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Registration number: 04069200

Marine Fire Safety Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Marine Fire Safety Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Marine Fire Safety Limited

Company Information

Directors

M Bresnahan

P Baker

Registered office

Unit D1 to D4
Haysbridge Business Centre
Brickhouse Lane
South Godstone
Surrey
RH9 8JW

 

Marine Fire Safety Limited

(Registration number: 04069200)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

173,733

152,481

Investments

5

80

80

 

173,813

152,561

Current assets

 

Stocks

6

148,118

137,761

Debtors

7

368,928

230,362

Cash at bank and in hand

 

564,685

305,607

 

1,081,731

673,730

Creditors: Amounts falling due within one year

8

(332,293)

(186,585)

Net current assets

 

749,438

487,145

Total assets less current liabilities

 

923,251

639,706

Provisions for liabilities

(42,434)

(38,120)

Net assets

 

880,817

601,586

Capital and reserves

 

Called up share capital

9

102

92

Share premium reserve

49,969

49,969

Capital redemption reserve

(69,940)

(69,940)

Retained earnings

900,686

621,465

Shareholders' funds

 

880,817

601,586

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Marine Fire Safety Limited

(Registration number: 04069200)
Balance Sheet as at 30 September 2024

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 Profit and Loss Account.

Approved and authorised by the Board on 14 October 2024 and signed on its behalf by:
 

.........................................
M Bresnahan
Director

.........................................
P Baker
Director

 
     
 

Marine Fire Safety Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

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

The address of its registered office is:
Unit D1 to D4
Haysbridge Business Centre
Brickhouse Lane
South Godstone
Surrey
RH9 8JW

These financial statements were authorised for issue by the Board on 14 October 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and 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.

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

 

Marine Fire Safety Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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

Plant and machinery

25% reducing balance per annum/straight line over 10 years

Fixtures and fittings

15% reducing balance per annum

Motor vehicles

25% reducing balance per annum

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Marine Fire Safety Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Marine Fire Safety Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 9).

 

Marine Fire Safety Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

5,722

36,928

4,680

167,801

215,131

Additions

-

543

-

47,549

48,092

Disposals

-

-

-

(2,920)

(2,920)

At 30 September 2024

5,722

37,471

4,680

212,430

260,303

Depreciation

At 1 October 2023

580

20,316

3,847

37,907

62,650

Charge for the year

1,144

2,573

208

20,390

24,315

Eliminated on disposal

-

-

(395)

-

(395)

At 30 September 2024

1,724

22,889

3,660

58,297

86,570

Carrying amount

At 30 September 2024

3,998

14,582

1,020

154,133

173,733

At 30 September 2023

5,142

16,612

1,264

129,463

152,481

Included within the net book value of land and buildings above is £3,998 (2023 - £5,142) in respect of short leasehold land and buildings.
 

 

Marine Fire Safety Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Investments

2024
£

2023
£

Investments in subsidiaries

80

80

Subsidiaries

£

Cost or valuation

At 1 October 2023

80

Provision

Carrying amount

At 30 September 2024

80

At 30 September 2023

80

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Marine Fire Safety (Scotland) Limited

30 Castle Street, Fraserburgh, AB43 9DH

Scotland

Ordinary

80%

80%

Subsidiary undertakings

Marine Fire Safety (Scotland) Limited

The principal activity of Marine Fire Safety (Scotland) Limited is that of fire safety services.

6

Stocks

2024
£

2023
£

Other inventories

148,118

137,761

 

Marine Fire Safety Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

317,362

147,104

Prepayments

6,745

21,810

Other debtors

44,821

61,448

 

368,928

230,362

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

152,841

93,354

Taxation and social security

173,966

59,956

Accruals and deferred income

3,465

31,462

Other creditors

2,021

1,813

332,293

186,585

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary 'A' shares of £1 each

100

100

90

90

Ordinary 'B' shares of £1 each

1

1

1

1

Ordinary 'D' shares of £1 each

1

1

1

1

102

102

92

92

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £49,976 (2023 - £64,125).