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Registration number: SC214910

Marine and Technical Services Ltd

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Marine and Technical Services Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Financial Statements

3 to 7

 

Marine and Technical Services Ltd

(Registration number: SC214910)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

67

88

Current assets

 

Debtors

5

4,830

337

Cash at bank and in hand

 

142,982

170,993

 

147,812

171,330

Creditors: Amounts falling due within one year

6

(8,582)

(8,039)

Net current assets

 

139,230

163,291

Net assets

 

139,297

163,379

Capital and reserves

 

Called up share capital

2

2

Retained earnings

139,295

163,377

Shareholders' funds

 

139,297

163,379

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Income Statement.

 

Marine and Technical Services Ltd

(Registration number: SC214910)
Statement of Financial Position as at 31 January 2024

Approved and authorised by the director on 26 September 2024
 



 

Mr C D Miller
Director

 

Marine and Technical Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

1

General information

The Company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
38 Glenlossie Road
Thomshill
Elgin
Morayshire
IV30 8GY

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services and sale of goods in the ordinary course of the company's activities. Turnover is shown net of sales/value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

 

Marine and Technical Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of the asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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

Office Equipment

25% Reducing Balance

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

Marine and Technical Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 1 (2023 - 1).

 

Marine and Technical Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 February 2023

4,012

4,012

At 31 January 2024

4,012

4,012

Depreciation

At 1 February 2023

3,924

3,924

Charge for the year

21

21

At 31 January 2024

3,945

3,945

Carrying amount

At 31 January 2024

67

67

At 31 January 2023

88

88

5

Debtors

Current

2024
£

2023
£

Trade debtors

4,830

-

Other debtors

-

337

 

4,830

337

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

4,367

3,958

Accruals and deferred income

1,648

1,795

Other creditors

2,567

2,286

8,582

8,039

 

Marine and Technical Services Ltd

Notes to the Financial Statements for the Year Ended 31 January 2024

7

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £20,000 (2023 - £30,000) per each Ordinary

40,000

60,000