Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31false12true2023-04-01false12trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 05288800 2023-04-01 2024-03-31 05288800 2022-04-01 2023-03-31 05288800 2024-03-31 05288800 2023-03-31 05288800 c:Director1 2023-04-01 2024-03-31 05288800 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 05288800 d:Buildings d:LongLeaseholdAssets 2024-03-31 05288800 d:Buildings d:LongLeaseholdAssets 2023-03-31 05288800 d:PlantMachinery 2023-04-01 2024-03-31 05288800 d:PlantMachinery 2024-03-31 05288800 d:PlantMachinery 2023-03-31 05288800 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05288800 d:MotorVehicles 2023-04-01 2024-03-31 05288800 d:MotorVehicles 2024-03-31 05288800 d:MotorVehicles 2023-03-31 05288800 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05288800 d:ComputerEquipment 2023-04-01 2024-03-31 05288800 d:ComputerEquipment 2024-03-31 05288800 d:ComputerEquipment 2023-03-31 05288800 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05288800 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 05288800 d:CurrentFinancialInstruments 2024-03-31 05288800 d:CurrentFinancialInstruments 2023-03-31 05288800 d:CurrentFinancialInstruments 1 2024-03-31 05288800 d:CurrentFinancialInstruments 1 2023-03-31 05288800 d:Non-currentFinancialInstruments 2024-03-31 05288800 d:Non-currentFinancialInstruments 2023-03-31 05288800 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 05288800 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 05288800 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 05288800 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 05288800 d:ShareCapital 2024-03-31 05288800 d:ShareCapital 2023-03-31 05288800 d:RetainedEarningsAccumulatedLosses 2024-03-31 05288800 d:RetainedEarningsAccumulatedLosses 2023-03-31 05288800 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-04-01 2024-03-31 05288800 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-03-31 05288800 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-03-31 05288800 c:FRS102 2023-04-01 2024-03-31 05288800 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 05288800 c:FullAccounts 2023-04-01 2024-03-31 05288800 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05288800 2 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 05288800









MARINE DATA SYSTEMS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
MARINE DATA SYSTEMS LIMITED
REGISTERED NUMBER:05288800

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
72,707
36,840

  
72,707
36,840

Current assets
  

Stocks
 5 
137,136
55,200

Debtors: amounts falling due within one year
 6 
366,598
333,002

Cash at bank and in hand
  
103,465
149,380

  
607,199
537,582

Creditors: amounts falling due within one year
 7 
(51,857)
(64,893)

Net current assets
  
 
 
555,342
 
 
472,689

Total assets less current liabilities
  
628,049
509,529

Creditors: amounts falling due after more than one year
 8 
(11,667)
(21,667)

Provisions for liabilities
  

Deferred tax
  
(12,890)
(6,729)

Warranty provision
 9 
(36,957)
(27,935)

  
 
 
(49,847)
 
 
(34,664)

Net assets
  
566,535
453,198


Capital and reserves
  

Called up share capital 
  
100
100

Retained earnings
  
566,435
453,098

Shareholders' funds
  
566,535
453,198


Page 1

 
MARINE DATA SYSTEMS LIMITED
REGISTERED NUMBER:05288800
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






T G Ingram
Director

Date: 2 October 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
MARINE DATA SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Marine Data Systems Limited is a private company, limited by shares, domiciled and incorporated in England and Wales (registered number: 05288800). The registered office address is Vittlefields Technology Centre, Forest Road, Newport, Isle of Wight, PO30 4LY.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director has made an assessment in preparing these financial statements as to whether the Company is a going concern and has concluded that there are no material uncertainties that may cast doubt on the Company's ability to continue as a going concern.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
MARINE DATA SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Development costs

Expenditure on research and development is written off in the year in which it is incurred. 

Page 4

 
MARINE DATA SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
33%
straight-line
Plant and machinery
-
20%
reducing balance
Motor vehicles
-
20%
reducing balance
Computer equipment
-
25%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
MARINE DATA SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.11

Financial instruments

Financial assets and financial liabilities are recognised in the Balance Sheet when the Company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the Company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the Company’s cash management.
Financial liabilities and equity instruments issued by the Company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method.

Page 6

 
MARINE DATA SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2023 - 12).

Page 7

 

MARINE DATA SYSTEMS LIMITED
 
 
 

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


4.


Tangible fixed assets






Leasehold improvements
Plant and machinery
Motor vehicles
Computer equipment
Total

£
£
£
£
£



Cost


At 1 April 2023
56,166
120,489
28,478
22,498
227,631


Additions
-
-
49,999
1,847
51,846


Disposals
-
-
(19,167)
-
(19,167)



At 31 March 2024

56,166
120,489
59,310
24,345
260,310



Depreciation


At 1 April 2023
56,166
97,495
26,433
10,697
190,791


Charge for the year
-
4,599
5,409
5,971
15,979


Disposals
-
-
(19,167)
-
(19,167)



At 31 March 2024

56,166
102,094
12,675
16,668
187,603



Net book value



At 31 March 2024
-
18,395
46,635
7,677
72,707



At 31 March 2023
-
22,994
2,045
11,801
36,840

Page 8

 
MARINE DATA SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Stocks

2024
2023
£
£

Raw materials and consumables
66,301
26,212

Work in progress
5,062
4,350

Finished goods and goods for resale
65,773
24,638

137,136
55,200



6.


Debtors

2024
2023
£
£


Trade debtors
127,958
99,728

Amounts owed by group undertakings
230,221
230,221

Other debtors
-
3,053

Prepayments and accrued income
8,419
-

366,598
333,002



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,000
10,000

Trade creditors
7,567
11,693

Corporation tax
2,213
-

Other taxation and social security
5,627
4,970

Proceeds of factored debts
6,314
-

Other creditors
416
-

Accruals and deferred income
19,720
38,230

51,857
64,893


Page 9

 
MARINE DATA SYSTEMS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
11,667
21,667


During the year, the Company received a Bounce Back Loan, the loan is due to be fully repaid by May 2026 and accrues interest at 2.5%.


9.


Provisions




Warranty provision

£





At 1 April 2023
27,935


Charged to profit or loss
9,022



At 31 March 2024
36,957


10.


Related party transactions

The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.


11.


Controlling party

The immediate and ultimate parent undertaking is Katon Ingram Holdings IW Limited, a company registered in England and Wales.
The ultimate controlling party is T G Ingram, by virtue of his shareholding and directorship in the ultimate parent undertaking.

 
Page 10