Company registration number 06758978 (England and Wales)
KEYNVOR MORLIFT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
KEYNVOR MORLIFT LIMITED
COMPANY INFORMATION
Directors
Mr D Rogers
Mr A C Glover
Company number
06758978
Registered office
Unit 15
Falmouth Wharves
North Parade
Falmouth
Cornwall
TR11 2TF
Auditor
Westcotts (SW) LLP
Plym House
3 Longbridge Road
Marsh Mills
Plymouth
PL6 8LT
Accountants
Darnells Chartered Accountants
Quay House
Quay Road
Newton Abbot
Devon
TQ12 2BU
KEYNVOR MORLIFT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 26
KEYNVOR MORLIFT LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 1 -
The directors present the strategic report for the period ended 30 November 2023.
Business Review
The directors consider that the key financial performance indicators are Turnover, Gross margin, Earnings before interest, tax, depreciation and amortisation (EBITDA) and Net assets. Together these demonstrate the financial performance and strength of the company. An overview of these indicators for both the current period and the prior year is given below:
2023
2022
£
£
Turnover
30,508,711
20,250,534
Gross profit
6,322,334
1,782,267
Gross margin
20.72%
8.80%
EBITDA
2,543,312
1,106,333
EBITDA margin
8.34%
5.46%
Net assets
3,579,568
2,707,933
Following the previous accounting period, the decision was made to extend the current accounting period from 31 May 2023 to 30 November 2023. As such, the 2023 accounting period runs from 1 June 2022 to 30 November 2023. This decision was made on a commercial basis to ensure the accounts showed a fair view of the company's performance.
The Company's increase in turnover is a function of the extended accounting period and reflects the consistent year-on-year performance across all business segments.
The Company's gross profit margin has improved significantly from 8.80% to 20.72% as a result of improved vessel utilisation and contribution to projects, and the completion of lower margin projects during the financial year 2022.
At the end of the year, the cumulative retained profit of the Company was £2.4m (2022: £1.5m) after payment of a dividend of £500,000 (2022: £250,000).
The directors are satisfied with the company's results for the year and the continued growth in turnover.
Principal Risks and Uncertainties
The day to day operations of the Company give rise to potential health and safety and environmental risks. The Directors provide internal audits, risk assessments, regular training for all staff and site personnel as well as ensuring an effective communication process to mitigate these risks. Reviews by external bodies also contribute to improvement in these areas.
The Company's principal risk is the market in which it operates and the ability to mitigate its inherent risks. The inherent risks associated with marine contracting and in particular the recent impact of the general economy, are reviewed, monitored and controlled throughout the contract process. However due to its nature there will always be a level of risk attributable to the ongoing operations.
The Company is also reliant upon the bank for borrowing and therefore is subject to movements in interest rates, the company current has a mix of fixed rate and variable loans, changes in interest rates are monitored and factored into forecasts, especially due to the rises from 2021 to now. Regular reviews are undertaken by the bank and good working relationships are maintained.
Development and Performance
During the year the Company improved its level of sales in line with its expectations. The business will continue to invest in people as the growth of the team has been a key factor to business success.
.
KEYNVOR MORLIFT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 2 -
Financial Instruments
The Company's principal financial instruments comprise of trade debtors and creditors, loans to and from related parties, together with bank and other loans.
Due to the nature of the financial instruments used by the Company, there is no exposure to price risk. The Company's approach to managing other risks applicable to the financial instruments concerned is shown below.
Liquidity risk is managed by the Directors' monitoring of rolling forecasts, maintaining a balance between available cash reserves.
In respect of loans, these comprise loans from financial institutions. The interest rate on bank loans is variable and driven by BOE base rates which are subject to variation depending on economic forces. Repayments of capital are based on normal repayment schedules. The Company manages the liquidity risk by ensuring there are sufficient funds to meet the payments.
Trade debtors are managed in respect of credit and cash flow risk by the implementation of policies that require appropriate checks on potential customers before any contracts are entered into. The company has no significant concentration of credit risk due to the nature of the business, and payment terms of the contracts involved
Trade creditors risk is managed by ensuring that there are sufficient funds available to meet amounts as they fall due.
Other performance indicators
The Company monitors key performance indicators in relation to revenue, gross margin and overhead costs throughout the contracts. Internal KPI's for the business are looked at on a contract-by-contract basis.
Mr D Rogers
Director
1 December 2024
KEYNVOR MORLIFT LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 3 -
The directors present their annual report and financial statements for the period ended 30 November 2023.
Following the previous accounting period, the decision was made to extend the current accounting period from 31 May 2023 to 30 November 2023. As such, the 2023 accounting period runs from 1 June 2022 to 30 November 2023.
Principal activities
The principal activity of the company during the the period was that of marine contracting and the charter of commercial sea vessels.
Results and dividends
The results for the period are set out on page 8.
Ordinary dividends were paid amounting to £500,000. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr D Rogers
Mr A C Glover
Auditor
Westcotts (SW) LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
On behalf of the board
Mr D Rogers
Director
1 December 2024
KEYNVOR MORLIFT LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 4 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
KEYNVOR MORLIFT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KEYNVOR MORLIFT LIMITED
- 5 -
Opinion
We have audited the financial statements of Keynvor Morlift Limited (the 'company') for the period ended 30 November 2023, which comprise the Statement of Comprehensive Income and Statement of Financial Position, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the has been prepared in accordance with applicable legal requirements.
KEYNVOR MORLIFT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KEYNVOR MORLIFT LIMITED
- 6 -
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or directors' report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
Responsibilities of directors
As explained more fully in the Directors Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management, and inspection of the company's regulatory correspondence. We communicated identified laws and regulations throughout our team, and remained alert to any indications of non-compliance throughout the audit.
The company is subject to laws and regulations that govern the preparation of the financial statements, including financial reporting legislation, and other companies legislation. The company is also laws and regulations where the consequences of non-compliance could have a material impact on the amounts or disclosures within the financial statements, including employment, anti-bribery, anti-money laundering and certain aspects of companies legislation.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In any audit, there remains a higher risk of non- detection of irregularities , as these may involve collusion, forgery , intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
KEYNVOR MORLIFT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KEYNVOR MORLIFT LIMITED
- 7 -
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of Westcotts (SW) LLP
1 December 2024
Shona Godefroy
Statutory Auditor
Plym House
3 Longbridge Road
Marsh Mills
Plymouth
PL6 8LT
KEYNVOR MORLIFT LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 8 -
Period
Year
ended
ended
30 November
31 May
2023
2022
Notes
£
£
Turnover
3
30,508,711
20,250,534
Cost of sales
(24,186,377)
(18,468,267)
Gross profit
6,322,334
1,782,267
Administrative expenses
(4,523,256)
(1,368,028)
Other operating income
31,203
263,789
Operating profit
4
1,830,281
678,028
Interest receivable and similar income
6
64
Interest payable and similar expenses
7
(428,829)
(211,803)
Profit before taxation
1,401,516
466,225
Tax on profit
8
(29,881)
(29,926)
Profit for the financial period
1,371,635
436,299
The profit and loss account has been prepared on the basis that all operations are continuing operations.
KEYNVOR MORLIFT LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 9 -
30 November 2023
31 May 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
10
3,000
Tangible assets
11
2,411,646
2,436,887
Investments
12
2,668,775
2,668,775
5,083,421
5,105,662
Current assets
Stocks
14
7,397,434
1,838,923
Debtors
15
5,307,097
6,412,455
Cash at bank and in hand
209,232
1,492,790
12,913,763
9,744,168
Creditors: amounts falling due within one year
16
(8,150,079)
(8,768,321)
Net current assets
4,763,684
975,847
Total assets less current liabilities
9,847,105
6,081,509
Creditors: amounts falling due after more than one year
17
(5,155,358)
(2,903,778)
Provisions for liabilities
Provisions
18
612,500
Deferred tax liability
19
499,679
469,798
(1,112,179)
(469,798)
Net assets
3,579,568
2,707,933
Capital and reserves
Called up share capital
22
1,000
1,000
Other merger reserve
1,152,500
1,152,500
Profit and loss reserves
2,426,068
1,554,433
Total equity
3,579,568
2,707,933
The financial statements were approved by the board of directors and authorised for issue on 1 December 2024 and are signed on its behalf by:
Mr D Rogers
Director
Company Registration No. 06758978
KEYNVOR MORLIFT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 10 -
Share capital
Other merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2021
1,000
1,152,500
1,368,134
2,521,634
Year ended 31 May 2022:
Profit and total comprehensive income for the year
-
-
436,299
436,299
Dividends
9
-
-
(250,000)
(250,000)
Balance at 31 May 2022
1,000
1,152,500
1,554,433
2,707,933
Period ended 30 November 2023:
Profit and total comprehensive income for the period
-
-
1,371,635
1,371,635
Dividends
9
-
-
(500,000)
(500,000)
Balance at 30 November 2023
1,000
1,152,500
2,426,068
3,579,568
KEYNVOR MORLIFT LIMITED
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 11 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
366,336
1,194,149
Interest paid
(428,829)
(211,803)
Net cash (outflow)/inflow from operating activities
(62,493)
982,346
Investing activities
Purchase of intangible assets
(3,000)
Purchase of tangible fixed assets
(695,105)
(430,004)
Proceeds from disposal of tangible fixed assets
9,000
Interest received
64
Net cash used in investing activities
(689,041)
(430,004)
Financing activities
Repayment of borrowings
45,154
Repayment of bank loans
142,966
(205,594)
Payment of finance leases obligations
(5,770)
(210,908)
Dividends paid
(500,000)
(250,000)
Net cash used in financing activities
(317,650)
(666,502)
Net decrease in cash and cash equivalents
(1,069,184)
(114,160)
Cash and cash equivalents at beginning of period
723,283
837,443
Cash and cash equivalents at end of period
(345,901)
723,283
Relating to:
Cash at bank and in hand
209,232
1,492,790
Bank overdrafts included in creditors payable within one year
(555,133)
(769,507)
KEYNVOR MORLIFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 12 -
1
Accounting policies
Company information
Keynvor Morlift Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 15, Falmouth Wharves, North Parade, Falmouth, Cornwall, TR11 2TF.
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. 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 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: The disclosure requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.27, 12.29(a), 12.29(b), and 12.29A;
Section 26 ‘Share based Payment’: Share based payment arrangements required under FRS 102 paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Marine Asset Management Limited. These consolidated financial statements are available from its registered office: Unit 15 Falmouth Wharves, North Parade, Falmouth, Cornwall, United Kingdom, TR11 2TF.
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
Reporting period
Following the previous accounting period, the decision was made to extend the current accounting period from 31 May 2023 to 30 November 2023. As such, the 2023 accounting period runs from 1 June 2022 to 30 November 2023. This decision was made on a commercial basis to ensure the accounts showed a fair view of the company's performance.
1.4
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), 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.
KEYNVOR MORLIFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Other Intangibles
None
1.6
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:
Plant and machinery
15% per annum on a reducing balance basis and 15%, 20% and 33% per annum on a straight-line basis
Fixtures, fittings & equipment
25% per annum on a straight-line basis
Computer equipment
25% per annum on a straight-line basis
Motor vehicles
25% per annum on a reducing balance basis
Mooring
15% per annum on a reducing balance basis and 33% per annum on a straight-line basis
Vessels
15% per annum on a reducing balance basis and 4% and 33% per annum on a straight-line 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.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
KEYNVOR MORLIFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.8
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.
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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
KEYNVOR MORLIFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 15 -
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.
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.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
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.
KEYNVOR MORLIFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 16 -
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.
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.
1.12
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
KEYNVOR MORLIFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.16
Government grants
Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
1.17
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.
1.18
The company factors its trade debts. The accounting policy is to include trade debtors factored with recourse within trade debtors due within one year, and the returnable element of proceeds is recorded in bank loans and overdrafts due within one year. Factoring fees and interest are charged to the profit and loss account when paid. Bad debts borne by the company are charged to the profit and loss account when incurred.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Marine contracts
28,808,820
18,501,336
Vessel charter
1,078,714
1,427,598
Miscellaneous income
621,177
82,600
Improvements to vessel owned by parent company
-
239,000
30,508,711
20,250,534
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
28,121,140
17,719,553
EU
2,387,571
2,530,981
30,508,711
20,250,534
KEYNVOR MORLIFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
3
Turnover and other revenue
(Continued)
- 18 -
2023
2022
£
£
Other revenue
Interest income
64
-
Grants received
-
106,789
4
Operating profit
2023
2022
Operating profit for the period is stated after charging/(crediting):
£
£
Exchange losses/(gains)
146,435
(40,726)
Government grants
-
(106,789)
Fees payable to the company's auditor for the audit of the company's financial statements
15,875
30,000
Depreciation of owned tangible fixed assets
713,031
428,305
Profit on disposal of tangible fixed assets
(1,685)
-
Operating lease charges
252,512
160,422
5
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Directors
2
2
Operational staff
34
31
Administrative staff
1
1
Total
37
34
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
3,017,429
1,672,123
Social security costs
278,465
145,752
Pension costs
38,451
29,641
3,334,345
1,847,516
KEYNVOR MORLIFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 19 -
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
64
7
Interest payable and similar expenses
2023
2022
£
£
Other interest on financial liabilities
297,515
180,890
Interest on finance leases and hire purchase contracts
131,314
30,913
428,829
211,803
8
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
29,881
29,926
The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
1,401,516
466,225
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
350,379
88,583
Tax effect of expenses that are not deductible in determining taxable profit
17,150
Tax effect of income not taxable in determining taxable profit
(1,269)
Group relief
(305,518)
(112,949)
Permanent capital allowances in excess of depreciation
(13,711)
37,142
Taxation charge for the period
29,881
29,926
9
Dividends
2023
2022
£
£
Interim paid
500,000
250,000
KEYNVOR MORLIFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 20 -
10
Intangible fixed assets
Other Intangibles
£
Cost
At 1 June 2022
Additions
3,000
At 30 November 2023
3,000
Amortisation and impairment
At 1 June 2022 and 30 November 2023
Carrying amount
At 30 November 2023
3,000
At 31 May 2022
KEYNVOR MORLIFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 21 -
11
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Mooring
Vessels
Total
£
£
£
£
£
£
£
Cost
At 1 June 2022
3,123,784
18,854
35,130
147,448
421,260
1,260,898
5,007,374
Additions
528,929
9,252
150,924
6,000
695,105
Disposals
(15,250)
(15,250)
At 30 November 2023
3,652,713
18,854
44,382
283,122
421,260
1,266,898
5,687,229
Depreciation and impairment
At 1 June 2022
1,560,208
15,704
22,400
86,396
350,452
535,327
2,570,487
Depreciation charged in the period
562,702
1,706
10,548
41,363
7,305
89,407
713,031
Eliminated in respect of disposals
(7,935)
(7,935)
At 30 November 2023
2,122,910
17,410
32,948
119,824
357,757
624,734
3,275,583
Carrying amount
At 30 November 2023
1,529,803
1,444
11,434
163,298
63,503
642,164
2,411,646
At 31 May 2022
1,563,576
3,150
12,730
61,052
70,808
725,571
2,436,887
KEYNVOR MORLIFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 22 -
12
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
13
2,668,775
2,668,775
13
Subsidiaries
Details of the company's subsidiaries at 30 November 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Fairhaven Shipping Company (UK) Limited
England & Wales
Ordinary
100.00
The investment in the subsidiary company is stated at cost less impairment.
The registered office of the above subsidiary is Unit 15 Falmouth Wharves, North Parade, Falmouth, Cornwall, England, TR11 2TF.
14
Stocks
2023
2022
£
£
Raw materials and consumables
70,265
224,255
Work in progress
7,327,169
1,614,668
7,397,434
1,838,923
Included within the figure for work in progress are costs totalling £7,327,169 (2022: £1,614,668) that are not due to be release within the next 12 months.
15
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,871,026
4,173,160
Amounts owed by group undertakings
913,862
781,807
Other debtors
1,203,808
1,290,958
Prepayments and accrued income
318,401
166,530
5,307,097
6,412,455
The trade debtors balance includes £2,587,919 (2022: £3,236,212) which is covered by an invoice discounting arrangement. The cash advanced by the bank under this agreement is included within creditors falling due within one year.
KEYNVOR MORLIFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 23 -
16
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
1,073,099
919,507
Obligations under finance leases
286,713
331,322
Other borrowings
45,154
Trade creditors
1,869,726
6,155,536
Amounts owed to group undertakings
70,581
Taxation and social security
808,106
554,092
Deferred income
20
2,346,414
147,052
Other creditors
183,547
235,276
Accruals and deferred income
1,537,320
354,955
8,150,079
8,768,321
Bank loans and overdrafts are secured by a fixed and floating charge over all the assets of the company, as well as a full debenture, as well as an all monies guarantee from Instow Jetty Limited for £200,000 plus interest. The loan bears interest at Base Rate Plus 1.5%.
Bank loans and overdrafts include £555,133 (2022 : £751,084) for amounts owed under a receivables finance agreement, which is secured on the trade debts of the company.
Obligations under finance leases and hire purchase contracts are secured upon the assets acquired.
17
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
225,000
450,000
Obligations under finance leases
358,537
319,698
Other borrowings
1,457,500
1,457,500
Deferred income
20
3,114,321
676,580
5,155,358
2,903,778
Bank loans and overdrafts are secured by a fixed and floating charge over all the assets of the company, as well as a full debenture, as well as an all monies guarantee from Instow Jetty Limited for £200,000 plus interest. The loan bears interest at base Rate Plus 1.5%.
Obligations under finance leases and hire purchase contracts are secured upon the assets acquired.
Other long term borrowings comprise:
A loan of £1,457,500 (2022: £1,457,500) which is secured and bears interest at 8% per annum
18
Provisions for liabilities
2023
2022
£
£
612,500
-
KEYNVOR MORLIFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
18
Provisions for liabilities
(Continued)
- 24 -
Movements on provisions:
£
Additional provisions in the year
612,500
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
499,679
469,798
2023
Movements in the period:
£
Liability at 1 June 2022
469,798
Charge to profit or loss
29,881
Liability at 30 November 2023
499,679
The deferred tax liability set out above is expected to reverse over the life of the related fixed assets.
20
Deferred income
2023
2022
£
£
Arising from government grants
3,114,321
676,580
Other deferred income
2,346,414
147,052
5,460,735
823,632
Included in the financial statements as follows:
Current liabilities
2,346,414
147,052
Non-current liabilities
3,114,321
676,580
5,460,735
823,632
KEYNVOR MORLIFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 25 -
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
38,451
29,641
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
22
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
23
Other merger reserve
2023
2022
£
£
At the beginning and end of the period
1,152,500
1,152,500
The other merger reserve arises on the acquisition of a subsidiary.
24
Related party transactions
The company has taken advantage of the exemption in section 33 of FRS 102 from disclosing transactions or balances between wholly owned group entities.
During the period, the company issued sales of £Nil (2022: £150,000) to companies where one or more directors hold an interest.
During the period, the company recharged expenses of £Nil (2022: £15,756) to companies where one or more directors hold an interest.
During the period, the company incurred costs of £167,382 (2022: £109,450) from companies where one or more directors hold an interest.
As at 30 November 2023, included within Other Debtors were balances totalling £90,105 (2022: £50,596) in relation to companies where one or more directors hold an interest.
As at 30 November 2023, included within Other Creditors were balances totalling £164,072 (2022: £214,742) in relation to companies where one or more directors hold an interest.
25
Ultimate controlling party
The ultimate parent company is Marine Asset Management Limited, a company incorporated in England & Wales whose registered office is Unit 15 Falmouth Wharves, North Parade, Falmouth, Cornwall, United Kingdom, TR11 2TF.
.
KEYNVOR MORLIFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2023
- 26 -
26
Cash generated from operations
2023
2022
£
£
Profit for the period after tax
1,371,635
436,299
Adjustments for:
Taxation charged
29,881
29,926
Finance costs
428,829
211,803
Investment income
(64)
Gain on disposal of tangible fixed assets
(1,685)
-
Depreciation and impairment of tangible fixed assets
713,031
428,305
Increase in provisions
612,500
-
Movements in working capital:
Increase in stocks
(5,558,511)
(299,370)
Decrease/(increase) in debtors
1,105,358
(4,610,660)
(Decrease)/increase in creditors
(2,971,741)
4,902,767
Increase in deferred income
4,637,103
95,079
Cash generated from operations
366,336
1,194,149
27
Analysis of changes in net debt
1 June 2022
Cash flows
30 November 2023
£
£
£
Cash at bank and in hand
1,492,790
(1,283,558)
209,232
Bank overdrafts
(769,507)
214,374
(555,133)
723,283
(1,069,184)
(345,901)
Borrowings excluding overdrafts
(2,057,500)
(188,120)
(2,245,620)
Obligations under finance leases
(651,020)
5,770
(645,250)
(1,985,237)
(1,251,534)
(3,236,771)
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