Company registration number 14020269 (England and Wales)
MARINE PLANT HIRE (UK) LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MARINE PLANT HIRE (UK) LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
MARINE PLANT HIRE (UK) LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
3
82,765
87,181
Tangible assets
4
1,034,631
1,143,358
1,117,396
1,230,539
Current assets
Stocks
5
8,930
-
Debtors
6
62,144
116,158
Cash at bank and in hand
356,417
54,923
427,491
171,081
Creditors: amounts falling due within one year
7
(1,006,454)
(1,321,433)
Net current liabilities
(578,963)
(1,150,352)
Total assets less current liabilities
538,433
80,187
Provisions for liabilities
Deferred tax liability
8
242,189
269,166
(242,189)
(269,166)
Net assets/(liabilities)
296,244
(188,979)
Capital and reserves
Called up share capital
9
88,285
88,285
Profit and loss reserves
207,959
(277,264)
Total equity
296,244
(188,979)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered 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 7 August 2024 and are signed on its behalf by:
Mr R Full
Ms T Redhead
Director
Director
Company registration number 14020269 (England and Wales)
MARINE PLANT HIRE (UK) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
-
Year ended 31 March 2023:
Loss and total comprehensive income
-
(277,264)
(277,264)
Issue of share capital
9
88,285
-
88,285
Balance at 31 March 2023
88,285
(277,264)
(188,979)
Year ended 31 March 2024:
Profit and total comprehensive income
-
485,223
485,223
Balance at 31 March 2024
88,285
207,959
296,244
MARINE PLANT HIRE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Marine Plant Hire (UK) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 20 and 22B, Dawlish Business Park, Dawlish, Devon, EX7 0NH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Teignmouth Maritime Properties and Holdings Limited. These consolidated financial statements are available from its registered office, Unit 20, Dawlish Business Park, Dawlish, Devon. EX7 0NH.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable from the provision of plant hire services, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from plant hire services services is recognised in the period in which it is earned buyer (usually on the signing of an agreement by a customer), when the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
MARINE PLANT HIRE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% per annum on a straight-line basis
Plant and equipment
10% per annum on a reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
MARINE PLANT HIRE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified 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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
MARINE PLANT HIRE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
MARINE PLANT HIRE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Directors
6
6
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
88,285
Amortisation and impairment
At 1 April 2023
1,104
Amortisation charged for the year
4,416
At 31 March 2024
5,520
Carrying amount
At 31 March 2024
82,765
At 31 March 2023
87,181
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 April 2023
62,500
1,108,732
1,171,232
Additions
7,500
7,500
Disposals
(7,500)
(7,500)
At 31 March 2024
62,500
1,108,732
1,171,232
Depreciation and impairment
At 1 April 2023
156
27,718
27,874
Depreciation charged in the year
625
108,226
108,851
Eliminated in respect of disposals
(124)
(124)
At 31 March 2024
781
135,820
136,601
Carrying amount
At 31 March 2024
61,719
972,912
1,034,631
At 31 March 2023
62,344
1,081,014
1,143,358
MARINE PLANT HIRE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
5
Stocks
2024
2023
£
£
Finished goods and goods for resale
8,930
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,036
64,320
Other debtors
13,153
17,607
Prepayments and accrued income
43,955
34,231
62,144
116,158
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
71,432
41,473
Amounts owed to group undertakings
735,082
1,266,919
Corporation tax
190,159
4,842
Accruals and deferred income
9,781
8,199
1,006,454
1,321,433
Amounts owed to group undertakings are secured, bear interest at 1.5% per annum and have no fixed terms of repayment.
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
242,189
269,166
MARINE PLANT HIRE (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Deferred taxation
(Continued)
- 9 -
2024
Movements in the year:
£
Liability at 1 April 2023
269,166
Credit to profit or loss
(26,977)
Liability at 31 March 2024
242,189
The deferred tax liability set out above is expected to reverse within the foreseeable future and relates to accelerated capital allowances that are expected to mature within the same period.
9
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 10p each
882,847
882,847
88,285
88,285
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Paul Beard
Statutory Auditor:
Darnells Audit Limited
Date of audit report:
8 August 2024
2024-03-312023-04-01false08 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMr P N J StennerMr G H SquirrellMr R FullMr T ScrubyMr H StennerMs T Redheadfalsefalse140202692023-04-012024-03-31140202692024-03-3114020269core:Goodwill2024-03-3114020269core:Goodwill2023-03-31140202692023-03-3114020269core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-3114020269core:PlantMachinery2024-03-3114020269core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3114020269core:PlantMachinery2023-03-3114020269core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3114020269core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3114020269core:CurrentFinancialInstruments2024-03-3114020269core:CurrentFinancialInstruments2023-03-3114020269core:ShareCapital2024-03-3114020269core:ShareCapital2023-03-3114020269core:RetainedEarningsAccumulatedLosses2024-03-3114020269core:RetainedEarningsAccumulatedLosses2023-03-3114020269core:ShareCapital2022-03-3114020269core:RetainedEarningsAccumulatedLosses2022-03-3114020269bus:Director32023-04-012024-03-3114020269bus:Director62023-04-012024-03-3114020269core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31140202692022-04-012023-03-3114020269core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3114020269core:ShareCapital2022-04-012023-03-3114020269core:Goodwill2023-04-012024-03-3114020269core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3114020269core:PlantMachinery2023-04-012024-03-3114020269core:Goodwill2023-03-3114020269core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3114020269core:PlantMachinery2023-03-31140202692023-03-3114020269bus:PrivateLimitedCompanyLtd2023-04-012024-03-3114020269bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3114020269bus:FRS1022023-04-012024-03-3114020269bus:Audited2023-04-012024-03-3114020269bus:Director12023-04-012024-03-3114020269bus:Director22023-04-012024-03-3114020269bus:Director42023-04-012024-03-3114020269bus:Director52023-04-012024-03-3114020269bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP