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REGISTERED NUMBER: 00058613 (England and Wales)















STONE MARINE SHIPCARE LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






STONE MARINE SHIPCARE LIMITED (REGISTERED NUMBER: 00058613)






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 6


STONE MARINE SHIPCARE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J C Langham
F C Johnson
A D Deves
R T Mcintyre
C C Minty
G P Gilbert



SECRETARY: A D Deves



REGISTERED OFFICE: Langham Industries Limited
Binghams Melcombe
Dorchester
Dorset
DT2 7PZ



BUSINESS ADDRESS: Dock Road
Birkenhead
Merseyside
CH41 1DT



REGISTERED NUMBER: 00058613 (England and Wales)



SENIOR STATUTORY AUDITOR: Michael Argyle BSc ACA



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
3 Castlegate
Grantham
Lincolnshire
NG31 6SF

STONE MARINE SHIPCARE LIMITED (REGISTERED NUMBER: 00058613)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 3 40,567 43,305

CURRENT ASSETS
Inventories 4 29,240 20,054
Debtors 5 542,546 659,995
Cash at bank 1,131,941 1,207,258
1,703,727 1,887,307
CREDITORS
Amounts falling due within one year 6 1,002,173 1,187,567
NET CURRENT ASSETS 701,554 699,740
TOTAL ASSETS LESS CURRENT LIABILITIES 742,121 743,045

CAPITAL AND RESERVES
Called up share capital 7 32,949 32,949
Retained earnings 709,172 710,096
SHAREHOLDERS' FUNDS 742,121 743,045

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 15 August 2024 and were signed on its behalf by:





J C Langham - Director


STONE MARINE SHIPCARE LIMITED (REGISTERED NUMBER: 00058613)

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.

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 is recognised upon the despatch of goods or when services are performed.

Property, plant and equipment
Property, plant and equipment assets are held at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its useful economic life.

Plant- 7% to 10% on cost
Office equipment- 20% on cost
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 is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its 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.

Inventories
Inventories are valued at the lower of cost and selling price less costs to complete and sell. Inventories are accounted for on a first-in-first-out basis.

STONE MARINE SHIPCARE LIMITED (REGISTERED NUMBER: 00058613)

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

1. ACCOUNTING POLICIES - continued

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.

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
Transactions in foreign currencies are converted into sterling at the rate of exchange ruling at the date of transaction. Gains and losses arising in the normal course of trade are included in the income statement.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company is a member of the Langham Industries Group Personal Pension Plan. This Plan is a money purchase scheme and contributions payable for the year are charged to the income statement. Assets for the Plan are held in separate trustee administered funds.

STONE MARINE SHIPCARE LIMITED (REGISTERED NUMBER: 00058613)

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 14 (2022 - 12 ) .

3. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
At 1 January 2023 155,043
Additions 8,673
At 31 December 2023 163,716
DEPRECIATION
At 1 January 2023 111,738
Charge for year 11,411
At 31 December 2023 123,149
NET BOOK VALUE
At 31 December 2023 40,567
At 31 December 2022 43,305


4. INVENTORIES
2023 2022
£    £   
Raw materials and consumables 29,240 20,054

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 385,933 469,643
Other debtors and prepayments 22,800 67,727
Amounts owed by group undertakings 133,813 122,625
542,546 659,995

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Payments received on account 262,027 369,291
Trade creditors 174,655 305,759
Amounts owed to group undertakings 350,707 448,645
Corporation tax 34,224 -
Other taxes and social security 13,570 14,222
Other creditors and accruals 166,990 49,650
1,002,173 1,187,567

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
32,949 Ordinary £1 32,949 32,949

STONE MARINE SHIPCARE LIMITED (REGISTERED NUMBER: 00058613)

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

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Argyle BSc ACA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

9. 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).

10. RELATED PARTY DISCLOSURES

Stone Marine Shipcare Limited has made sales of £nil (2022 - £8,710) to fellow group companies which are not wholly owned. At the year end the total amount due from these group companies was £nil (2022 - £10,452).

The amounts outstanding at the year end are unsecured and due for payment on demand.

11. 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 the same as that shown on the company information page.

The ultimate controlling party of Langham Industries Limited is the Langham family.