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REGISTERED NUMBER: SC692637 (Scotland)




















RIBS MARINE SERVICES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






RIBS MARINE SERVICES LTD (REGISTERED NUMBER: SC692637)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Certified Accountants' Report 7

RIBS MARINE SERVICES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Miss V J Reid
Mrs S Reid
J C Reid
C Reid





REGISTERED OFFICE: New Barremman Farm
Clynder
Helensburgh
G84 0QN





REGISTERED NUMBER: SC692637 (Scotland)





ACCOUNTANTS: JCWallace & Co
Chartered Certified Accountants
1875 Great Western Road
Glasgow
G13 2YD

RIBS MARINE SERVICES LTD (REGISTERED NUMBER: SC692637)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 32,686 40,623

CURRENT ASSETS
Stocks 110,666 152,148
Debtors 5 243,143 202,821
Cash at bank and in hand 9,705 17,944
363,514 372,913
CREDITORS
Amounts falling due within one year 6 275,346 272,073
NET CURRENT ASSETS 88,168 100,840
TOTAL ASSETS LESS CURRENT
LIABILITIES

120,854

141,463

CREDITORS
Amounts falling due after more than one
year

7

(14,249

)

(28,568

)

PROVISIONS FOR LIABILITIES 9 (2,582 ) (2,967 )
NET ASSETS 104,023 109,928

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 103,923 109,828
SHAREHOLDERS' FUNDS 104,023 109,928

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2024 and were signed on its behalf by:





C Reid - Director


RIBS MARINE SERVICES LTD (REGISTERED NUMBER: SC692637)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Ribs Marine Services Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Heritable property - 2% on cost
Plant and machinery - 20% on cost
Motor vehicles - 25% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 9 ) .

RIBS MARINE SERVICES LTD (REGISTERED NUMBER: SC692637)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Heritable Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 April 2023 3,993 21,601 41,545 67,139
Additions - - 2,640 2,640
At 31 March 2024 3,993 21,601 44,185 69,779
DEPRECIATION
At 1 April 2023 160 8,640 17,716 26,516
Charge for year 80 4,320 6,177 10,577
At 31 March 2024 240 12,960 23,893 37,093
NET BOOK VALUE
At 31 March 2024 3,753 8,641 20,292 32,686
At 31 March 2023 3,833 12,961 23,829 40,623

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 47,706 15,699
Other debtors 192,150 173,650
Directors' current accounts 3,287 13,472
243,143 202,821

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 3,735 3,462
Trade creditors 5,870 6,803
Corporation tax 47,038 32,879
Social security and other taxes 965 6,491
VAT 24,182 33,755
Other creditors 132,485 142,399
Directors' current accounts 16,115 33,342
Accrued charges 34,956 2,942
275,346 272,073

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 3,333 14,167
Hire purchase contracts 916 4,401
14,249 28,568

RIBS MARINE SERVICES LTD (REGISTERED NUMBER: SC692637)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 4,651 7,863

Allica Bank Limited holds a Floating Charge over all the property and assets owned by the company for amounts due or becoming due to the bank.

Hire purchase contracts are secured on the assets to which they relate.

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 2,582 2,967

Deferred
tax
£   
Balance at 1 April 2023 2,967
Credit to Income Statement during year (385 )
Balance at 31 March 2024 2,582

The provision for deferred tax consists of the tax effect of timing differences in respect of the excess of taxation allowances over depreciation on fixed assets.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Miss V J Reid
Balance outstanding at start of year 6,731 30,979
Amounts advanced 1,178 6,731
Amounts repaid (6,731 ) (30,979 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,178 6,731

J C Reid
Balance outstanding at start of year 6,741 30,974
Amounts advanced 2,109 6,741
Amounts repaid (6,741 ) (30,974 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,109 6,741

The loan is interest free and repayable on demand.

RIBS MARINE SERVICES LTD (REGISTERED NUMBER: SC692637)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

12. RELATED PARTY DISCLOSURES

At the balance sheet date, an amount of £192,150 (2023: £173,650) was due from Reid & Bruce Holdings Ltd as a result of advances made by the company. This amount is included within other debtors.

At the balance sheet date the company owed R B Marine Services Ltd £130,279 (2023: £142,279) as a result of inter company trading during the year and this amount is included within other creditors. Management charges of £25,000 were invoiced to the company by RB Marine Services Ltd for services rendered during the year.

The director C Reid is a director of R B Marine Services Ltd and Reid & Bruce Holdings Ltd.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
RIBS MARINE SERVICES LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ribs Marine Services Ltd for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Ribs Marine Services Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ribs Marine Services Ltd and state those matters that we have agreed to state to the Board of Directors of Ribs Marine Services Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ribs Marine Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ribs Marine Services Ltd. You consider that Ribs Marine Services Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ribs Marine Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






JCWallace & Co
Chartered Certified Accountants
1875 Great Western Road
Glasgow
G13 2YD


3 October 2024