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Registration number: 11264377

Offshore Marine Equipment Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

Pages for filing with Registrar

 

Offshore Marine Equipment Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Offshore Marine Equipment Limited

Company Information

Director

R L D Grimmond

Registered office

First Floor Office
Unit J The Underfall Boat Yard
Cumberland Road
Bristol
BS1 6XG

Registered number

11264377

Accountants

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Offshore Marine Equipment Limited

(Registration number: 11264377)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

255,998

288,578

Current assets

 

Debtors

7

35,343

8,982

Cash at bank and in hand

 

12,884

30,504

 

48,227

39,486

Creditors: Amounts falling due within one year

8

(366,989)

(109,267)

Net current liabilities

 

(318,762)

(69,781)

Total assets less current liabilities

 

(62,764)

218,797

Provisions for liabilities

5

(37,151)

(43,343)

Net (liabilities)/assets

 

(99,915)

175,454

Capital and reserves

 

Called up share capital

9

100

100

Revaluation reserve

109,281

127,495

Profit and loss account

(209,296)

47,859

Total equity

 

(99,915)

175,454

 

Offshore Marine Equipment Limited

(Registration number: 11264377)
Balance Sheet as at 31 December 2023

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

Director's 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 director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the director on 21 February 2025
 

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

R L D Grimmond
Director

 

Offshore Marine Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
First Floor Office
Unit J The Underfall Boat Yard
Cumberland Road
Bristol
BS1 6XG

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The director has prepared the financial statements on the going concern basis which assumes that the company will have sufficient financial resources in order to meet its liabilities for a period of at least 12 months from the date of approving these financial statements. The company’s balance sheet includes a significant net creditor position owed to group undertakings, and therefore the director has considered the support to be received from the wider group when completing this assessment. Based on the support which the director expects to be available from the parent company and wider group, and taking into account the financial performance of the group since the year-end, the director considers it appropriate to prepare the financial statements on a going concern basis.

 

Offshore Marine Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the leasing of goods in the ordinary course of the company’s activities. Turnover is shown net of 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.

In general, based on the company's terms of business, the company therefore recognises revenue over the period of the related hire or rental.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into sterling at the rates prevailing on the reporting date.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Foreign exchange gains and losses are taken to profit and loss and classified within administrative expenses.

Tangible fixed assets

Marine equipment is held at fair value, applying the revaluation model permitted by FRS 102. The equipment held in this category is highly specialised and so valuations of these assets are based on estimates of depreciated replacement cost. The valuations will be reviewed with sufficient regularity to avoid a material difference between estimated fair value and the carrying value in the accounts.

If an asset’s carrying amount is increased as a result of a revaluation, the increase is recognised in other comprehensive income and accumulated in the revaluation reserve within equity. However, the increase shall be recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss.

The decrease of an asset’s carrying amount as a result of a revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity, in respect of that asset. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Other 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.

 

Offshore Marine Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Furniture and fixtures

20% straight line

Marine equipment

10% straight line

Plant and machinery

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. 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.

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost and using the effective interest method if the balance is due in more than one year.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases or hire purchase contracts are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

 

Offshore Marine Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Significant accounting estimates and judgements

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of certain assets and liabilities. 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. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:

• Revaluation of marine equipment
Tangible fixed assets includes marine equipment which is measured at an estimate of its fair value rather than it being measured, as is the case with other tangible fixed assets, at depreciated historical cost. The fair value of the equipment as at 31 December 2023 is £225,000 (2022 - £262,500). The year-end estimate is based on a valuation of depreciated replacement cost. Any valuation of a fixed asset, unless it is based on observable market prices for the same or similar assets, involves judgement and estimation. However, given the very specialist nature of the marine equipment in question, and the relatively volatile nature of the marine industry during the year under review and since the year-end, there is significant estimation uncertainty regarding the 31 December 2023 valuation.

Should the true replacement cost differ from the estimate as at 31 December 2023 then the adjustment to that estimate would be credited or charged (as applicable) to profit or loss in the period the difference is identified.
 

4

Staff numbers

The average number of persons employed by the company during the year was 0 (2022 - 0).

 

Offshore Marine Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Taxation

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Revaluation of tangible fixed assets

37,151

2022

Liability
£

Revaluation of tangible fixed assets

43,343

6

Tangible fixed assets

Furniture & Fixtures
 £

Marine equipment
 £

Plant & Machinery
£

Total
£

Cost or valuation

At 1 January 2023

1,422

300,000

64,765

366,187

Additions

-

-

31,100

31,100

At 31 December 2023

1,422

300,000

95,865

397,287

Depreciation

At 1 January 2023

939

37,500

39,170

77,609

Charge for the year

284

37,500

25,896

63,680

At 31 December 2023

1,223

75,000

65,066

141,289

Carrying amount

At 31 December 2023

199

225,000

30,799

255,998

At 31 December 2022

483

262,500

25,595

288,578

The marine equipment was initially valued by the director as at 31 December 2019, applying the revaluation model. The carrying amount as at 31 December 2021 was updated to an estimate of 31 December 2021 fair value provided by a third party valuer. Fair value is based on depreciated replacement cost. If the cost model was applied then the carrying value of the marine equipment would be £88,088 (2022: £102,373).

No revaluation adjustment was deemed necessary by management as at 31 December 2023.

 

Offshore Marine Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Debtors: amounts falling due within one year

2023
£

2022
£

Amounts owed by group undertakings

8,982

8,982

Prepayments

8,425

-

Other debtors

17,936

-

35,343

8,982

8

Creditors

2023
£

2022
£

Amounts falling due within one year

Trade creditors

43,104

17,682

Amounts owed to group undertakings

310,025

55,326

Other creditors

390

-

Accruals

13,470

8,119

Taxation and social security

-

28,140

366,989

109,267

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Parent and ultimate parent undertaking

The company’s immediate parent company is Offshore Marine Management Holdings Limited, their registered office is First Floor Office, Unit J The Underfall Boat Yard, Cumberland Road, Bristol, BS1 6XG.

The ultimate controlling party is R L D Grimmond by virtue of his interest in Confideo Invest Holding SA, incorporated in Switzerland, parent company to Offshore Marine Management Holdings Limited.