Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-282024-02-28trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true12023-03-01falseNo description of principal activity1false 11222086 2023-03-01 2024-02-28 11222086 2022-03-01 2023-02-28 11222086 2024-02-28 11222086 2023-02-28 11222086 c:Director1 2023-03-01 2024-02-28 11222086 c:RegisteredOffice 2023-03-01 2024-02-28 11222086 d:PlantMachinery 2023-03-01 2024-02-28 11222086 d:PlantMachinery 2024-02-28 11222086 d:PlantMachinery 2023-02-28 11222086 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-03-01 2024-02-28 11222086 d:MotorVehicles 2023-03-01 2024-02-28 11222086 d:MotorVehicles 2024-02-28 11222086 d:MotorVehicles 2023-02-28 11222086 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-28 11222086 d:OfficeEquipment 2023-03-01 2024-02-28 11222086 d:OfficeEquipment 2024-02-28 11222086 d:OfficeEquipment 2023-02-28 11222086 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-28 11222086 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-28 11222086 d:CurrentFinancialInstruments 2024-02-28 11222086 d:CurrentFinancialInstruments 2023-02-28 11222086 d:Non-currentFinancialInstruments 2024-02-28 11222086 d:Non-currentFinancialInstruments 2023-02-28 11222086 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-28 11222086 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 11222086 d:ShareCapital 2024-02-28 11222086 d:ShareCapital 2023-02-28 11222086 d:RetainedEarningsAccumulatedLosses 2024-02-28 11222086 d:RetainedEarningsAccumulatedLosses 2023-02-28 11222086 c:FRS102 2023-03-01 2024-02-28 11222086 c:AuditExemptWithAccountantsReport 2023-03-01 2024-02-28 11222086 c:FullAccounts 2023-03-01 2024-02-28 11222086 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 11222086 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-01 2024-02-28 11222086 2 2023-03-01 2024-02-28 11222086 e:PoundSterling 2023-03-01 2024-02-28 iso4217:GBP xbrli:pure

Registered number: 11222086










BALTIC MARINE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 28 FEBRUARY 2024

 
BALTIC MARINE LIMITED
 
 
COMPANY INFORMATION


Director
J P Carrington 




Registered number
11222086



Registered office
1 Marsh Road

Upton

NR13 6BP




Accountants
MA Partners LLP
Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ





 
BALTIC MARINE LIMITED
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 8


 
BALTIC MARINE LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BALTIC MARINE LIMITED
FOR THE PERIOD ENDED 28 FEBRUARY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Baltic Marine Limited for the period ended 28 February 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Baltic Marine Limited in accordance with the terms of our engagement letter dated 24 April 2019Our work has been undertaken solely to prepare for your approval the financial statements of Baltic Marine Limited and state those matters that we have agreed to state to the director of Baltic Marine Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Baltic Marine Limited and its director for our work or for this report. 

It is your duty to ensure that Baltic Marine Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Baltic Marine Limited. You consider that Baltic Marine Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of Baltic Marine Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
29 November 2024
Page 1

 
BALTIC MARINE LIMITED
REGISTERED NUMBER: 11222086

BALANCE SHEET
AS AT 28 FEBRUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
100,089
56,545

Current assets
  

Stocks
  
48,530
3,330

Debtors: amounts falling due after more than one year
 5 
44,218
59,099

Debtors: amounts falling due within one year
 5 
994,224
797,252

Cash at bank and in hand
  
241,748
438,860

  
1,328,720
1,298,541

Creditors: amounts falling due within one year
 6 
(39,141)
(81,123)

Net current assets
  
 
 
1,289,579
 
 
1,217,418

Total assets less current liabilities
  
1,389,668
1,273,963

Provisions for liabilities
  

Deferred tax
  
(25,022)
-

Net assets
  
1,364,646
1,273,963


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,364,546
1,273,863

  
1,364,646
1,273,963


Page 2

 
BALTIC MARINE LIMITED
REGISTERED NUMBER: 11222086
    
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
J P Carrington
Director

Date: 29 November 2024

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
BALTIC MARINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024

1.


General information

Baltic Marine Limited is a private company limited by shares incorporated in England and Wales, registration 11222086.  The registered office is 1 Marsh Road, Upton, Norfolk, NR13 6BP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
BALTIC MARINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
straight line
Motor vehicles
-
20%
straight line
Office equipment
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
BALTIC MARINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the period was 1 (2023 - 1).

Page 6

 
BALTIC MARINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 March 2023
122,500
-
5,958
128,458


Additions
12,871
54,953
183
68,007



At 28 February 2024

135,371
54,953
6,141
196,465



Depreciation


At 1 March 2023
70,951
-
962
71,913


Charge for the period on owned assets
19,892
3,579
992
24,463



At 28 February 2024

90,843
3,579
1,954
96,376



Net book value



At 28 February 2024
44,528
51,374
4,187
100,089



At 28 February 2023
51,549
-
4,996
56,545

Page 7

 
BALTIC MARINE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024

5.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
44,218
59,099

44,218
59,099


2024
2023
£
£

Due within one year

Other debtors
994,224
797,152

Called up share capital not paid
-
100

994,224
797,252



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
746
-

Corporation tax
20,556
62,672

Other taxation and social security
3,571
17,251

Other creditors
10,433
-

Accruals and deferred income
3,835
1,200

39,141
81,123



7.


Transactions with directors

As at 28 February 2024 a balance of £10,433 was owed to (2023: £22,854 owed by)  the director by the Company. The loan is interest free, repayable on demand and included within other creditors in note 6 to the financial statements. 

 
Page 8