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REGISTERED NUMBER: 02501732 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE PERIOD 1 JANUARY 2023 TO 31 JANUARY 2024

FOR

LONDON MARINE CONSULTANTS LIMITED

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

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










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Statement of Financial Position 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


LONDON MARINE CONSULTANTS LIMITED

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







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





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





REGISTERED NUMBER: 02501732 (England and Wales)





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

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

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


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

REVIEW OF BUSINESS
London Marine Consultants (LMC) 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 Engineering Services and Third Party Reviews.

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

The key financial highlights are as follows:

2024 2022

Turnover 8,183,226 6,253,526
Loss before tax (106,833 ) (355,103 )



Turnover during 2024 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 directors are of the opinion that, although the project was secured on a very competitive margin, the project will be profitable over its life cycle and profits are expected to flow through in the accounts to 31 January 2025.

The principal corporate change that evolved during 2023 and 2024 was the acquisition of London Marine Group Ltd (LMG) by Yinson Production Offshore Pte.Ltd of Singapore.

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

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 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 CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

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 that was issued in April 2016 and current guidance.

When assessing the company's ability to continue trading as a going concern the directors have reviewed the cash flows of the company for the 12 months to 30 April 2025. 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 company's new owner Yinson Production Offshore Pte Ltd..

The Directors thus consider that the Company have adequate resources to continue their operational existence for the foreseeable future. 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 2023 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 CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

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 for the period 1 January 2023 to 31 January 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of advising and consulting upon all matters affecting the supervision, development, construction, execution and planning of marine, geological and navigational matters, projects and operations of every description in any part of the world.

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

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 Martin
J M Dunstan

Other changes in directors holding office are as follows:

L G Vogt - appointed 16 May 2023
D C Brunt - 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 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company 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;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained
in the financial statements;
-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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

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 company'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 company'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 CONSULTANTS LIMITED


Opinion
We have audited the financial statements of London Marine Consultants Limited (the 'company') for the period ended 31 January 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity 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 company's affairs as at 31 January 2024 and of its loss 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 company 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 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.

Emphasis of matter
We draw attention to the disclosures in the strategic report and Note 3 to the financial statements in relation to going concern. Our opinion is not modified in respect of this matter.

Other information
The directors are responsible for the other information. The other information comprises the information in the 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 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 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 CONSULTANTS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 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 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 CONSULTANTS 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.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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 Consultants Limited is complying with those frameworks by making enquires with management and those charged with governance to understand how the Company 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 company'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. We have performed tests of detail, 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 from the entire population of journals, including manual journals, identifying specific transactions which did not meet our expectations, in order to investigate, understand 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 CONSULTANTS 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 CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

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 6,253,526

Cost of sales (6,983,076 ) (6,000,449 )
GROSS PROFIT 1,200,150 253,077

Administrative expenses (1,306,983 ) (608,180 )
OPERATING LOSS and
LOSS BEFORE TAXATION (106,833 ) (355,103 )

Tax on loss 7 - -
LOSS FOR THE FINANCIAL PERIOD (106,833 ) (355,103 )

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

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 £    £   

LOSS FOR THE PERIOD (106,833 ) (355,103 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

(106,833

)

(355,103

)

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

STATEMENT OF FINANCIAL POSITION
31 January 2024

2024 2022
Notes £    £   
FIXED ASSETS
Property, plant and equipment 8 15,106 35,891

CURRENT ASSETS
Inventories 9 208,693 202,344
Debtors 10 2,825,078 1,622,372
Cash at bank 959,380 2,339,087
3,993,151 4,163,803
CREDITORS
Amounts falling due within one year 11 (4,654,277 ) (4,738,881 )
NET CURRENT LIABILITIES (661,126 ) (575,078 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(646,020

)

(539,187

)

CAPITAL AND RESERVES
Called up share capital 13 1,000 1,000
Retained earnings 14 (647,020 ) (540,187 )
SHAREHOLDERS' FUNDS (646,020 ) (539,187 )

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 Martin - Director


LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

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 1,000 (185,084 ) (184,084 )

Changes in equity
Total comprehensive income - (355,103 ) (355,103 )
Balance at 31 December 2022 1,000 (540,187 ) (539,187 )

Changes in equity
Total comprehensive income - (106,833 ) (106,833 )
Balance at 31 January 2024 1,000 (647,020 ) (646,020 )

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

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


1. GENERAL INFORMATION

London Marine Consultants Limited is a private company listed by shares and is incorporated in England and Wales. The address of the company's principal place of business is Runway East, 20 St Thomas Street, London, SE1 9RS.

2. STATUTORY INFORMATION

London Marine Consultants 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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial reporting Standard applicable in the UK and republic of Ireland" and the Companies Act 2006. They have been 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 company accounting policies.

Going Concern

As described in the profit and loss account and balance sheet the company made a loss for the year of £106,833 and has net current liabilities of £661,126. The financial statements have been prepared on a going concern basis, which is dependent upon the Company winning future contracts.

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 for the 12 months to 31 April 2025.

If the Company were unable to continue in operational existence, adjustments would have to be made to reduce the values of assets in the statement of financial position to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify non-current assets as current assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Turnover
The turnover is the total amount, excluding value added tax, receivable by the company in the ordinary course of business for the services provided as a principal.

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

NOTES TO THE 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. Such cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows;

Fixtures and fittings20% on cost
Office equipment33% on cost and over the lease term of leased assets


The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

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

Taxation
Taxation for the period 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 statement of financial position date.

Deferred taxation
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 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
The company's functional and presentation currency is the pound sterling.

Transactions in foreign currencies are initially recorded in the entity's functional currency by applying the spot exchange rate ruling at the dare of the transaction.

Non-monetary assets and liabilities are measured at historical costs and are translated using the exchange rate at the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are retranslated using the exchange rate of exchange ruling at the balance sheet date.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at the period-end exchange rated of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement.

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.

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

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


3. ACCOUNTING POLICIES - continued

Employee benefits
The company 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.

Long-term contracts
Long-term contracts are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses.

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.

4. REVENUE

The revenue and loss before taxation are attributable to the one principal activity of the company.

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 1,080,068 651,334
Europe 1,195,949 757,391
Asia 5,866,025 4,731,681
Other 41,184 113,120
8,183,226 6,253,526

5. EMPLOYEES AND DIRECTORS
Period
1.1.23
to Year Ended
31.1.24 31.12.22
£    £   
Wages and salaries 1,975,268 1,481,108
Social security costs 31,803 26,131
Other pension costs 142,593 111,715
2,149,664 1,618,954

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

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


5. EMPLOYEES AND DIRECTORS - continued

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

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 LOSS

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

Period
1.1.23
to Year Ended
31.1.24 31.12.22
£    £   
Other operating leases 90,233 78,883
Depreciation - owned assets 34,529 30,123
Auditors' remuneration 10,852 12,000
Taxation compliance services - 9,750
Foreign exchange differences 70,415 (132,099 )

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.

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

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


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher 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
£    £   
Loss before tax (106,833 ) (355,103 )
Loss multiplied by the standard rate of corporation tax in the UK of 25% (2022 -
19%)

(26,708

)

(67,470

)

Effects of:
Depreciation in excess of capital allowances 5,196 3,699


Unrelieved tax losses 21,512 63,771
Total tax charge - -

At the balance sheet date the company has trading losses to carry forward against future trading profits of £5,658,080. A deferred tax asset of £1,414,520 has not been recognised in the financial statements.

8. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and Office
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 - 131,548 131,548
Additions 612 13,132 13,744
At 31 January 2024 612 144,680 145,292
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 14,522 15,106
At 31 December 2022 - 35,891 35,891

9. INVENTORIES
2024 2022
£    £   
Work-in-progress 208,693 202,344

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

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


10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Trade debtors 614,578 283,214
Amounts owed by group undertakings 869,919 478,588
Other debtors 34,174 81,258
Prepayments and accrued income 1,306,407 779,312
2,825,078 1,622,372

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
£    £   
Hire purchase contracts (see note 12) - 18,438
Trade creditors 1,013,756 720,280
Amounts owed to group undertakings 1,721,994 1,727,736
Social security and other taxes 51,989 55,211
Other creditors 14,325 -
Accruals and deferred income 1,852,213 2,217,216
4,654,277 4,738,881

12. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2022
£    £   
Net obligations repayable:
Within one year - 18,438

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

14. RESERVES
Retained
earnings
£   

At 1 January 2023 (540,187 )
Deficit for the period (106,833 )
At 31 January 2024 (647,020 )

15. ULTIMATE PARENT COMPANY

During the year the ultimate parent company was Yinson Production Offshore Pte Ltd, a company incorporated in Singapore.

LONDON MARINE CONSULTANTS LIMITED (REGISTERED NUMBER: 02501732)

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


16. RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed £869,919 by Yinson Production Offshore Pte Ltd.

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

At the balance sheet date the company was owed £514,535 (2022 - £478,588) by LMC Asia Pacific Pte Ltd. This amount has been provided for in full.

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

17. DIRECTORS INTEREST

No directors had any interest in the shares of the company at the balance sheet date.