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REGISTERED NUMBER: 02226135 (England and Wales)














Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 29th February 2024

for

MMS Ship Repair and Dry Dock Co. Ltd

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)






Contents of the Consolidated Financial Statements
for the year ended 29th February 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


MMS Ship Repair and Dry Dock Co. Ltd

Company Information
for the year ended 29th February 2024







DIRECTORS: R S Langton
Mrs P Langton
Miss L Langton
A G Marshall



SECRETARY: Miss L Langton



REGISTERED OFFICE: North East Corner
Alexandra Dock
Hull
East Yorkshire
HU9 1TA



REGISTERED NUMBER: 02226135 (England and Wales)



AUDITORS: Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX



BANKERS: Virgin Money
214 Holderness Road
Kingston Shopping Centre
Hull
HU9 2AA



SOLICITORS: Andrew M. Jackson
Essex House
Hull
HU1 1XH

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Group Strategic Report
for the year ended 29th February 2024

The directors present their strategic report of the company and the group for the year ended 29th February 2024.

REVIEW OF BUSINESS
The key performance indicators of turnover, turnover growth and net profit before taxation communicate the financial performance of the group as a whole.


The key performance indicators for the last four years are as follows:


2024 2023 2022 2021
£ £ £ £
Turnover 6,262,896 7,020,459 5,457,068 5,713,731
Turnover Growth -10.79% 28.68% -4.49% -9.78%
Profit before tax 91,488 727,942 184,202 635,843
Profit before tax margin 1.46% 10.37% 3.38% 11.13%


Although headline turnover of the main trading company operating the ship repair and dry dock facility remained constant, some one-off costs relating to an aborted barge conversion project had to be written off at the year end which was previously included in the work in progress valuation. In addition, planned yard maintenance and wage rate increases reduced profit levels but the company remained in good shape to enter the 2025 financial year.

Turnover for the year of the subsidiary company, operating the offshore supply vessel fleet, increased due to excellent performance in the first half of the financial year. Unfortunately, one of the vessels in the fleet was out of action for several months in the second half of the financial year needing extensive engine and gearbox repairs, resulting in reduced profits for the year overall.

The directors are satisfied with the results for the financial year in the circumstances.

PRINCIPAL RISKS AND UNCERTAINTIES
The group's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance the company's operations.

Price risk
Due to the well located and varied operations of the group, there is a minimal amount of price risk.

Foreign exchange risk
The group has a small amount of exposure to foreign exchange risks. These are considered to be an immaterial amount in the company's transactions.

Credit risk
The group has little experience of material bad debts in general and therefore does not consider credit risk to be significant.

Liquidity risk
The group's liquidity risk is managed by ensuring sufficient funds are available to meet amounts due and does not consider that liquidity poses a significant risk.

Interest rate and cash flow risk
The group had a favourable cash balance during the year and therefore does not consider that interest rates or cash flow pose a significant risk.


MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Group Strategic Report
for the year ended 29th February 2024

FUTURE DEVELOPMENTS
The ship repair market remains buoyant with most vessel owners, in all seagoing trades, seeing high demand for usage. MMS have built up an excellent reputation for guaranteed quality work since the company was established in 1988. MMS will continue to to invest in and update their shipyard facility to ensure that they can service increased
demand.

The offshore support vessel fleet continues to perform well with strong demand from customers. The fleet has been operating between Scotland , Holland and the Thames on a regular basis which has contributed to the highest annual turnover for MMS Offshore since the company was established. MMS Offshore intends to install HVO fuel tanks to all vessels in order to run generators with zero emissions. Further growth and contribution is expected
from this subsidiary company.

ON BEHALF OF THE BOARD:





R S Langton - Director


30th October 2024

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Report of the Directors
for the year ended 29th February 2024

The directors present their report with the financial statements of the company and the group for the year ended 29th February 2024.

PRINCIPAL ACTIVITIES
The principal activities of the group in the year under review were those of ship repairing, maintenance and fabrication, marine engineering, workboat building and hire of vessels.

DIVIDENDS
An interim dividend of £10.10 per share was paid on 29th February 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 29th February 2024 will be £ 1,000 .

FUTURE DEVELOPMENTS
These details have been provided in the company's strategic report.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st March 2023 to the date of this report.

R S Langton
Mrs P Langton

Other changes in directors holding office are as follows:

Miss L Langton - appointed 1st March 2023

A G Marshall was appointed as a director after 29th February 2024 but prior to the date of this report.

FINANCIAL INSTRUMENTS
The group's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance the group's operations.

Revenue Maintenance
The group actively markets and manages its services to focus on revenue building and maintenance which can contribute to the future profits of the business.

Risks and uncertainties
These details have been provided in the group's strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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). 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 the group and of the profit or loss of the group 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;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Report of the Directors
for the year ended 29th February 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Sadofskys, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





R S Langton - Director


30th October 2024

Report of the Independent Auditors to the Members of
MMS Ship Repair and Dry Dock Co. Ltd

Opinion
We have audited the financial statements of MMS Ship Repair and Dry Dock Co. Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 29th February 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 29th February 2024 and of the group's profit for the year 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 group 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 group's and the parent 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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
MMS Ship Repair and Dry Dock Co. Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
MMS Ship Repair and Dry Dock Co. Ltd


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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the manufacturing sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, UK tax legislation, and data protection, anti-bribery, employment, environmental, health and safety legislation along with industry specific regulations and requirements.
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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
MMS Ship Repair and Dry Dock Co. Ltd


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.




Alan Brocklehurst (Senior Statutory Auditor)
for and on behalf of Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX

30th October 2024

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Consolidated
Statement of Comprehensive
Income
for the year ended 29th February 2024

2024 2023
Notes £    £   

TURNOVER 3 6,262,896 7,020,459

Cost of sales 4,231,934 4,482,574
GROSS PROFIT 2,030,962 2,537,885

Administrative expenses 1,804,320 1,650,757
OPERATING PROFIT 5 226,642 887,128

Interest receivable and similar income 12,569 2,418
239,211 889,546

Interest payable and similar expenses 6 147,723 161,604
PROFIT BEFORE TAXATION 91,488 727,942

Tax on profit 7 28,100 438,605
PROFIT FOR THE FINANCIAL YEAR 63,388 289,337

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

63,388

289,337

Profit attributable to:
Owners of the parent 63,388 289,337

Total comprehensive income attributable to:
Owners of the parent 63,388 289,337

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Consolidated Balance Sheet
29th February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 7,873,743 7,592,915
Investments 11 - -
7,873,743 7,592,915

CURRENT ASSETS
Stocks 12 3,327,648 3,782,304
Debtors 13 826,669 807,382
Cash at bank 540,657 885,059
4,694,974 5,474,745
CREDITORS
Amounts falling due within one year 14 1,319,948 1,538,514
NET CURRENT ASSETS 3,375,026 3,936,231
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,248,769

11,529,146

CREDITORS
Amounts falling due after more than one
year

15

(2,795,647

)

(3,166,512

)

PROVISIONS FOR LIABILITIES 19 (927,092 ) (898,992 )
NET ASSETS 7,526,030 7,463,642

CAPITAL AND RESERVES
Called up share capital 20 100 100
Retained earnings 7,525,930 7,463,542
SHAREHOLDERS' FUNDS 7,526,030 7,463,642

The financial statements were approved by the Board of Directors and authorised for issue on 30th October 2024 and were signed on its behalf by:





R S Langton - Director


MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Company Balance Sheet
29th February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 2,654,412 2,853,574
Investments 11 200 200
2,654,612 2,853,774

CURRENT ASSETS
Stocks 12 3,327,648 3,782,304
Debtors 13 1,814,435 1,115,645
Cash at bank 299,799 502,612
5,441,882 5,400,561
CREDITORS
Amounts falling due within one year 14 797,612 961,341
NET CURRENT ASSETS 4,644,270 4,439,220
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,298,882

7,292,994

PROVISIONS FOR LIABILITIES 19 350,957 350,831
NET ASSETS 6,947,925 6,942,163

CAPITAL AND RESERVES
Called up share capital 20 100 100
Retained earnings 6,947,825 6,942,063
SHAREHOLDERS' FUNDS 6,947,925 6,942,163

Company's profit for the financial year 6,762 361,534

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

The financial statements were approved by the Board of Directors and authorised for issue on 30th October 2024 and were signed on its behalf by:





R S Langton - Director


MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Consolidated Statement of Changes in Equity
for the year ended 29th February 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st March 2022 100 7,176,205 7,176,305

Changes in equity
Dividends - (2,000 ) (2,000 )
Total comprehensive income - 289,337 289,337
Balance at 28th February 2023 100 7,463,542 7,463,642

Changes in equity
Dividends - (1,000 ) (1,000 )
Total comprehensive income - 63,388 63,388
Balance at 29th February 2024 100 7,525,930 7,526,030

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Company Statement of Changes in Equity
for the year ended 29th February 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st March 2022 100 6,582,529 6,582,629

Changes in equity
Dividends - (2,000 ) (2,000 )
Total comprehensive income - 361,534 361,534
Balance at 28th February 2023 100 6,942,063 6,942,163

Changes in equity
Dividends - (1,000 ) (1,000 )
Total comprehensive income - 6,762 6,762
Balance at 29th February 2024 100 6,947,825 6,947,925

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Consolidated Cash Flow Statement
for the year ended 29th February 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,022,436 421,791
Interest paid (147,723 ) (160,549 )
Interest element of hire purchase or finance
lease rental payments paid

-

(1,055

)
Tax (paid)/received - 3,190
Net cash from operating activities 874,713 263,377

Cash flows from investing activities
Purchase of tangible fixed assets (660,000 ) (8,341 )
Sale of tangible fixed assets - 105,039
Interest received 12,569 2,418
Net cash from investing activities (647,431 ) 99,116

Cash flows from financing activities
Capital repayments in year (432,039 ) (432,195 )
Amount withdrawn by directors (138,645 ) (238,617 )
Equity dividends paid (1,000 ) (2,000 )
Net cash from financing activities (571,684 ) (672,812 )

Decrease in cash and cash equivalents (344,402 ) (310,319 )
Cash and cash equivalents at beginning of
year

2

885,059

1,195,378

Cash and cash equivalents at end of year 2 540,657 885,059

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Notes to the Consolidated Cash Flow Statement
for the year ended 29th February 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 91,488 727,942
Depreciation charges 379,172 389,605
Loss on disposal of fixed assets - 725
Finance costs 147,723 161,604
Finance income (12,569 ) (2,418 )
605,814 1,277,458
Decrease/(increase) in stocks 454,656 (9,949 )
(Increase)/decrease in trade and other debtors (19,287 ) 29,309
Decrease in trade and other creditors (18,747 ) (875,027 )
Cash generated from operations 1,022,436 421,791

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 29th February 2024
29/2/24 1/3/23
£    £   
Cash and cash equivalents 540,657 885,059
Year ended 28th February 2023
28/2/23 1/3/22
£    £   
Cash and cash equivalents 885,059 1,195,378


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/3/23 Cash flow At 29/2/24
£    £    £   
Net cash
Cash at bank 885,059 (344,402 ) 540,657
885,059 (344,402 ) 540,657
Debt
Debts falling due within 1 year (389,494 ) 61,174 (328,320 )
Debts falling due after 1 year (3,166,512 ) 370,865 (2,795,647 )
(3,556,006 ) 432,039 (3,123,967 )
Total (2,670,947 ) 87,637 (2,583,310 )

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Notes to the Consolidated Financial Statements
for the year ended 29th February 2024

1. STATUTORY INFORMATION

MMS Ship Repair and Dry Dock Co. Ltd 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 General 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" 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.
Short leasehold - in accordance with the property
Improvements to property - in accordance with the property
Plant and machinery - 33% on cost, 20% on cost and 15% on reducing balance
Fixtures and fittings - 33% on cost and 15% on reducing balance
Motor vehicles - 25% on reducing balance and 25% on cost
Catamaran Support Vessel - 33% on cost and straight line over 30 years

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 Consolidated Statement of Comprehensive Income, 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.

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Notes to the Consolidated Financial Statements - continued
for the year ended 29th February 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Repairs, maintenance and build 3,597,430 4,671,503
Hire of vessels 2,665,466 2,348,956
6,262,896 7,020,459

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,302,809 2,206,474
Social security costs 245,424 243,875
Other pension costs 36,377 49,746
2,584,610 2,500,095

The average number of employees during the year was as follows:
2024 2023

Sales and administration 12 12
Operational 48 47
60 59

The average number of employees by undertakings that were proportionately consolidated during the year was 10 (2023 - 10 ) .

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Notes to the Consolidated Financial Statements - continued
for the year ended 29th February 2024

4. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Directors' remuneration 162,779 42,086

5. OPERATING PROFIT

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

2024 2023
£    £   
Other operating leases 297,624 290,381
Depreciation - owned assets 379,172 373,726
Depreciation - assets on hire purchase contracts or finance leases - 15,879
Loss on disposal of fixed assets - 725
Auditors' remuneration 9,250 8,885
Foreign exchange differences 462 (1,062 )
Formation costs - 175

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 147,723 160,549
Hire purchase interest - 1,055
147,723 161,604

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - (3,190 )

Deferred taxation 28,100 441,795
Tax on profit 28,100 438,605

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Notes to the Consolidated Financial Statements - continued
for the year ended 29th February 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 91,488 727,942
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 19 %)

22,872

138,309

Effects of:
Expenses not deductible for tax purposes 3,380 3,253
Capital allowances in excess of depreciation - (67,652 )
Adjustments to tax charge in respect of previous periods - 82,739
Losses carried forward - 67,176
Loss on sale of fixed assets - 138
Depreciation on non-qualifying assets 1,848 2,075
Effective change in tax provision rate - 215,757
R&D credit - (3,190 )
Total tax charge 28,100 438,605

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2024 2023
£    £   
Interim Ordinary 1,000 2,000

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Notes to the Consolidated Financial Statements - continued
for the year ended 29th February 2024

10. TANGIBLE FIXED ASSETS

Group
Improvements
Short to Plant and
leasehold property machinery
£    £    £   
COST
At 1st March 2023 640,092 469,902 1,305,794
Additions - - -
At 29th February 2024 640,092 469,902 1,305,794
DEPRECIATION
At 1st March 2023 319,084 397,049 1,246,489
Charge for year 2,102 21,970 59,305
At 29th February 2024 321,186 419,019 1,305,794
NET BOOK VALUE
At 29th February 2024 318,906 50,883 -
At 28th February 2023 321,008 72,853 59,305

Fixtures Catamaran
and Motor Support
fittings vehicles Vessel Totals
£    £    £    £   
COST
At 1st March 2023 8,341 142,818 8,250,316 10,817,263
Additions - - 660,000 660,000
At 29th February 2024 8,341 142,818 8,910,316 11,477,263
DEPRECIATION
At 1st March 2023 965 124,786 1,135,975 3,224,348
Charge for year 2,753 18,032 275,010 379,172
At 29th February 2024 3,718 142,818 1,410,985 3,603,520
NET BOOK VALUE
At 29th February 2024 4,623 - 7,499,331 7,873,743
At 28th February 2023 7,376 18,032 7,114,341 7,592,915

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Notes to the Consolidated Financial Statements - continued
for the year ended 29th February 2024

10. TANGIBLE FIXED ASSETS - continued

Company
Improvements
Short to Plant and
leasehold property machinery
£    £    £   
COST
At 1st March 2023
and 29th February 2024 640,092 469,902 1,305,794
DEPRECIATION
At 1st March 2023 319,084 397,049 1,246,489
Charge for year 2,102 21,970 59,305
At 29th February 2024 321,186 419,019 1,305,794
NET BOOK VALUE
At 29th February 2024 318,906 50,883 -
At 28th February 2023 321,008 72,853 59,305

Fixtures Catamaran
and Motor Support
fittings vehicles Vessel Totals
£    £    £    £   
COST
At 1st March 2023
and 29th February 2024 8,341 142,818 2,850,000 5,416,947
DEPRECIATION
At 1st March 2023 965 124,786 475,000 2,563,373
Charge for year 2,753 18,032 95,000 199,162
At 29th February 2024 3,718 142,818 570,000 2,762,535
NET BOOK VALUE
At 29th February 2024 4,623 - 2,280,000 2,654,412
At 28th February 2023 7,376 18,032 2,375,000 2,853,574

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Notes to the Consolidated Financial Statements - continued
for the year ended 29th February 2024

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st March 2023
and 29th February 2024 200
NET BOOK VALUE
At 29th February 2024 200
At 28th February 2023 200

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

MMS Offshore Renewable Services Limited
Registered office: North East Corner, Alexandra Dock, Hull, East Yorkshire, HU9 ITA
Nature of business: Hire of vessels
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 578,280 521,754
Profit/(loss) for the year 56,626 (72,022 )

MMS Workboats Limited
Registered office: North East Corner, Alexandra Dock, Hull, East Yorkshire, HU9 ITA
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves (75 ) (75 )
Loss for the year - (175 )


12. STOCKS

Group Company
2024 2023 2024 2023
£    £    £    £   
Stocks 50,000 50,000 50,000 50,000
Work-in-progress 3,277,648 3,732,304 3,277,648 3,732,304
3,327,648 3,782,304 3,327,648 3,782,304

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Notes to the Consolidated Financial Statements - continued
for the year ended 29th February 2024

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 274,535 538,393 165,335 204,624
Amounts owed by group undertakings - - 1,379,665 730,506
Other debtors - 300 56,539 67,926
VAT 87,734 92,231 - -
Prepayments 464,400 176,458 212,896 112,589
826,669 807,382 1,814,435 1,115,645

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 16) 328,320 389,494 - -
Trade creditors 494,657 466,721 425,632 390,312
Social security and other taxes 55,279 39,486 44,790 39,486
Other creditors 15,240 15,253 7,189 11,448
Directors' current accounts 119,315 257,960 19,315 157,960
Accruals and deferred income 307,137 369,600 300,686 362,135
1,319,948 1,538,514 797,612 961,341

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Bank loans (see note 16) 2,795,647 3,166,512

16. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 328,320 389,494
Amounts falling due between one and two years:
Bank loans - 1-2 years 1,694,266 3,166,512
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,101,381 -

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Notes to the Consolidated Financial Statements - continued
for the year ended 29th February 2024

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 248,398 253,193
Between one and five years 934,648 890,105
In more than five years 663,579 884,772
1,846,625 2,028,070

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 3,123,967 3,556,006

The group have access to an overdraft facility which is secured by a fixed and floating charge over the assets of the group.

19. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred taxation 927,092 898,992 350,957 350,831

Group
Deferred
tax
£   
Balance at 1st March 2023 898,992
Movement during the year 28,100
Balance at 29th February 2024 927,092

Company
Deferred
tax
£   
Balance at 1st March 2023 350,831
Movement in year 126
Balance at 29th February 2024 350,957

MMS Ship Repair and Dry Dock Co. Ltd (Registered number: 02226135)

Notes to the Consolidated Financial Statements - continued
for the year ended 29th February 2024

20. CALLED UP SHARE CAPITAL

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

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the group owed £119,315 (2023: £257,960) to R. S. Langton, a director of the group.

22. RELATED PARTY DISCLOSURES

During the year, total dividends of £1,000 (2023 - £2,000) were paid to the directors .

During the year, MMS Ship Repair and Dry Dock Co. Ltd charged a management fee of £120,000 (2023 : £120,000) to MMS Offshore Renewable Services Limited, a wholly owned subsidiary of MMS Ship Repair and Dry Dock Co. Ltd.

At the year end, MMS Ship Repair and Dry Dock Co. Ltd was owed £1,379,490 (2023 : £730,331) from MMS Offshore Renewable Services Limited and was owed £175 (2023 : £175) from MMS Workboats Limited.

At the year end, MMS Offshore Renewable Services Limited was owed £250 (2023 : £0) from MMS Workboats Limited.

During the year, the MMS Ship Repair and Dry Dock Co. Ltd traded on normal commercial terms with MMS Offshore Renewable Services Limited. The company made sales of £809,470 (2023 : £158,758) with MMS Offshore Renewable Services Limited. There were no purchases from MMS Offshore Renewable Services Limited.

There were no sales or purchases made to or from MMS Workboats Limited in the year.

23. ULTIMATE CONTROLLING PARTY

The controlling party is R S Langton.