Company registration number 02608984 (England and Wales)
SUBMARINE MANUFACTURING AND PRODUCTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
SUBMARINE MANUFACTURING AND PRODUCTS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
SUBMARINE MANUFACTURING AND PRODUCTS LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr Benjamin Sharples
Company number
02608984
Registered office
5 Crescent East
Thornton-Cleveleys
England
FY5 3LJ
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
SUBMARINE MANUFACTURING AND PRODUCTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
347,848
152,336
Current assets
Stocks
1,991,976
2,234,028
Debtors
4
2,798,912
2,384,177
Cash at bank and in hand
1,124,685
1,699,062
5,915,573
6,317,267
Creditors: amounts falling due within one year
5
(5,228,140)
(5,866,138)
Net current assets
687,433
451,129
Total assets less current liabilities
1,035,281
603,465
Creditors: amounts falling due after more than one year
6
(62,265)
(1,583)
Provisions for liabilities
8
(43,083)
(9,742)
Net assets
929,933
592,140
Capital and reserves
Called up share capital
10
200
200
Profit and loss reserves
929,733
591,940
Total equity
929,933
592,140

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

SUBMARINE MANUFACTURING AND PRODUCTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 4 December 2024 and are signed on its behalf by:
Mr Benjamin Sharples
Director
Company Registration No. 02608984
SUBMARINE MANUFACTURING AND PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Submarine Manufacturing And Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Crescent East, Thornton-Cleveleys, England, FY5 3LJ. The company's registration number is 02608984.

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 as applicable to companies subject to the small companies regime. 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 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.

1.2
Turnover

Turnover reflects the contracts undertaken and sales made in the year. Income is taken on retail sales when the product is delivered, and for contract work, the amount of work performed in the period.

 

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts for on-going services is recognised by reference to the stage of completion.

1.3
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:

Leasehold land and buildings
10% straight line
Plant and equipment
10% reducing balance
Fixtures and fittings
10% reducing balance
Computers
10% reducing balance
Motor vehicles
25% reducing balance

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 the profit and loss account.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

SUBMARINE MANUFACTURING AND PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

 

Cost is calculated using the first in, first out method and includes all purchases, transport and handling costs in bringing stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

1.6
Cash and cash equivalents

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.

1.7
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.

1.8
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.

1.9
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.

SUBMARINE MANUFACTURING AND PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
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.

1.10
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.

1.11
Leases

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.

 

Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account 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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Total
43
32
SUBMARINE MANUFACTURING AND PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2023
399,925
158,917
40,580
12,928
94,329
706,679
Additions
-
0
19,700
92,930
41,868
125,578
280,076
Disposals
-
0
-
0
-
0
-
0
(43,163)
(43,163)
At 31 December 2023
399,925
178,617
133,510
54,796
176,744
943,592
Depreciation and impairment
At 1 January 2023
391,683
66,824
26,683
2,477
66,676
554,343
Depreciation charged in the year
5,280
10,838
10,683
5,232
11,900
43,933
Eliminated in respect of disposals
-
0
-
0
-
0
-
0
(2,532)
(2,532)
At 31 December 2023
396,963
77,662
37,366
7,709
76,044
595,744
Carrying amount
At 31 December 2023
2,962
100,955
96,144
47,087
100,700
347,848
At 31 December 2022
8,242
92,093
13,897
10,451
27,653
152,336
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,003,696
964,417
Amounts owed by group undertakings
1,450,018
1,350,000
Other debtors
345,198
69,760
2,798,912
2,384,177
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
0
175,565
Trade creditors
2,371,928
4,234,840
Taxation and social security
276,570
746,002
Other creditors
2,579,642
709,731
5,228,140
5,866,138
SUBMARINE MANUFACTURING AND PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
62,265
1,583
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
115,538
92,738
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
9
43,083
9,742
9
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2023
2022
Balances:
£
£
Accelerated capital allowances
43,083
9,742
2023
Movements in the year:
£
Liability at 1 January 2023
9,742
Charge to profit or loss
23,001
Effect of change in tax rate - profit or loss
10,340
Liability at 31 December 2023
43,083
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
200 Ordinary shares of £1
200
200
SUBMARINE MANUFACTURING AND PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Called up share capital
(Continued)
- 9 -
11
Related party transactions

During the year the company paid rent of £19,256 (2022: £72,732) to MSS Holdings (UK) Limited, a company with common directorship.

 

MSS Holdings (UK) Limited ceased to be a related party via common directorship on 17th March 2023.

 

No other transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

12
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2022
£
£
£
Creditors due within one year
Other creditors
(5,099,147)
185,562
(4,913,585)
Capital and reserves
Profit and loss reserves
406,378
185,562
591,940
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2022
£
£
£
Administrative expenses
(1,150,443)
185,562
(964,881)
Profit for the financial period
12,328
185,562
197,890
Notes to reconciliation

The prior year adjustment relates to a outstanding balance to the companies previous holding company.

 

On the 14th December 2022 Subsurface Holdings Limited acquired 100% of the share capital of Submarine Manufacturing and Products Limited from MSS Holdings (UK) Limited. Prior to completion of the purchase it was agreed between all parties that any balance between the Submarine Manufacturing and Products Limited and MSS Holdings (UK) Limited should be written off balance sheet of each company.

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