Howe Robinson Partners Marine Evaluations Ltd
Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 9522628 (England and Wales)
Howe Robinson Partners Marine Evaluations Ltd
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Howe Robinson Partners Marine Evaluations Ltd
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
$
$
$
$
Current assets
Debtors
3
1,711,673
1,537,522
Cash at bank and in hand
162,356
191,732
1,874,029
1,729,254
Creditors: amounts falling due within one year
4
(343,858)
(344,325)
Net current assets
1,530,171
1,384,929
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
1,530,071
1,384,829
Total equity
1,530,171
1,384,929
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 31 July 2024 and are signed on its behalf by:
D. Anderson
Director
Company Registration No. 9522628
Howe Robinson Partners Marine Evaluations Ltd
Notes to the Financial Statements
For the year ended 31 March 2024
Page 2
1
Accounting policies
Company information
Howe Robinson Partners Marine Evaluations Ltd is a company limited by shares, incorporated in England and Wales. The registered office is 3rd Floor, 40 Gracechurch Street, London, EC3V 0BT.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of 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 US Dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest dollar.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company has a minimal cost base and trades profitably. Revenue levels have continued to be higher than its cost base since the year-end. Due to the business being run on a global basis, the company uses the ongoing support of the parent company who has confirmed that it will continue to support the working capital requirements of the company for the foreseeable future and at least twelve months from the date of approval of the financial statements. In addition the parent company has confirmed that it will not call in the amounts due to it until such time as it is able to do so without compromising the ability of the company to continue to trade and meet its liabilities as they fall due. true
As a result, at 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 and are confident it will remain so. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for carrying out ship and fleet valuations, providing market reports and expert witness services net of VAT.
1.4
Cash at bank and in hand
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.
1.5
Financial instruments
Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.6
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.
Howe Robinson Partners Marine Evaluations Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 3
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
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.
1.8
Foreign exchange
The financial statements are stated in US Dollars and are translated at a rate of 1.2529 Dollars to the Pound for tax purposes.
Transactions in currencies other than dollars 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 are included in the profit and loss account for the period.
2
Taxation
2024
2023
$
$
Current tax
UK corporation tax on profits for the current period
48,414
30,336
The current year tax charge is £38,642 when translated at the yearly average rate of 1.2529.
Howe Robinson Partners Marine Evaluations Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 4
3
Debtors
2024
2023
Amounts falling due within one year:
$
$
Trade debtors
242,049
332,396
Amounts owed by group undertakings
1,419,991
1,160,508
Other debtors
49,633
44,618
1,711,673
1,537,522
4
Creditors: amounts falling due within one year
2024
2023
$
$
Trade creditors
34,361
Amounts owed to group undertakings
314,886
288,772
Corporation tax
28,972
21,192
343,858
344,325
5
Share capital
2024
2023
$
$
Issued and fully paid
100 Ordinary shares of $1 each
100
100
6
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:
Jonathan Sutcliffe
Statutory Auditor:
Moore Kingston Smith LLP
7
Related party transactions
Transactions with related parties
The company has taken advantage of the exemption available in section 33 of FRS 102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
Howe Robinson Partners Marine Evaluations Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 5
8
Control
The immediate parent company is Howe Robinson Partners (UK) Limited, a company incorporated in England and Wales. The ultimate parent company is Howe Robinson Holdings Pte. Ltd, a company incorporated in Singapore.
The smallest and largest group preparing consolidated accounts incorporating Howe Robinson Partners Marine Evaluations Limited is Howe Robinson Holdings Pte. Ltd, registered in Singapore. The consolidated accounts are publically available from 77 Robinson Road, #31-01, Robinson 77, Singapore 068896.
There is no one ultimate controlling party.