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REGISTERED NUMBER: 07070394 (England and Wales)















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

NRG MARINE LTD

NRG MARINE LTD (REGISTERED NUMBER: 07070394)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


NRG MARINE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: D A Rowlands
D R Jones
S Kavan
Ms S Rowlands





REGISTERED OFFICE: 1&2 Mercia Business Village
Torwood Close
Westwood Business Park
Coventry
West Midlands
CV4 8HX





REGISTERED NUMBER: 07070394 (England and Wales)





INDEPENDENT AUDITORS: Armstrongs Accountancy Ltd
Chartered Accountants and Statutory Auditor
1 & 2 Mercia Village
Torwood Close
Westwood Business Park
Coventry
West Midlands
CV4 8HX

NRG MARINE LTD (REGISTERED NUMBER: 07070394)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
as restated
Notes £    £    £    £   
ASSETS

FIXED ASSETS
Tangible assets 4 11,645 12,048
Investments 5 32,498 32,498
44,143 44,546

CURRENT ASSETS
Stocks 182,462 169,493
Debtors 6 1,636,361 1,128,721
Cash at bank 134,502 38,112
1,953,325 1,336,326
1,997,468 1,380,872

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES
Called up share capital 708 708
Share premium 7 249,748 499,748
Capital redemption reserve 7 79 79
Treasury shares 7 (250,000 ) (250,000 )
Retained earnings 7 815,191 351,550
SHAREHOLDERS' FUNDS 815,726 602,085

CREDITORS 8 1,181,742 778,787
1,997,468 1,380,872

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2024 and were signed on its behalf by:





D A Rowlands - Director


NRG MARINE LTD (REGISTERED NUMBER: 07070394)

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

1. STATUTORY INFORMATION

Nrg Marine Ltd 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.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Preparation of consolidated financial statements
The financial statements contain information about Nrg Marine Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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.

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

Turnover from the sale of products is recognised when significant risks and rewards of ownership of the goods have been transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less impairment.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.


NRG MARINE LTD (REGISTERED NUMBER: 07070394)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 7 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 13,997 16,436 30,433
Additions 634 2,311 2,945
At 31 December 2023 14,631 18,747 33,378
DEPRECIATION
At 1 January 2023 7,051 11,334 18,385
Charge for year 1,856 1,492 3,348
At 31 December 2023 8,907 12,826 21,733
NET BOOK VALUE
At 31 December 2023 5,724 5,921 11,645
At 31 December 2022 6,946 5,102 12,048

NRG MARINE LTD (REGISTERED NUMBER: 07070394)

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

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 32,498
NET BOOK VALUE
At 31 December 2023 32,498
At 31 December 2022 32,498

The company's investments at the Balance Sheet date in the share capital of companies include the following:

NRG marine General Trading LLC
Registered office: Block C1, Store 7, Business Park, ICAD 3, Mussafah South, Abu Dhabi, UAE
Nature of business: Supply of ultrasonic antifouling solutions
%
Class of shares: holding
Ordinary 100.00

6. DEBTORS
2023 2022
as restated
£    £   
Amounts falling due within one year:
Trade debtors 176,036 198,345
Amounts owed by group undertakings 933,545 854,065
Other debtors 176,780 76,311
1,286,361 1,128,721

Amounts falling due after more than one year:
Amounts owed by group undertakings 350,000 -

Aggregate amounts 1,636,361 1,128,721

NRG MARINE LTD (REGISTERED NUMBER: 07070394)

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

7. RESERVES
Capital
Retained Share redemption Treasury
earnings premium reserve shares Totals
£    £    £    £    £   

At 1 January 2023 846,268 499,748 79 (250,000 ) 1,096,095
Prior year adjustment (494,718 ) (494,718 )
351,550 601,377
Profit for the year 213,641 213,641
Purchase of own shares 250,000 - - - 250,000
Share premium - (250,000 ) - - (250,000 )
At 31 December 2023 815,191 249,748 79 (250,000 ) 815,018

8. CREDITORS
2023 2022
as restated
£    £   
Amounts falling due within one year:
Bank loans and overdrafts 50,000 50,000
Trade creditors 683,767 318,163
Taxation and social security 15,500 10,351
Other creditors 344,975 262,773
1,094,242 641,287

Amounts falling due after more than one year:
Bank loans 87,500 137,500

Aggregate amounts 1,181,742 778,787

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
as restated
£    £   
Within one year 48,973 36,849
Between one and five years 11,000 48,723
59,973 85,572

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

The Auditors' Report was unqualified.

Muhammed Shabbir (Senior Statutory Auditor)
for and on behalf of Armstrongs Accountancy Ltd

NRG MARINE LTD (REGISTERED NUMBER: 07070394)

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

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
as restated
£    £   
D A Rowlands
Balance outstanding at start of year 15,048 (46,129 )
Amounts advanced 316 62,217
Amounts repaid (1,040 ) (1,040 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 14,324 15,048

Loans with amounts owed from the company to individuals have been left interest-free. Loans overdrawn with the company have had interest accrued on them at the base interest rate suggested by HMRC.

12. POST BALANCE SHEET EVENTS

After the financial year, but prior to the Director's signatory approval of the balance sheet, 1,574 issued share capital was transferred to treasury shares on the 20/02/2024, and a further 1,574 issued share capital was transferred on the 19/07/2024.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D A Rowlands.