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REGISTERED NUMBER: 03480901 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2023 TO 31 JANUARY 2024

FOR

LONDON MARINE GROUP LIMITED

LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the period 1 January 2023 to 31 January 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


LONDON MARINE GROUP LIMITED

COMPANY INFORMATION
for the period 1 January 2023 to 31 January 2024







DIRECTORS: R S W Martin
J M Dunstan
D C Brunt
L G Vogt





REGISTERED OFFICE: Runway East
20 St Thomas Street
London
SE1 9RS





REGISTERED NUMBER: 03480901 (England and Wales)





AUDITORS: Thorne Lancaster Parker
Chartered Accountants &
Statutory Auditors
5th Floor
Palladium House
1-4 Argyll Street
London
W1F 7TA

LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

GROUP STRATEGIC REPORT
for the period 1 January 2023 to 31 January 2024


The directors present their strategic report of the company and the group for the period 1 January 2023 to 31 January 2024.

REVIEW OF BUSINESS
London Marine Group (LMG) specialise in the engineering design and provision of mooring systems for offshore installations. These include renewable energy devices, FPSOs, FSRUs and FSOs. The company's designs include External Turrets, Internal Turrets, Disconnectable Turrets and Spread Mooring Systems.

The company also specialises in designing and providing the fluid swivels that are used to convey oil, gas or water through these turret systems.

Other work includes Consultancy, Owners Engineer Services and Third Party Reviews.

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

The key financial highlights are as follows:

2024 2022

Turnover 8,183,226 6,275,842
Profit / (Loss) before tax 220,700 (402,684 )



Turnover during 2023 increased largely due to continued work on the Yinson Atlanta FPSO. In accordance with accounting standards, income and costs have been recognised on a prudent basis at the start of the project.

The principal corporate change that evolved during 2023 was the acquisition of LMG by Yinson Production Offshore Pte.Ltd of Singapore completed in February 2023.

This new ownership by a large, quoted company in the FPSO business gives great stability to LMG. Also, Yinson is one of LMG's main clients and thus ongoing flow of new work from Yinson to LMG is likely.

The company continues to see some overhang and residual impact of the Covid 19 pandemic with its effect on interest rates, access to project financing, commodity prices, supply chain pricing and project sanctions in the upstream Oil and Gas sector which although subsiding still affects the number of new projects.

However, against the subdued sanctions of new Oil and Gas projects, the activity across the renewable energy sector and, in particular, Floating Offshore Wind is accelerating rapidly and London Marine Consultants Limited (LMC) stand to benefit from this increased activity as they begin to deliver projects and offer their knowhow from traditional Oil & Gas projects into these markets.

The directors feel the business is well positioned to take advantage of improved trading conditions as the Covid restrictions subside and renewable energy project activity accelerates as well as renewed interest in new FPSO projects specifically.

Staffing levels have remained broadly unchanged and any additional manpower required has been addressed using temporary freelance staff.

The principal risks and uncertainties facing the business centre on the competitive market in which it operates and the global shifts away from fossil fuel projects into lower carbon energy sources. The directors intend to maintain and grow the position the company has established within its market.

The directors have continued to closely monitor costs and overheads as well as limiting capex commitments.


LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

GROUP STRATEGIC REPORT
for the period 1 January 2023 to 31 January 2024

GOING CONCERN
The Directors have reviewed the Financial Reporting Council's Guidance on the going concern basis of accounting and reporting on solvency and liquidity risks.

When assessing the group's and the company's ability to continue trading as a going concern the directors have reviewed the cash flows of the group to 31 January 2026. The review has encapsulated cash flows and working capital requirements as known at the date of this report.

The Directors have also taken into account the great financial stability that is now provided by the Group's new owner Yinson Production Offshore Pte Ltd..

The Directors thus consider that the Group and the Company have adequate resources to continue their operational existence. Accordingly, they continue to adopt a going concern basis of accounting in preparing the Annual Report and Accounts.

FUTURE DEVELOPMENTS
The Directors surmise that the current ongoing situation in Ukraine is likely to cause a demand to start projects that make the world less reliant on Russian oil and gas. This should lead to a demand for LMC's services on these projects.

During 2022 and subsequently, LMC secured an increasing number of contracts in renewable offshore energy projects, mainly involving floating wind turbines. They form a new source of revenue for LMC and these relatively new industries are growing, regardless of the oil price.

ON BEHALF OF THE BOARD:





J M Dunstan - Director


28 June 2024

LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

REPORT OF THE DIRECTORS
for the period 1 January 2023 to 31 January 2024


The directors present their report with the financial statements of the company and the group for the period 1 January 2023 to 31 January 2024.

DIVIDENDS
No dividends will be distributed for the period ended 31 January 2024.

EVENTS SINCE THE END OF THE PERIOD
Information relating to events since the end of the period is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

R S W Martin
J M Dunstan

Other changes in directors holding office are as follows:

D C Brunt - appointed 16 May 2023
L G Vogt - appointed 16 May 2023

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade creditors and trade debtors. The main purpose of these instruments is to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk.

In respect of bank balances the liquidity risk is managed by maintaining sufficient funds to meet the day to day requirements of the business.

Trade debtors are managed in respect of credit risk and cashflow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

REPORT OF THE DIRECTORS
for the period 1 January 2023 to 31 January 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Thorne Lancaster Parker, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J M Dunstan - Director


28 June 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LONDON MARINE GROUP LIMITED


Opinion
We have audited the financial statements of London Marine Group Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 January 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement 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 United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2024 and of the group's profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 directors' 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LONDON MARINE GROUP LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LONDON MARINE GROUP LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006) and compliance with the relevant direct and indirect tax regulation in the United Kingdom. In addition, the Company has to comply with laws and regulations relating to its operations, including UK employment laws, health and safety, and GDPR.

We understood how London Marine Group Limited is complying with those frameworks by making enquires with management and those charged with governance to understand how the Group maintains and communicates policies and procedures in these areas. We understood any controls put in place by management to reduce the opportunities of fraudulent transactions.

We assessed the susceptibility of the Group's financial statements to material misstatements including how fraud might occur through internal team conversations and inquiry of management and those charged with governance. Through these procedures we determined there to be a risk of management override associated with revenue and a fraud risk around transactions at the year end to perform details testing, including understanding of the nature of the transactions, verifying that the margin is appropriate, and verifying the clerical accuracy of the revenue recognised. In relation to management override, we selected a sample form from the entire population of journals, including manual journals, identifying specific transactions which did not meet our expectations, to investigate to an understanding and agree to source documentation. We selected a sample of revenue transactions recorded before the year end and obtained documentation to verify that revenue adjustments had been recorded in the appropriate period.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved verifying that material transactions are recorded in compliance with FRS 102 and where appropriate Companies Act 2006. Compliance with other operational laws and regulations were covered through our inquiry with no indication of non-compliance identified.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
LONDON MARINE GROUP 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 a Report of the Auditors 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.




Neil Usher (Senior Statutory Auditor)
for and on behalf of Thorne Lancaster Parker
Chartered Accountants &
Statutory Auditors
5th Floor
Palladium House
1-4 Argyll Street
London
W1F 7TA

1 July 2024

LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

CONSOLIDATED INCOME STATEMENT
for the period 1 January 2023 to 31 January 2024

Period
1.1.23
to Year Ended
31.1.24 31.12.22
Notes £    £   

REVENUE 4 8,183,226 6,275,842

Cost of sales (7,005,243 ) (6,027,109 )
GROSS PROFIT 1,177,983 248,733

Administrative expenses (957,283 ) (651,417 )
OPERATING PROFIT/(LOSS) and
PROFIT/(LOSS) BEFORE TAXATION 220,700 (402,684 )

Tax on profit/(loss) 7 - -
PROFIT/(LOSS) FOR THE FINANCIAL
PERIOD

220,700

(402,684

)
Profit/(loss) attributable to:
Owners of the parent 220,700 (402,684 )

LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
for the period 1 January 2023 to 31 January 2024

Period
1.1.23
to Year Ended
31.1.24 31.12.22
Notes £    £   

PROFIT/(LOSS) FOR THE PERIOD 220,700 (402,684 )


OTHER COMPREHENSIVE INCOME
Translation reserve 61,114 (137,684 )
Income tax relating to other comprehensive
income

-

-

OTHER COMPREHENSIVE INCOME FOR
THE PERIOD, NET OF INCOME TAX

61,114

(137,684

)
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

281,814

(540,368

)

Total comprehensive income attributable to:
Owners of the parent 281,814 (540,368 )

LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

CONSOLIDATED BALANCE SHEET
31 January 2024

2024 2022
Notes £    £   
FIXED ASSETS
Intangible assets 9 1 1
Property, plant and equipment 10 15,105 35,890
Investments 11 - -
15,106 35,891

CURRENT ASSETS
Inventories 12 208,693 202,344
Debtors 13 2,074,146 1,349,453
Cash at bank 991,039 2,393,037
3,273,878 3,944,834
CREDITORS
Amounts falling due within one year 14 (3,119,579 ) (4,093,134 )
NET CURRENT ASSETS/(LIABILITIES) 154,299 (148,300 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

169,405

(112,409

)

CAPITAL AND RESERVES
Called up share capital 16 1,561,137 1,561,137
Other reserves 17 33,388 (27,726 )
Retained earnings 17 (1,425,120 ) (1,645,820 )
SHAREHOLDERS' FUNDS 169,405 (112,409 )

The financial statements were approved by the Board of Directors and authorised for issue on 28 June 2024 and were signed on its behalf by:




J M Dunstan - Director



R S W Martin - Director


LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

COMPANY BALANCE SHEET
31 January 2024

2024 2022
Notes £    £   
FIXED ASSETS
Intangible assets 9 - -
Property, plant and equipment 10 - -
Investments 11 1,001 1,001
1,001 1,001

CURRENT ASSETS
Debtors 13 1,825,870 1,667,831
Cash at bank 14,382 18,499
1,840,252 1,686,330
CREDITORS
Amounts falling due within one year 14 (1,049,421 ) (24,960 )
NET CURRENT ASSETS 790,831 1,661,370
TOTAL ASSETS LESS CURRENT
LIABILITIES

791,832

1,662,371

CAPITAL AND RESERVES
Called up share capital 16 1,561,137 1,561,137
Retained earnings (769,305 ) 101,234
SHAREHOLDERS' FUNDS 791,832 1,662,371

Company's loss for the financial year (870,539 ) (2,657 )

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

The financial statements were approved by the Board of Directors and authorised for issue on 28 June 2024 and were signed on its behalf by:




J M Dunstan - Director



R S W Martin - Director


LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the period 1 January 2023 to 31 January 2024

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 January 2022 1,561,137 (1,105,452 ) (27,726 ) 427,959

Changes in equity
Total comprehensive income - (540,368 ) - (540,368 )
Balance at 31 December 2022 1,561,137 (1,645,820 ) (27,726 ) (112,409 )

Changes in equity
Total comprehensive income - 220,700 61,114 281,814
Balance at 31 January 2024 1,561,137 (1,425,120 ) 33,388 169,405

LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the period 1 January 2023 to 31 January 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 1,561,137 103,891 1,665,028

Changes in equity
Total comprehensive income - (2,657 ) (2,657 )
Balance at 31 December 2022 1,561,137 101,234 1,662,371

Changes in equity
Total comprehensive income - (870,539 ) (870,539 )
Balance at 31 January 2024 1,561,137 (769,305 ) 791,832

LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

CONSOLIDATED CASH FLOW STATEMENT
for the period 1 January 2023 to 31 January 2024

Period
1.1.23
to Year Ended
31.1.24 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 21 (1,367,910 ) 1,498,531
Tax paid (1,906 ) 202
Net cash from operating activities (1,369,816 ) 1,498,733

Cash flows from investing activities
Purchase of tangible fixed assets (13,744 ) (44,306 )
Net cash from investing activities (13,744 ) (44,306 )

Cash flows from financing activities
Capital repayments in year (18,438 ) 18,438
Net cash from financing activities (18,438 ) 18,438

(Decrease)/increase in cash and cash equivalents (1,401,998 ) 1,472,865
Cash and cash equivalents at beginning of
period

22

2,393,037

920,172

Cash and cash equivalents at end of period 22 991,039 2,393,037

LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the period 1 January 2023 to 31 January 2024


1. GENERAL INFORMATION

London Marine Group Limited and its subsidiaries specialise in the engineering design and provision worldwide of mooring systems for FPSOs, FSRUs and FSOs including External Turrets, Internal Turrets, Disconnectable Turrets and Spread Mooring Systems.

The company is a private limited company limited by shares and is incorporated in England. The address of its registered office is Runway East, 20 St Thomas Street, London SE1 9RS.

2. STATUTORY INFORMATION

London Marine Group 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 General Information page.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
These consolidated and separate financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the recognition of certain financial assets and liabilities measured at fair value.

The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying Group and Company accounting policies.

The company has taken advantage of the exemption in section 408 of the Companies Act from disclosing its individual profit and loss account.

Going concern

The directors have reviewed the group's ability to continue as a going concern taking into account the group's future cashflows.The Group has net current assets of £154,299 and net assets of £169,405 at the balance sheet date. The financial statements have been prepared on a going concern basis.

When assessing the group's and the company's ability to continue trading as a going concern the directors have reviewed the cash flows of the company 31 January 2026.

The directors believe the group has sufficient resources to continue as a going concern and as such consider the going concern basis for the preparation of the financial statements to be appropriate.

Revenue recognition
Revenue represents the amounts derived from the provision of services which fall within the group's ordinary activities, stated net of value added tax.

Goodwill
Goodwill arises on consolidation in connection with the purchase of subsidiaries. Goodwill is being written off over its estimated life of 20 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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Intangible fixed assets - vanguard admiralty mooring system (vams)
The sole ownership rights of the VAMS mooring system design has been valued by the directors at £1.

LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 January 2023 to 31 January 2024


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Property, plant and equipment are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration initially recorded at cost.

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

Fixtures & fittings25% on cost
Computer equipment33% on cost and over the lease term of leased assets


The carrying values of fixtures, fittings and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Taxation
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 period 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
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the standard rate of exchange ruling for the year. Exchange differences are taken into account in arriving at the operating result.

Assets and liabilities of overseas subsidiaries denominated in foreign currencies are translated into sterling at the rate ruling at the balance sheet date. The results of overseas subsidiary undertakings, are translated into sterling at the average rate for the year. Exchange differences are taken into account in arriving at the operating result.

LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 January 2023 to 31 January 2024


3. ACCOUNTING POLICIES - continued

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.

Lease that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to the profit and loss account over the period of the lease.

Lease incentives
Incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the lease expense, on a straight line basis over the period of the lease.

The Group has taken advantage of the exemption in respect of lease incentives in existence on the date of transition to FRS102 and continues to credit such lease incentives to the profit and loss account over the period to the first review date on which the rent is adjusted to market rates.

Employee benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

The group provides a range of benefits to employees, including annual bonus arrangement, paid holiday
arrangements and defined contribution pensions schemes.

i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.

ii) Defined contribution pension plan
The company operates a defined contribution pension plan in which it pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligations and these are recognised as an expense when they are due. Any amounts unpaid are shown within accruals on the balance sheet and the assets of the plan are held separately in independently administered funds.

Financial instruments
Hedging
Any changes in the fair value of a hedge is recognised within equity with any ineffectiveness in the hedge
relationship recognised directly in the income statement. The gain or loss recognised on the end of a hedge
relationship is recognised within the income statement and hedge accounting is discontinued when the hedging instrument expires.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary
shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Dividends and other distributions to the company's shareholders are recognised as a liability in the financial
statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 January 2023 to 31 January 2024


4. REVENUE

The revenue and profit (2022 - loss) before taxation are attributable to the one principal activity of the group.

An analysis of revenue by geographical market is given below:

Period
1.1.23
to Year Ended
31.1.24 31.12.22
£    £   
United Kingdom 1,080,068 649,334
Europe 1,195,949 759,391
Asia 5,866,025 4,753,997
Other 41,184 113,120
8,183,226 6,275,842

5. EMPLOYEES AND DIRECTORS
Period
1.1.23
to Year Ended
31.1.24 31.12.22
£    £   
Wages and salaries 2,051,493 1,559,571
Social security costs 31,803 26,131
Other pension costs 142,593 111,715
2,225,889 1,697,417

The average number of employees during the period was as follows:
Period
1.1.23
to Year Ended
31.1.24 31.12.22

Technical 24 21
Administration 1 1
25 22

Period
1.1.23
to Year Ended
31.1.24 31.12.22
£    £   
Directors' remuneration 200,510 161,616

LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 January 2023 to 31 January 2024


5. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director for the period ended 31 January 2024 is as follows:
Period
1.1.23
to
31.1.24
£   
Emoluments etc 155,409

6. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging/(crediting):

Period
1.1.23
to Year Ended
31.1.24 31.12.22
£    £   
Other operating leases 95,385 88,685
Depreciation - owned assets 34,529 30,123
Auditors' remuneration 28,101 32,000
Taxation compliance services - 9,750
Foreign exchange differences 88,046 (141,234 )

7. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the period ended 31 January 2024 nor for the year ended 31 December 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.1.23
to Year Ended
31.1.24 31.12.22
£    £   
Profit/(loss) before tax 220,700 (402,684 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
23.370 % (2022 - 19 %)

51,578

(76,510

)

Effects of:
Capital allowances in excess of depreciation - (3,699 )
Depreciation in excess of capital allowances 5,196 -
Utilisation of tax losses (56,774 ) -

Unrelieved tax losses - 80,209
Total tax charge - -

LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 January 2023 to 31 January 2024


7. TAXATION - continued

Tax effects relating to effects of other comprehensive income

1.1.23 to 31.1.24
Gross Tax Net
£    £    £   
Translation reserve 61,114 - 61,114

2022
Gross Tax Net
£    £    £   
Translation reserve (137,684 ) - (137,684 )

At the balance sheet date the group has trading losses of £5,330,545 to carry forward against future trading profits. A deferred tax asset of £1,332,636 has not been recognised in the financial statements

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2023
and 31 January 2024 268,216 100,000 368,216
AMORTISATION
At 1 January 2023
and 31 January 2024 268,216 99,999 368,215
NET BOOK VALUE
At 31 January 2024 - 1 1
At 31 December 2022 - 1 1

LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 January 2023 to 31 January 2024


10. PROPERTY, PLANT AND EQUIPMENT

Group
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 - 131,547 131,547
Additions 612 13,132 13,744
At 31 January 2024 612 144,679 145,291
DEPRECIATION
At 1 January 2023 - 95,657 95,657
Charge for period 28 34,501 34,529
At 31 January 2024 28 130,158 130,186
NET BOOK VALUE
At 31 January 2024 584 14,521 15,105
At 31 December 2022 - 35,890 35,890

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 January 2024 1,001
NET BOOK VALUE
At 31 January 2024 1,001
At 31 December 2022 1,001

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

Subsidiaries

London Marine Consultants Limited
Registered office: Runway East, 20 St Thomas Street, London, SE1 9RS, England
Nature of business: Marine Consultancy
%
Class of shares: holding
Ordinary 100.00
2024 2022
£    £   
Aggregate capital and reserves (647,020 ) (539,187 )
Loss for the period/year (106,833 ) (355,103 )

LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 January 2023 to 31 January 2024


11. FIXED ASSET INVESTMENTS - continued

LMC Asia Pacific Pte.Ltd
Registered office: They Hong Centre 05-02A, 2 Leng Kee Road, Singapore 159086
Nature of business: Marine Consultancy
%
Class of shares: holding
Ordinary 100.00
2024 2022
£    £   
Aggregate capital and reserves (1,341,130 ) (1,342,327 )
Loss for the period/year (62,933 ) (54,942 )


12. STOCKS

Group
2024 2022
£    £   
Work-in-progress 208,693 202,344

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2022 2024 2022
£    £    £    £   
Trade debtors 623,923 283,562 - -
Amounts owed by group undertakings - - 1,721,994 1,573,284
Other debtors 39,940 201,026 - 8,994
Prepayments and accrued income 1,410,283 864,865 103,876 85,553
2,074,146 1,349,453 1,825,870 1,667,831

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2022 2024 2022
£    £    £    £   
Hire purchase contracts (see note 15) - 18,438 - -
Trade creditors 1,014,522 720,452 766 959
Amounts owed to group undertakings 152,837 1,048,345 1,022,756 -
Tax 1,814 1,905 - -
Social security and other taxes 53,887 55,211 1,898 -
Other creditors 14,326 1 1 1
Accruals and deferred income 1,882,193 2,248,782 24,000 24,000
3,119,579 4,093,134 1,049,421 24,960

LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 January 2023 to 31 January 2024


15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2022
£    £   
Net obligations repayable:
Within one year - 18,438

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2022
value: £    £   
11,111,635 Ordinary 10p 1,111,164 1,111,164
3,783,730 Ordinary A 10p 378,373 378,373
715,000 Ordinary B 10p 71,500 71,500
100 £1 'D' Deferred shares £1 100 100
1,561,137 1,561,137

Rights Attaching to Classes of Shares

The 'D' deferred shares do not rank for any dividends nor do the shares carry any voting power.

17. RESERVES

Group
Retained Other
earnings reserves Totals
£    £    £   

At 1 January 2023 (1,645,820 ) (27,726 ) (1,673,546 )
Profit for the period 220,700 220,700
Translation reserve - 61,114 61,114
At 31 January 2024 (1,425,120 ) 33,388 (1,391,732 )


18. ULTIMATE PARENT COMPANY

During the year the ultimate parent company was Yinson Production Offshore Pte Ltd.

LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 January 2023 to 31 January 2024


19. RELATED PARTY DISCLOSURES

Company

At the balance sheet date the company owed the parent company Yinson Production Offshore Pte Ltd £1,022,756.

At the balance sheet date the company was owed £1,721,994 (2022 - £1,573,284) by London Marine Consultants Limited.

At the balance sheet date the company was owed £868,304 (2022: £nil) by LMC Asia Pacific Pte.Ltd. The amount has been provided in full in these financial statements.

The company has taken advantage of the exemption not to disclose intra group transactions which fall within the definition of related party transactions.

20. POST BALANCE SHEET EVENTS

After the year end the company's parent company has decided to capitalise the amount due as at 31 December 2023. This will improve the company and group net current assets by £1,022,756.

21. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Period
1.1.23
to Year Ended
31.1.24 31.12.22
£    £   
Profit/(loss) before taxation 220,700 (402,684 )
Depreciation charges 34,529 30,123
Translation reserve 61,114 (137,684 )
316,343 (510,245 )
Increase in inventories (6,349 ) (26,390 )
Increase in trade and other debtors (724,693 ) (936,751 )
(Decrease)/increase in trade and other creditors (953,211 ) 2,971,917
Cash generated from operations (1,367,910 ) 1,498,531

22. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31 January 2024
31.1.24 1.1.23
£    £   
Cash and cash equivalents 991,039 2,393,037
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 2,393,037 920,172


LONDON MARINE GROUP LIMITED (REGISTERED NUMBER: 03480901)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the period 1 January 2023 to 31 January 2024


23. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.1.24
£    £    £   
Net cash
Cash at bank 2,393,037 (1,401,998 ) 991,039
2,393,037 (1,401,998 ) 991,039
Debt
Finance leases (18,438 ) 18,438 -
(18,438 ) 18,438 -
Total 2,374,599 (1,383,560 ) 991,039