International Financial Reporting Standards (IFRSs). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK adopted International Financial Reporting Standards (IFRSs) have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Directors' of the company

The directors, who held office during the year, were as follows:

Mr Claes Morgan Eliasson

Mr Claes Marcus Eliasson

Mr Stuart Hall

Principal activity

The principal activity of the company is that of the sale, service and provision of amusement arcade machines and associated management services.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

The auditors,Sterling Grove Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by the board on 3 September 2024 and signed on its behalf by:
 

 

Astral Marine Services Limited

Directors' Report for the Year Ended 30 April 2024

.........................................
Mr Stuart Hall
Director

 

Astral Marine Services Limited

Independent Auditor's Report to the Members of Astral Marine Services Limited

Opinion

We have audited the financial statements of Astral Marine Services Limited (the 'company') for the year ended 30 April 2024, which comprise the Income Statement, Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted International Financial Reporting Standards (IFRSs).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit for the year then ended;

have been properly prepared in accordance with UK adopted IFRSs; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Astral Marine Services Limited

Independent Auditor's Report to the Members of Astral Marine Services Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors’ remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities , the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Astral Marine Services Limited

Independent Auditor's Report to the Members of Astral Marine Services Limited

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the environmental waste sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Astral Marine Services Limited

Independent Auditor's Report to the Members of Astral Marine Services Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Mr Gino Amasanti FCCA (Senior Statutory Auditor)
For and on behalf of Sterling Grove Accountants Limited, Statutory Auditor

Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

3 September 2024

 

Astral Marine Services Limited

Income Statement for the Year Ended 30 April 2024

Note

2024
£

2023
£

Revenue

1,250,212

1,154,978

Cost of sales

 

(432,079)

(346,599)

Gross profit

 

818,133

808,379

Administrative expenses

 

(698,722)

(684,309)

Other gains

3

9,964

3,333

Operating profit

4

129,375

127,403

Finance costs

 

(2,055)

(2,304)

Profit before tax

 

127,320

125,099

Income tax expense

8

(31,863)

(26,557)

Profit for the year

 

95,457

98,542

The above results were derived from continuing operations.

 

Astral Marine Services Limited

Statement of Comprehensive Income for the Year Ended 30 April 2024

2024
£

2023
£

Profit for the year

95,457

98,542

Total comprehensive income for the year

95,457

98,542

 

Astral Marine Services Limited

(Registration number: 03522485)
Statement of Financial Position as at 30 April 2024

Note

30 April
2024
£

30 April
2023
£

Assets

Non-current assets

 

Property, plant and equipment

9

22,765

40,250

Current assets

 

Trade and other receivables

10

236,484

135,050

Cash and cash equivalents

11

333,267

411,186

 

569,751

546,236

Total assets

 

592,516

586,486

Equity and liabilities

Equity

 

Share capital

12

(100)

(100)

Retained earnings

 

(371,748)

(426,291)

Total equity

 

(371,848)

(426,391)

Non-current liabilities

 

Loans and borrowings

13

(25,598)

(43,073)

Deferred tax liabilities

8

(4,800)

(9,000)

 

(30,398)

(52,073)

Current liabilities

 

Trade and other payables

15

(136,645)

(64,547)

Loans and borrowings

13

(17,475)

(17,475)

Income tax liability

 

(36,150)

(26,000)

 

(190,270)

(108,022)

Total liabilities

 

(220,668)

(160,095)

Total equity and liabilities

 

(592,516)

(586,486)

Approved by the board on 3 September 2024 and signed on its behalf by:
 

.........................................
Mr Stuart Hall
Director

 

Astral Marine Services Limited

Statement of Changes in Equity for the Year Ended 30 April 2024

Share capital
£

Retained earnings
£

Total
£

At 1 May 2023

100

426,291

426,391

Profit for the year

-

95,457

95,457

Total comprehensive income

-

95,457

95,457

Dividends

-

(150,000)

(150,000)

At 30 April 2024

100

371,748

371,848

Share capital
£

Retained earnings
£

Total
£

At 1 May 2022

100

377,749

377,849

Profit for the year

-

98,542

98,542

Total comprehensive income

-

98,542

98,542

Dividends

-

(50,000)

(50,000)

At 30 April 2023

100

426,291

426,391

 

Astral Marine Services Limited

Statement of Cash Flows for the Year Ended 30 April 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

95,457

98,542

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

17,300

21,015

Profit on disposal of property plant and equipment

3

(9,964)

(3,333)

Finance costs

5

2,055

2,304

Income tax expense

8

31,863

26,557

 

136,711

145,085

Working capital adjustments

 

(Increase)/decrease in trade and other receivables

10

(101,434)

58,145

Increase in trade and other payables

15

72,098

23,880

Cash generated from operations

 

107,375

227,110

Income taxes paid

8

(25,913)

(5,557)

Net cash flow from operating activities

 

81,462

221,553

Cash flows from investing activities

 

Acquisitions of property plant and equipment

(3,184)

(12,191)

Proceeds from sale of property plant and equipment

 

13,333

3,333

Net cash flows from investing activities

 

10,149

(8,858)

Cash flows from financing activities

 

Interest paid

5

(825)

(1,074)

Repayment of bank borrowing

 

(10,000)

(10,000)

Payments to finance lease creditors

 

(8,705)

(8,705)

Dividends paid

17

(150,000)

(50,000)

Net cash flows from financing activities

 

(169,530)

(69,779)

Net (decrease)/increase in cash and cash equivalents

 

(77,919)

142,916

Cash and cash equivalents at 1 May

 

411,186

268,270

Cash and cash equivalents at 30 April

 

333,267

411,186

 

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Index House
St Georges Lane
Ascot
Berkshire
SL5 7EU
England

These financial statements were authorised for issue by the board on 3 September 2024.

2

Accounting policies

Statement of compliance

The company financial statements have been prepared in accordance with International Financial Reporting Standards and its interpretations adopted by the UK ("UK adopted IFRSs").

Summary of material 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.

Basis of preparation

The financial statements have been prepared in accordance with adopted IFRSs and under historical cost accounting rules.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies.

Changes in accounting policy

None of the standards, interpretations and amendments effective for the first time from 1 May 2023 have had a material effect on the financial statements.

None of the standards, interpretations and amendments which are effective for periods beginning after 1 May 2023 and which have not been adopted early, are expected to have a material effect on the financial statements.

Revenue recognition

Income from the company's principle activities is recognised when the management services it provides are supplied to its customers.

Revenues are stated net of VAT where applicable.

 

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Government grants

Government grants are recognised under the accrual model of grant recognition. This model requires the grant to be classified as either a revenue-based grant or a capital-based grant.

Government grants are recognised in profit or loss on a systematic basis over the periods in which the entity recognises expenses for the related costs for which the grants are intended to compensate.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the Statement of Financial Position. Transactions in foreign currencies are translated into sterling at he rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Property, plant and equipment

Property, plant and equipment is stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment 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

Fixtures, fittings and equipment

20% on cost

Motor vehicles

25% on cost

Other property, plant and equipment

25% on cost

 

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

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 changes in value.

Trade receivables

Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade receivables are recognised at the transaction price less provision for impairment. A provision for the impairment of trade receivables 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.

Trade payables

Trade payables 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 payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognised at the transaction price.

Borrowings

All borrowings are initially recorded at the amount of proceeds received, net of transaction costs. 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 income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in finance costs.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

Leases

Rentals payable under operating leases are charged to income on a straight line basis over the term of the relevant lease.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the company’s financial statements in the period in which the dividends are approved by the company’s shareholders.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period in which they relate.

3

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
£

2023
£

Gain or loss on disposal of property, plant and equipment

9,964

3,333

 

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

17,300

21,015

Profit on disposal of property, plant and equipment

(9,964)

(3,333)

5

Finance income and costs

2024
£

2023
£

Finance costs

Interest on bank overdrafts and borrowings

(825)

(1,074)

Interest on obligations under finance leases and hire purchase contracts

(1,230)

(1,230)

Total finance costs

(2,055)

(2,304)

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

392,154

387,393

Social security costs

34,181

34,184

Pension costs, defined contribution scheme

30,816

22,612

457,151

444,189

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

13

14

13

14

 

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

63,052

55,264

Contributions paid to money purchase schemes

10,965

8,819

74,017

64,083

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

1

1

 

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

8

Income tax

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

36,150

26,000

UK corporation tax adjustment to prior periods

(87)

57

36,063

26,057

Deferred taxation

Arising from origination and reversal of temporary differences

(4,200)

(2,000)

Arising from changes in tax rates and laws

-

2,500

Total deferred taxation

(4,200)

500

Tax expense in the income statement

31,863

26,557

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

127,320

125,099

Corporation tax at standard rate

31,830

31,275

(Decrease)/increase in current tax from adjustment for prior periods

(86)

57

Increase from effect of capital allowances depreciation

4,304

1,528

Decrease from effect of different UK tax rates on some earnings

-

(6,889)

Deferred tax credit from unrecognised temporary difference from a prior period

(4,200)

(2,000)

Deferred tax expense relating to changes in tax rates or laws

-

2,500

Other tax effects for reconciliation between accounting profit and tax expense

15

86

Total tax charge

31,863

26,557

There has been a change in the rate of UK corporation tax in the prior year, on 1 April 2023 the rate increased to 25%.

 

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Net deferred tax
£

Provisions

-

4,800

4,800

-

4,800

4,800

2023

Asset
£

Liability
£

Net deferred tax
£

Provisions

-

9,000

9,000

-

9,000

9,000

Deferred tax movement during the year:

At 1 May 2023
£

Recognised in income
£

At
30 April 2024
£

Provisions

9,000

(4,200)

4,800

9,000

(4,200)

4,800

Deferred tax movement during the prior year:

At 1 May 2022
£

Recognised in income
£

At
30 April 2023
£

Provisions

8,500

500

9,000

8,500

500

9,000

 

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

9

Property, plant and equipment

Furniture, fittings and equipment
£

Motor vehicles
£

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 May 2022

52,385

88,772

5,233

146,390

Additions

1,149

11,042

-

12,191

Disposals

-

(9,150)

-

(9,150)

At 30 April 2023

53,534

90,664

5,233

149,431

At 1 May 2023

53,534

90,664

5,233

149,431

Additions

2,426

-

758

3,184

Disposals

(19,816)

(33,174)

-

(52,990)

At 30 April 2024

36,144

57,490

5,991

99,625

Depreciation

At 1 May 2022

48,549

47,583

1,184

97,316

Charge for year

2,065

17,642

1,308

21,015

Eliminated on disposal

-

(9,150)

-

(9,150)

At 30 April 2023

50,614

56,075

2,492

109,181

At 1 May 2023

50,614

56,075

2,492

109,181

Charge for the year

1,411

14,470

1,419

17,300

Eliminated on disposal

(19,816)

(29,805)

-

(49,621)

At 30 April 2024

32,209

40,740

3,911

76,860

Carrying amount

At 30 April 2024

3,935

16,750

2,080

22,765

At 30 April 2023

2,920

34,589

2,741

40,250

At 1 May 2022

3,836

41,189

4,049

49,074

 

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

10

Trade and other receivables

Current

30 April
2024
£

30 April
2023
£

Trade receivables

-

1,800

Loans to related parties

206,231

111,134

Prepayments

12,858

12,455

Other receivables

17,395

9,661

 

236,484

135,050

11

Cash and cash equivalents

30 April
2024
£

30 April
2023
£

Cash on hand

5,182

5,152

Cash at bank

328,085

406,034

333,267

411,186

12

Share capital

Allotted, called up and fully paid shares

30 April
2024

30 April
2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

Rights, preferences and restrictions

Ordinary have the following rights, preferences and restrictions:
Ordinary shares have full voting rights, rights to dividends and to participate in a distribution.

 

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

13

Loans and borrowings

30 April
2024
£

30 April
2023
£

Non-current loans and borrowings

Bank borrowings

17,500

27,500

Hire purchase contracts

8,098

15,573

25,598

43,073

30 April
2024
£

30 April
2023
£

(As restated)

30 April
2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

10,000

Hire purchase contracts

7,475

7,475

7,475

17,475

17,475

17,475

The company's exposure to market and liquidity risks, including maturity analysis, relating to loans and borrowings is disclosed in note "".

14

Obligations under leases and hire purchase contracts

Operating leases

The total future value of minimum lease payments is as follows:

30 April
2024
£

30 April
2023
£

Within one year

3,810

2,150

In two to five years

14,245

-

18,055

2,150

15

Trade and other payables

 

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

30 April
2024
£

30 April
2023
£

Trade payables

112,602

37,207

Accrued expenses

17,218

21,212

Social security and other taxes

6,717

6,020

Other payables

108

108

136,645

64,547

The company's exposure to market and liquidity risks, including maturity analysis, relating to trade and other payables is disclosed in note "".

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £30,816 (2023 - £22,612).

17

Dividends

30 April
2024

30 April
2023

£

£

Interim dividend of £1,500.00 (2023 - £500.00) per ordinary share

150,000

50,000

18

Related party transactions

Summary of transactions with other related parties

Astral Maritime Services Limited
During the year, the company provided management services to a fellow group company, Astral Maritime Services Limited, amounting to £1,114,736 (2023:£1,126,438). At the date of the statement of financial position, the amount owed to the company by Astral Maritime Services Limited was £81,778 (2023: £79,886).

Bjuvia Fritid Ab
During the year the company made sales to a fellow group company, Bjuvia Fritid Ab, amounting to £135,477 (2023: £28,540) and purchases amounting to £nil (2023: £1,500). At the date of the statement of financial position, the amount owed to the company by Bjuvia Fritid Ab was £124,453 (2023: £31,248).

Bell Casino Ab
Dividends of £150,000 (2023: £50,000) were paid during the year.

 

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

19

Parent and ultimate parent undertaking

The company's immediate parent is Bell Casino AB, a company incorporated in Sweden. These financial statements are available upon request from Möblegatan 8, 431 33 Mölndal, Sweden