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Registration number: 11549566

GPS Marine Facilities Ltd

Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants & Statutory Auditor
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

GPS Marine Facilities Ltd

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

30,706

36,125

Current assets

 

Debtors

6

60,990

-

Cash at bank and in hand

 

86

167

 

61,076

167

Creditors: Amounts falling due within one year

7

(65,179)

(50,169)

Net current liabilities

 

(4,103)

(50,002)

Total assets less current liabilities

 

26,603

(13,877)

Provisions for liabilities

(7,677)

(9,031)

Net assets/(liabilities)

 

18,926

(22,908)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

18,925

(22,909)

Shareholders' funds/(deficit)

 

18,926

(22,908)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................

Mr J B Spencer

Director

Company registration number: 11549566

 

GPS Marine Facilities Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
GPS Marine House
Upnor Road
Lower Upnor
Rochester
Kent
ME2 4UY

The principal activity of the company is that of the leasing of machinery and equipment.

2

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 25 September 2024 was Martin Widdowson, who signed for and on behalf of Brebners.

3

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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

Going concern

The company had net assets at 31 December 2023 of £18,926.

The company continues to receive rental income and has few fixed overheads.

On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

 

GPS Marine Facilities Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for leasing of machinery and equipment to customers in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue evenly over the period in which the machinery and equipment is leased to customers.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

GPS Marine Facilities Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Staff numbers

The average number of persons employed by the company during the year, was 0 (2022 - 0).

5

Tangible assets

Plant and machinery
£

Cost or valuation

At 1 January 2023

50,000

At 31 December 2023

50,000

Depreciation

At 1 January 2023

13,875

Charge for the year

5,419

At 31 December 2023

19,294

Carrying amount

At 31 December 2023

30,706

At 31 December 2022

36,125

6

Debtors

2023
£

2022
£

Amounts owed by group undertakings

8

58,980

-

Other debtors

 

2,010

-

 

60,990

-

 

GPS Marine Facilities Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Amounts owed to group undertakings

8

64,099

50,019

Other creditors

 

1,080

150

 

65,179

50,169

8

Related party transactions

Exemption has been taken under FRS 103 paragraph 33.1A not to disclose transactions or amounts fully due with companies that are wholly owned within the group.

9

Parent undertaking

The company is a subsidiary of G.P.S Marine Holdings Limited. The smallest group preparing group accounts including the results of the company is G.P.S Marine Holdings Limited. The registered office of G.P.S Marine Holdings Limited is GPS Marine House, Upnor Road, Lower Upnor, Rochester, Kent ME2 4UY.