REGISTERED NUMBER: |
STONE MARINE SERVICES LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
STONE MARINE SERVICES LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
STONE MARINE SERVICES LIMITED (REGISTERED NUMBER: SC202418) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 | to | 7 |
STONE MARINE SERVICES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
3 Castlegate |
Grantham |
Lincolnshire |
NG31 6SF |
STONE MARINE SERVICES LIMITED (REGISTERED NUMBER: SC202418) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 3 |
Property, plant and equipment | 4 |
Investments | 5 |
CURRENT ASSETS |
Inventories | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
STONE MARINE SERVICES LIMITED (REGISTERED NUMBER: SC202418) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | 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 on a going concern basis under the historical cost convention. |
Preparation of consolidated financial statements |
The financial statements contain information about Stone Marine Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Langham Industries Limited. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
The company is a wholly owned subsidiary of Langham Industries Limited. Consolidated financial statements |
of Langham Industries Limited can be obtained from: |
Companies House |
Crown Way |
Cardiff |
CF14 3UZ |
Revenue |
Revenue represents sales at invoice value less trade discounts allowed and excluding value added tax. Revenue comprises the servicing and repair of marine propulsion systems, and the sale of spare parts and deck machinery. Revenue is recognised upon despatch of goods or when services are performed. |
Amounts recoverable on contracts |
Services provided to customers during the year, which at the financial reporting date have not been billed to customers, have been recognised as revenue. Revenue recognised in this manner is based on an assessment of the fair value of the services provided at the financial reporting date as a proportion of the total value of the contract. Provision is made against unbilled amounts on those engagements where the right to receive payment is contingent on factors outside the control of the company. Unbilled revenue is included in debtors. |
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. |
Property, plant and equipment |
Property, plant and equipment assets are held at cost less accumulated depreciation and impairment losses. |
Depreciation is provided at the following annual rates in order to write off each asset over its useful economic life. |
Leasehold improvements | - 6.67% on cost |
Plant and machinery | - 10% on cost |
Fixtures and fittings | - 20% on cost |
Motor vehicles | - 33% on cost |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is any indication of possible impairment, the recoverable amount of any affected asset its estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to is estimated recoverable amount, and an impairment loss is recognised immediately in the income statement. |
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment is recognised immediately in the income statement. |
STONE MARINE SERVICES LIMITED (REGISTERED NUMBER: SC202418) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | ACCOUNTING POLICIES - continued |
Investments in subsidiaries |
Fixed asset investments relate to shares in group undertakings and are shown at cost less impairment. |
Inventories |
Inventories are valued at the lower of cost and fair value less costs to complete and sell. Inventories are accounted for on a first-in-first-out basis. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the financial reporting date. Transactions in foreign currencies are converted to sterling at the exchange rates ruling at the date of transaction. Gains and losses arising in the normal course of trade are included in the income statement. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the income statement. |
Financial instruments |
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement. |
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors 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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
STONE MARINE SERVICES LIMITED (REGISTERED NUMBER: SC202418) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
3. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Leasehold | Plant and | and | Motor |
improvements | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
STONE MARINE SERVICES LIMITED (REGISTERED NUMBER: SC202418) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | INVENTORIES |
2023 | 2022 |
£ | £ |
Goods for resale |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
Amounts owed by group companies |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Payments received on account |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Other taxes and social security |
Accrued expenses |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 550,000 | 550,000 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | CONTINGENT LIABILITIES |
There are unlimited inter-company guarantees given by the company, thirteen fellow subsidiary companies and the parent company, in favour of Barclays plc. The total amount secured in respect of fellow group companies as at 31 December 2023, excluding this company, was £124,578 (2022 - £183,827). |
STONE MARINE SERVICES LIMITED (REGISTERED NUMBER: SC202418) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | OTHER FINANCIAL COMMITMENTS |
The company had total guarantees and commitments as shown below. |
Minimum lease payments under non-cancellable operating leases fall due as follows : |
2023 | 2022 |
£ | £ |
Within one year | 36,760 | 111,395 |
Between two and five years | - | 36,760 |
36,760 | 148,155 |
13. | RELATED PARTY DISCLOSURES |
Stone Marine Services Limited has made sales of £36,274 (2022 - £17,427) to fellow group companies which are not wholly owned. At the year end the total amount due from these group companies was £12,652 (2022 - £nil). |
The amounts outstanding at the year end are unsecured and due for payment on demand. |
14. | ULTIMATE PARENT COMPANY |
The ultimate parent company is Langham Industries Limited which is registered in England and Wales. The ultimate parent company's registered office is Bingham's Melcombe, Dorchester, Dorset, DT2 7PZ. |
The ultimate controlling party of Langham Industries Limited is the Langham family. |