REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
3 FEBRUARY 2023 TO 31 MARCH 2024 |
FOR |
MARINE INDUSTRY NEWS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
3 FEBRUARY 2023 TO 31 MARCH 2024 |
FOR |
MARINE INDUSTRY NEWS LIMITED |
MARINE INDUSTRY NEWS LIMITED (REGISTERED NUMBER: 14636695) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 3 FEBRUARY 2023 TO 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MARINE INDUSTRY NEWS LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 3 FEBRUARY 2023 TO 31 MARCH 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
MARINE INDUSTRY NEWS LIMITED (REGISTERED NUMBER: 14636695) |
BALANCE SHEET |
31 MARCH 2024 |
Notes | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
MARINE INDUSTRY NEWS LIMITED (REGISTERED NUMBER: 14636695) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 3 FEBRUARY 2023 TO 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Marine Industry News Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in Pound Sterling (£), which is also the functional currency of the company. |
Going concern |
The balance sheet reports a deficiency of net assets. The directors have confirmed their financial support as necessary for the company meet its obligations as they fall due. In doing so, the directors are satisfied that the company will continue for at least 12 months from the approval these financial statements and therefore prepared accounts as a going concern. |
Turnover |
Revenue (described as turnover) is measured at fair value of the consideration received or receivable for services. It is recognised as contractual obligations are fulfilled and represents the amount received or receivable for services rendered net of discounts, rebates and value added tax. |
Taxation |
Tax on profit represents the sum of the tax currently payable and deferred tax. |
The tax currently payable is based on taxable profit for the year. Taxable profit differs from the profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the year. |
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities and the corresponding tax bases used to compute taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for temporary differences to the extent that it is probable that taxable profits will be available to utilise the timing difference. |
Deferred tax liabilities and assets are measured at tax rates that are expected to apply in the period the liability is settled or the asset realised. The measurement of deferred tax liabilities and assets reflects the tax consequences in which the company expects to recover or settle the underlying amount of its assets and liabilities. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
MARINE INDUSTRY NEWS LIMITED (REGISTERED NUMBER: 14636695) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 3 FEBRUARY 2023 TO 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Debtors are initially recognised at transaction price and are subsequently remeasured to amortised cost using the effective interest method, less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Cash and cash equivalents comprise cash at bank and in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts.Bank overdrafts, when applicable, are shown within current liabilities. |
Creditors are initially recognised at transaction price and are subsequently remeasured to amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Loans payable are measured initially at fair value, net of transaction costs, and non-current loans payable are subsequently remeasured to amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Taxation and social security |
Other creditors |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | £1 | 1,030 |
1,030 Ordinary shares of £1 each were allotted as fully paid |