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REGISTERED NUMBER: 12227454 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

COMMODORE MARINE SERVICES LIMITED

COMMODORE MARINE SERVICES LIMITED (REGISTERED NUMBER: 12227454)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


COMMODORE MARINE SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr J A Fern
Mr T Price





REGISTERED OFFICE: 85 Great Portland Street
First Floor
London
W1W 7LT





REGISTERED NUMBER: 12227454 (England and Wales)






COMMODORE MARINE SERVICES LIMITED (REGISTERED NUMBER: 12227454)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 110,917 208,469
Tangible assets 5 149,172 172,324
260,089 380,793

CURRENT ASSETS
Debtors 6 105,868 110,636
Cash at bank 2 13,298
105,870 123,934
CREDITORS
Amounts falling due within one year 7 387,692 308,905
NET CURRENT LIABILITIES (281,822 ) (184,971 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(21,733

)

195,822

CREDITORS
Amounts falling due after more than one
year

8

(447,029

)

(523,485

)

PROVISIONS FOR LIABILITIES (30,572 ) (36,108 )
NET LIABILITIES (499,334 ) (363,771 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (499,434 ) (363,871 )
(499,334 ) (363,771 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

COMMODORE MARINE SERVICES LIMITED (REGISTERED NUMBER: 12227454)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 12 September 2024 and were signed on its behalf by:





Mr J A Fern - Director


COMMODORE MARINE SERVICES LIMITED (REGISTERED NUMBER: 12227454)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Commodore Marine Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. 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 under the historical cost convention.

Going Concern

Despite another challenging year, the business traded profitably at the EBITDA level and the directors are confident that the investment made in repairs and upgrading of equipment and boats during 2023 has provided an improved positioning to further grow sales and profitability in 2024 and 2025. The business is generating cash to service its debt and with the support of director loans, that are subordinate to external lending, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

While it is recognised that uncertainty increases over time and therefore future outcomes cannot be guaranteed, the directors consider that the going concern basis remains appropriate.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

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.

Computer software is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 25% straight line
Plant and machinery - 20% straight line
Fixtures and fittings - 20% straight line
Computer equipment - 33.33% straight line

All fixed assets are initially recorded at cost.

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 balance sheet date.


COMMODORE MARINE SERVICES LIMITED (REGISTERED NUMBER: 12227454)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 457,793 29,960 487,753
AMORTISATION
At 1 January 2023 267,047 12,237 279,284
Amortisation for year 91,559 5,993 97,552
At 31 December 2023 358,606 18,230 376,836
NET BOOK VALUE
At 31 December 2023 99,187 11,730 110,917
At 31 December 2022 190,746 17,723 208,469

COMMODORE MARINE SERVICES LIMITED (REGISTERED NUMBER: 12227454)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 30,869 199,437 4,567 6,072 240,945
Additions - - - 749 749
At 31 December 2023 30,869 199,437 4,567 6,821 241,694
DEPRECIATION
At 1 January 2023 22,519 39,048 2,270 4,784 68,621
Charge for year 7,718 14,099 913 1,171 23,901
At 31 December 2023 30,237 53,147 3,183 5,955 92,522
NET BOOK VALUE
At 31 December 2023 632 146,290 1,384 866 149,172
At 31 December 2022 8,350 160,389 2,297 1,288 172,324

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 59,725 70,705
Amounts owed by group undertakings 594 1,314
Other debtors 45,549 38,617
105,868 110,636

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 76,957 54,700
Trade creditors 40,631 13,542
Taxation and social security 5,537 10,408
Other creditors 264,567 230,255
387,692 308,905

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 331,287 385,671
Other creditors 115,742 137,814
447,029 523,485

9. SECURED DEBTS

There are fixed and floating charges over the assets of the company in respect of bank loans issued to the company by Lloyds Bank. Total secured borrowings under this charge at the end of 31 December 2023 were £183,475 (2022:£190,169).

The directors have signed personal guarantees in respect of all external borrowings with the exception of Covid-19 support loans.