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REGISTERED NUMBER: SC155151















CALEDONIAN MARINE SERVICES LIMITED

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024






CALEDONIAN MARINE SERVICES LIMITED (REGISTERED NUMBER: SC155151)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


CALEDONIAN MARINE SERVICES LIMITED (REGISTERED NUMBER: SC155151)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Stocks 54,057 40,869
Debtors 4 14,310 24,297
Cash at bank 16,637 55,173
85,004 120,339
CREDITORS
Amounts falling due within one year 5 94,996 130,211
NET CURRENT LIABILITIES (9,992 ) (9,872 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(9,992

)

(9,872

)

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (10,992 ) (10,872 )
SHAREHOLDERS' FUNDS (9,992 ) (9,872 )

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 January 2025 and were signed by:





Peter Jan Karlsen - Director


CALEDONIAN MARINE SERVICES LIMITED (REGISTERED NUMBER: SC155151)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Caledonian Marine Services Limited is a private company, limited by shares, incorporated in Scotland. The registered office is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ.

The financial statements are presented in Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention.

Going Concern
The directors have discussed re-locating the trade from this company to another within the group, it's likely this will take place within the next 12 months. Thereafter, a decision will be made on whether to strike the company off. Notwithstanding this and the balance sheet deficit of £9,992, the financial statements have been prepared on a going concern basis. As per previous years, the director believes this to be appropriate as the deficit occurs due to a high inter-company balance and the company has the guarantee of the parent company and other group members for financial support.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The director considers there to be none.

Turnover
Turnover represents the invoice value of goods provided during the year, excluding value added tax. The company's policy is to recognise income when substantively all the risks and rewards in connection with the goods have been passed to the buyer.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell. Stock is recognised as an expense in the period in which the related revenue is recognised.

The company sells various stock items and is subject to changing consumer demands and changes in legislation. As a result it is necessary to consider the recoverability of the cost of stock and the associated provision required.

When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated saleability of these items.


CALEDONIAN MARINE SERVICES LIMITED (REGISTERED NUMBER: SC155151)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions during the year in foreign currencies are also translated into sterling at the rates of exchange ruling at the balance sheet date if the exchange rate has not fluctuated significantly during year. The exchange differences resulting from the restatement of the opening monetary assets and liabilities denominated in foreign currencies, at the beginning of the year, are taken into account in arriving at the operating profit.

All transfers between foreign currency bank accounts are reflected in the accounts at the average monthly rates applicable to the date of the transfer. Where this policy results in an exchange gain or loss on the transaction, this has been taken to the profit and loss account.

Pension costs and other post-retirement benefits
The immediate parent company operates a closed defined benefit scheme for group employees. The assets of the scheme are held separately from those of the immediate parent company. Pension contributions included in the profit and loss account represent the recharge made by the parent undertaking for contributions paid to the defined benefit scheme in respect of the company's employees.

Since 1996, the immediate parent company has also operated a defined contribution pension scheme in respect of all new employees. The assets of the scheme are held separately from those of the immediate parent company. The annual contributions payable are recharged from the immediate parent company and charged to the profit and loss account.

CALEDONIAN MARINE SERVICES LIMITED (REGISTERED NUMBER: SC155151)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to and from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 14,310 24,297

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 3,148 8,374
Amounts owed to group undertakings 86,487 116,476
Other creditors 5,361 5,361
94,996 130,211

There are no repayment terms attached to the amounts owed by group undertakings, however, it is not expected the balances will be repaid in full within 12 months of the year end.

CALEDONIAN MARINE SERVICES LIMITED (REGISTERED NUMBER: SC155151)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

6. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion
The sample stock count performed at the year end resulted in various discrepancies both in terms of the quantity held and the valuation. Stock is stored and managed by a third party on behalf of the company and during the year, they relocated from Glasgow to Edinburgh. On enquiry into the quantity discrepancies we were advised items of stock could not be located and were possibly missing as a result of the relocation. The third party were also unable to provide valuations of certain items of stock at the year end. We were unable to satisfy ourselves by alternative means concerning the stock quantities and values held at 30 April 2024 which are included in the balance sheet at £54,057 by using other audit procedures. Consequently we were unable to determine whether any material adjustment to this amount was necessary.

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’s 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 the provisions available for small entities, in the circumstances set out in note seven to the financial statements, 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 qualified opinion

Matters required to report by exception
Arising solely from the limitation on the scope of our work relating to stock, referred to above:
- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and
- we were unable to determine whether adequate accounting records have been kept.

Jayne Clifford MA CA (Senior Statutory Auditor)
for and on behalf of Martin Aitken & Co Ltd

7. RELATED PARTY DISCLOSURES

During the year, the company was charged £46,443 (2023: £46,513) by its parent company. At the balance sheet date, the company owed £86,487 (2023: £116,476) to group undertakings.

The intercompany balances at the year end are unsecured, interest free and with no fixed repayment terms.

8. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of similar size and nature the company use the auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party of Caledonian Marine Services Limited is a discretionary trust.

The ultimate parent company is Norbulk Shipping Company Limited, a company registered in 14 Par La Ville Road, Hamilton, Bermuda.