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Registration number: 00915484

Pentagon Marine Limited

Filleted Financial Statements

for the Period from 1 July 2023 to 30 April 2024

 

Pentagon Marine Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Pentagon Marine Limited

Company Information

Directors

CE Carlbom Flinn

K Ochiltree

A Taylor

Registered office

32-33 Clipper Boulevard
Crossways Business Park
Dartford
DA2 6QB

Auditors

Bissell & Brown Midlands Ltd
Senior Statutory Auditor
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

 

Pentagon Marine Limited

(Registration number: 00915484)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

10,995

13,443

Current assets

 

Debtors

5

507,389

531,323

Cash at bank and in hand

 

165,984

220,460

 

673,373

751,783

Creditors: Amounts falling due within one year

6

(872,383)

(910,860)

Net current liabilities

 

(199,010)

(159,077)

Net liabilities

 

(188,015)

(145,634)

Capital and reserves

 

Called up share capital

8

3,000

3,000

Retained earnings

(191,015)

(148,634)

Shareholders' deficit

 

(188,015)

(145,634)

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 directors have not delivered to the registrar a copy of the directors' report and the Profit and Loss Account.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................
CE Carlbom Flinn
Director

.........................................
K Ochiltree
Director

 

Pentagon Marine Limited

Notes to the Financial Statements for the Period from 1 July 2023 to 30 April 2024

1

General information

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

The address of its registered office is:
32-33 Clipper Boulevard
Crossways Business Park
Dartford
DA2 6QB
England

These financial statements were authorised for issue by the Board on 23 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

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 presented in sterling which is the functional currency of the company and rounded to the nearest £.

Summary of disclosure exemptions

The company has taken advantage of exemptions available to subsidiaries whose results are consolidated into publicly available financial statements. As such, the Company will not produce a cash flow statement, nor disclose related party transactions undertaken within the group companies..

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 9 October 2024 was John James Taheny, who signed for and on behalf of Bissell & Brown Midlands Ltd.

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

 

Pentagon Marine Limited

Notes to the Financial Statements for the Period from 1 July 2023 to 30 April 2024 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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 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 for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive 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 balance sheet 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

Fixtures and fittings

25% reducing balance & 20%-33% straight line

Motor vehicles

25% 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Pentagon Marine Limited

Notes to the Financial Statements for the Period from 1 July 2023 to 30 April 2024 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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.

 

Pentagon Marine Limited

Notes to the Financial Statements for the Period from 1 July 2023 to 30 April 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
Trade debtors
Trade debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Trade debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Where the arrangement with a trade debtor constitutes a financing transaction, the debtor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

 Recognition and measurement
Financial instruments are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Trade creditors
Trade creditors payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Where the arrangement with a trade creditor constitutes a financing transaction, the creditor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar instrument.

Borrowings
Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Commitments to receive a loan are measured at cost less impairment.

 Impairment
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 7 (2023 - 8).

 

Pentagon Marine Limited

Notes to the Financial Statements for the Period from 1 July 2023 to 30 April 2024 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

22,593

22,593

At 30 April 2024

22,593

22,593

Depreciation

At 1 July 2023

9,150

9,150

Charge for the period

2,448

2,448

At 30 April 2024

11,598

11,598

Carrying amount

At 30 April 2024

10,995

10,995

At 30 June 2023

13,443

13,443

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 July 2023

22,593

22,593

At 30 April 2024

22,593

22,593

Depreciation

At 1 July 2023

9,150

9,150

Charge for the period

2,448

2,448

At 30 April 2024

11,598

11,598

Carrying amount

At 30 April 2024

10,995

10,995

At 30 June 2023

13,443

13,443

 

Pentagon Marine Limited

Notes to the Financial Statements for the Period from 1 July 2023 to 30 April 2024 (continued)

5

Debtors

Current

2024
£

2023
£

Trade debtors

431,484

480,287

Prepayments

15,710

19,699

Other debtors

60,195

31,337

 

507,389

531,323

Details of non-current trade and other debtors

£57,467 (2023 -£31,337) of Deferred tax asset is classified as non current.

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

6.1

2,778

30,556

Trade creditors

 

450,883

607,042

Amounts owed to group undertakings and undertakings in which the company has a participating interest

350,000

200,000

Taxation and social security

 

8,019

28,329

Accruals and deferred income

 

55,275

34,712

Other creditors

 

5,428

10,221

 

872,383

910,860

Creditors: amounts falling due after more than one year

2024
£

2023
£

6.1

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

2,778

30,556

 

Pentagon Marine Limited

Notes to the Financial Statements for the Period from 1 July 2023 to 30 April 2024 (continued)

6

Creditors (continued)

6.1

Loans and borrowings (continued)

Bank borrowings

National Westminster Bank Plc is denominated in £ with a nominal interest rate of 5%, and the final instalment is due on 22 May 2024. The carrying amount at period end is £2,778 (2023 - £30,556).

National Westminster Bank Plc have a fixed and floating charge over all the assets of the company dated 09th February 2017.

7

Obligations under operating leases

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

9,304

18,099

Later than one year and not later than five years

12,229

14,250

21,533

32,349

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

3,000

3,000

3,000

3,000

       

9

Parent and ultimate parent undertaking

The company's immediate parent is Pentagon Freight Services Plc, incorporated in England and Wales .

 The ultimate parent is Pentagon Holdings Limited, incorporated in England and Wales .

 The most senior parent entity producing publicly available financial statements is Pentagon Holdings Limited. These financial statements are available upon request from Companies House.