Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31true2023-06-01falseNo description of principal activity44trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02576494 2023-06-01 2024-05-31 02576494 2022-06-01 2023-05-31 02576494 2024-05-31 02576494 2023-05-31 02576494 2022-06-01 02576494 c:Director3 2023-06-01 2024-05-31 02576494 d:Buildings d:LongLeaseholdAssets 2023-06-01 2024-05-31 02576494 d:Buildings d:LongLeaseholdAssets 2024-05-31 02576494 d:Buildings d:LongLeaseholdAssets 2023-05-31 02576494 d:OfficeEquipment 2023-06-01 2024-05-31 02576494 d:OfficeEquipment 2024-05-31 02576494 d:OfficeEquipment 2023-05-31 02576494 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02576494 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 02576494 d:CurrentFinancialInstruments 2024-05-31 02576494 d:CurrentFinancialInstruments 2023-05-31 02576494 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 02576494 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 02576494 d:ShareCapital 2024-05-31 02576494 d:ShareCapital 2023-05-31 02576494 d:CapitalRedemptionReserve 2024-05-31 02576494 d:CapitalRedemptionReserve 2023-05-31 02576494 d:RetainedEarningsAccumulatedLosses 2024-05-31 02576494 d:RetainedEarningsAccumulatedLosses 2023-05-31 02576494 c:OrdinaryShareClass1 2023-06-01 2024-05-31 02576494 c:OrdinaryShareClass1 2024-05-31 02576494 c:OrdinaryShareClass1 2023-05-31 02576494 c:FRS102 2023-06-01 2024-05-31 02576494 c:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 02576494 c:FullAccounts 2023-06-01 2024-05-31 02576494 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 02576494 2 2023-06-01 2024-05-31 02576494 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 02576494 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 02576494 e:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02576494










Marine Software Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 May 2024

 
Marine Software Limited
 

Contents



Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10


 
Marine Software Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Marine Software Limited for the year ended 31 May 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 Marine Software Limited for the year ended 31 May 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 Board of directors of Marine Software Limited, as a body, in accordance with the terms of our engagement letter dated 22 October 2024Our work has been undertaken solely to prepare for your approval the financial statements of Marine Software Limited and state those matters that we have agreed to state to the Board of directors of Marine Software Limited, as a body, 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 Marine Software Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Marine Software 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 Marine Software Limited. You consider that Marine Software Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Marine Software 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.

  



Kreston Reeves LLP
Chartered Accountants
37 St Margaret's Street
Canterbury
Kent
CT1 2TU
15 November 2024
Page 1

 
Marine Software Limited
Registered number: 02576494

Balance sheet
As at 31 May 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
23,416
20,081

  
23,416
20,081

Current assets
  

Debtors: amounts falling due within one year
 5 
48,205
54,648

Cash at bank and in hand
  
2,134,221
2,149,874

  
2,182,426
2,204,522

Creditors: amounts falling due within one year
 6 
(243,512)
(240,922)

Net current assets
  
 
 
1,938,914
 
 
1,963,600

Total assets less current liabilities
  
1,962,330
1,983,681

Provisions for liabilities
  

Deferred tax
 7 
(3,441)
(2,682)

  
 
 
(3,441)
 
 
(2,682)

Net assets
  
1,958,889
1,980,999


Capital and reserves
  

Called up share capital 
 8 
930
930

Capital redemption reserve
  
70
70

Profit and loss account
  
1,957,889
1,979,999

  
1,958,889
1,980,999


Page 2

 
Marine Software Limited
Registered number: 02576494

Balance sheet (continued)
As at 31 May 2024

The directors consider 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 year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their 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 statement of comprehensive income 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: 

M E Jennings
Director
Date: 15 November 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
Marine Software Limited
 

 
Notes to the financial statements
For the year ended 31 May 2024

1.


General information

Marine Software Limited (company number 02576494) is a private limited company by shares and incorporated in  England. The address of the company's principal place of business is 4 Ozengell Place, Eurokent Business Park, Ramsgate, Kent, CT12 6PB. 

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 financial statements are rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Going concern

We confirm that we have considered the company’s future trading prospects, working capital requirements and cashflows and we feel that the going concern basis is appropriate for the preparation of the financial statements for the year under review. Our considerations have covered a period of not less than 12 months from the date of the approval of the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue 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 revenue 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.

Page 4

 
Marine Software Limited
 

 
Notes to the financial statements
For the year ended 31 May 2024

2.Accounting policies (continued)

 
2.4

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:

Leasehold improvements
-
5%
Office equipment
-
25%

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.

 
2.5

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.

 
2.6

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.

 
2.7

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.

Page 5

 
Marine Software Limited
 

 
Notes to the financial statements
For the year ended 31 May 2024

2.Accounting policies (continued)

 
2.8

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.9

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

Interest income

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

Page 6

 
Marine Software Limited
 

 
Notes to the financial statements
For the year ended 31 May 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

Current and deferred taxation

The tax expense for the year 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.



3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 7

 
Marine Software Limited
 

 
Notes to the financial statements
For the year ended 31 May 2024

4.


Tangible fixed assets





Leasehold improvements
Furniture, fittings and equipment
Total

£
£
£



Cost or valuation


At 1 June 2023
13,259
173,403
186,662


Additions
-
10,063
10,063



At 31 May 2024

13,259
183,466
196,725



Depreciation


At 1 June 2023
7,293
159,288
166,581


Charge for the year on owned assets
663
6,065
6,728



At 31 May 2024

7,956
165,353
173,309



Net book value



At 31 May 2024
5,303
18,113
23,416



At 31 May 2023
5,966
14,115
20,081

Page 8

 
Marine Software Limited
 

 
Notes to the financial statements
For the year ended 31 May 2024

5.


Debtors

2024
2023
£
£


Trade debtors
22,150
31,851

Other debtors
5,231
-

Prepayments and accrued income
20,824
22,797

48,205
54,648



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
71,771
44,242

Other taxation and social security
3,813
7,617

Other creditors
167,928
189,063

243,512
240,922



7.


Deferred taxation




2024
2023


£

£






At beginning of year
(2,682)
(1,019)


Charged to profit or loss
(759)
(1,663)



At end of year
(3,441)
(2,682)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(3,441)
(2,682)

(3,441)
(2,682)

Page 9

 
Marine Software Limited
 

 
Notes to the financial statements
For the year ended 31 May 2024

8.


Share capital

2024
2023
£
£
Authorised



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000

Allotted, called up and fully paid



930 (2023 - 930) Ordinary shares of £1.00 each
930
930



9.


Related party transactions

During the year the company paid directors' remuneration under normal market conditions.


10.


Controlling party

The ultimate controlling parties are Mr M E Jennings and Mr R E Jennings by virute of owning 50% each of the issued share capital.


Page 10