6 6 MRH Marine Limited SC181695 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is that of the supply of marine plumbing products. Digita Accounts Production Advanced 6.30.9574.0 true SC181695 2023-07-01 2024-06-30 SC181695 2024-06-30 SC181695 bus:Director3 1 2024-06-30 SC181695 core:RetainedEarningsAccumulatedLosses 2024-06-30 SC181695 core:ShareCapital 2024-06-30 SC181695 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-06-30 SC181695 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-06-30 SC181695 core:CurrentFinancialInstruments 2024-06-30 SC181695 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 SC181695 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 SC181695 core:FurnitureFittings 2024-06-30 SC181695 core:MotorVehicles 2024-06-30 SC181695 core:OfficeEquipment 2024-06-30 SC181695 core:PlantMachinery 2024-06-30 SC181695 bus:SmallEntities 2023-07-01 2024-06-30 SC181695 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC181695 bus:FilletedAccounts 2023-07-01 2024-06-30 SC181695 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 SC181695 bus:RegisteredOffice 2023-07-01 2024-06-30 SC181695 bus:CompanySecretaryDirector1 2023-07-01 2024-06-30 SC181695 bus:Director1 2023-07-01 2024-06-30 SC181695 bus:Director3 2023-07-01 2024-06-30 SC181695 bus:Director3 1 2023-07-01 2024-06-30 SC181695 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 SC181695 bus:Agent1 2023-07-01 2024-06-30 SC181695 core:ComputerEquipment 2023-07-01 2024-06-30 SC181695 core:FurnitureFittings 2023-07-01 2024-06-30 SC181695 core:MotorVehicles 2023-07-01 2024-06-30 SC181695 core:OfficeEquipment 2023-07-01 2024-06-30 SC181695 core:PlantMachinery 2023-07-01 2024-06-30 SC181695 countries:Scotland 2023-07-01 2024-06-30 SC181695 2023-06-30 SC181695 bus:Director3 1 2023-06-30 SC181695 core:FurnitureFittings 2023-06-30 SC181695 core:MotorVehicles 2023-06-30 SC181695 core:OfficeEquipment 2023-06-30 SC181695 core:PlantMachinery 2023-06-30 SC181695 2022-07-01 2023-06-30 SC181695 2023-06-30 SC181695 bus:Director3 1 2023-06-30 SC181695 core:RetainedEarningsAccumulatedLosses 2023-06-30 SC181695 core:ShareCapital 2023-06-30 SC181695 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-06-30 SC181695 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-06-30 SC181695 core:CurrentFinancialInstruments 2023-06-30 SC181695 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 SC181695 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 SC181695 core:FurnitureFittings 2023-06-30 SC181695 core:MotorVehicles 2023-06-30 SC181695 core:OfficeEquipment 2023-06-30 SC181695 core:PlantMachinery 2023-06-30 SC181695 bus:Director3 1 2022-07-01 2023-06-30 SC181695 bus:Director3 1 2022-06-30 xbrli:pure iso4217:GBP

Registration number: SC181695

MRH Marine Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

MRH Marine Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

Accountants' Report

8

 

MRH Marine Limited

Company Information

Directors

Mrs Rhona Anne Craig

Mr William Alan Higginbotham

Mr William Higginbotham

Company secretary

Mr William Alan Higginbotham

Registered office

3 Crofthead Mill
Lochlibo Road
Neilston
Glasgow
G78 3NA

Accountants

EQ Accountants Ltd Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

MRH Marine Limited

(Registration number: SC181695)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

55,120

70,420

Current assets

 

Stocks

5

161,880

184,388

Debtors

6

396,373

402,400

Cash at bank and in hand

 

476,384

329,750

 

1,034,637

916,538

Creditors: Amounts falling due within one year

7

(531,618)

(535,565)

Net current assets

 

503,019

380,973

Total assets less current liabilities

 

558,139

451,393

Creditors: Amounts falling due after more than one year

7

(20,496)

(32,668)

Net assets

 

537,643

418,725

Capital and reserves

 

Called up share capital

16,000

16,000

Retained earnings

521,643

402,725

Shareholders' funds

 

537,643

418,725

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 January 2025 and signed on its behalf by:
 

.........................................
Mr William Alan Higginbotham
Company secretary and director

 

MRH Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

MRH Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

Reducing balance at 25%

Fixtures and fittings

Reducing balance at 20%

Motor vehicles

Reducing balance at 25%

Computer equipment

Cost at 33%

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

 

MRH Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 July 2023

2,152

10,570

26,019

134,914

Additions

-

-

3,466

-

At 30 June 2024

2,152

10,570

29,485

134,914

Depreciation

At 1 July 2023

1,295

10,560

26,000

65,380

Charge for the year

209

10

1,163

17,384

At 30 June 2024

1,504

10,570

27,163

82,764

Carrying amount

At 30 June 2024

648

-

2,322

52,150

At 30 June 2023

857

10

19

69,534

Total
£

Cost or valuation

At 1 July 2023

173,655

Additions

3,466

At 30 June 2024

177,121

Depreciation

At 1 July 2023

103,235

Charge for the year

18,766

At 30 June 2024

122,001

Carrying amount

At 30 June 2024

55,120

At 30 June 2023

70,420

5

Stocks

2024
£

2023
£

Other inventories

161,880

184,388

 

MRH Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

385,493

388,523

Prepayments

6,683

12,249

Other debtors

4,197

1,628

 

396,373

402,400

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

12,172

11,083

Trade creditors

 

218,950

291,210

Taxation and social security

 

273,468

216,800

Other creditors

 

27,028

16,472

 

531,618

535,565

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

20,496

32,668

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

20,496

32,668

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

12,172

11,083

 

MRH Marine Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Related party transactions

Transactions with directors

Debtors include the following amounts which are owed from individuals who were directors of the company during the year:

2024

At 1 July 2023
£

At 30 June 2024
£

Mr William Higginbotham

Loan

1,218

1,218

2023

At 1 July 2022
£

Advances to director
£

At 30 June 2023
£

Mr William Higginbotham

Loan

1,126

92

1,218

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2024
 £

2023
 £

Mr William Alan Higginbotham

3,209

2,072

Mrs Rhona Anne Craig

15,874

4,924

 

19,083

6,996

The maximum balance outstanding during the year amounted to £19,084.

The directors current accounts are repayable on demand.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
MRH Marine Limited
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of MRH Marine Limited for the year ended 30 June 2024 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of MRH Marine Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of MRH Marine Limited and state those matters that we have agreed to state to the Board of Directors of MRH Marine Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MRH Marine Limited and its Board of Directors as a body for our work or for this report.

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

We have not been instructed to carry out an audit or a review of the accounts of MRH 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 accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

3 January 2025