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Company registration number: 00883132

Society of Maritime Industries Limited

Filleted Annual Report and Financial Statements

for the Year Ended 30 September 2024

 

Society of Maritime Industries Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 9

 

Society of Maritime Industries Limited

(Registration number: 00883132)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,230

3,590

Tangible assets

5

33,709

35,013

 

35,939

38,603

Current assets

 

Debtors

6

597,216

566,227

Cash at bank and in hand

 

693,273

688,453

 

1,290,489

1,254,680

Creditors: Amounts falling due within one year

7

(1,090,879)

(1,054,615)

Net current assets

 

199,610

200,065

Total assets less current liabilities

 

235,549

238,668

Provisions for liabilities

 

Provisions

 

(2,400)

(38,000)

Deferred tax liabilities

 

(2,362)

-

Provisions for liabilities

(4,762)

(38,000)

Net assets

 

230,787

200,668

Capital and reserves

 

Profit and loss account

230,787

200,668

Total equity

 

230,787

200,668

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.

Approved and authorised by the Board on 18 February 2025 and signed on its behalf by:
 


B R Johnson
Director

   
 

Society of Maritime Industries Limited

Notes to the Financial Statements
for the Year Ended 30 September 2024

1

General information

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The principal place of business is:
28-29 Threadneedle Street
London
EC2R 8AY

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

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.

These financial statements are presented in Sterling (£).

Going concern

These financial statements have been prepared on a going concern basis.

Turnover recognition

Income consists of subscriptions, exhibitions and project revenue and grants stated net of value added tax. The company receives grants from Department of International Trade under their Trade Access Programme which are claimed on behalf of companies and passed straight to them.

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;
- Specific criteria have been met for each of the company's activities.

 

Society of Maritime Industries Limited

Notes to the Financial Statements
for the Year Ended 30 September 2024

Foreign currency transactions and balances

Transactions in foreign countries 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 the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 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 on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

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.

Depreciation of tangible assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Asset class

Depreciation method and rate

Fixtures and fittings

33% on cost, 25% on cost, 20% on cost, and 15% on cost

Short leasehold

20% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Society of Maritime Industries Limited

Notes to the Financial Statements
for the Year Ended 30 September 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Short lease amortisation

20% on cost

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or nature.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Society of Maritime Industries Limited

Notes to the Financial Statements
for the Year Ended 30 September 2024

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Limited by guarantee

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

Defined contribution pension obligation

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Dilapidations
Certain leases entered into by the company include clauses obligating the company to return the property in the condition at the date of entry into the lease. The costs to bring the property back to that condition cannot be confirmed until the company leaves the property and accordingly estimates are prepared at each reporting date. The company has estimated the value of such dilapidation as at 30 September 2024 at £2,400 (2023 - £38,000).

Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the profile of debtors, and historical experience.

 

Society of Maritime Industries Limited

Notes to the Financial Statements
for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 23 (2023 - 20).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

6,800

6,800

At 30 September 2024

6,800

6,800

Amortisation

At 1 October 2023

3,210

3,210

Amortisation charge

1,360

1,360

At 30 September 2024

4,570

4,570

Carrying amount

At 30 September 2024

2,230

2,230

At 30 September 2023

3,590

3,590

 

Society of Maritime Industries Limited

Notes to the Financial Statements
for the Year Ended 30 September 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

33,348

119,327

152,675

Additions

-

11,040

11,040

Disposals

(5,723)

(55,559)

(61,282)

At 30 September 2024

27,625

74,808

102,433

Depreciation

At 1 October 2023

6,450

111,212

117,662

Charge for the year

5,619

6,725

12,344

Eliminated on disposal

(5,723)

(55,559)

(61,282)

At 30 September 2024

6,346

62,378

68,724

Carrying amount

At 30 September 2024

21,279

12,430

33,709

At 30 September 2023

26,898

8,115

35,013

Included within the net book value of land and buildings above is £21,279 (2023 - £26,898) in respect of short leasehold land and buildings.
 

6

Debtors

Current

2024
£

2023
£

Trade debtors

471,029

453,733

Prepayments

61,250

38,954

Other debtors

64,937

73,540

 

597,216

566,227

 

Society of Maritime Industries Limited

Notes to the Financial Statements
for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

11,482

2,029

Trade creditors

 

35,336

33,822

Taxation and social security

 

146,246

117,442

Accruals and deferred income

 

853,746

900,198

Other creditors

 

44,069

1,124

 

1,090,879

1,054,615

8

Provisions

Other provisions

2024
£

2023
£

Dilapidations - provision for new lease

2,400

-

Dilapidations - previous lease

-

38,000

2,400

38,000

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

11,482

2,029

10

Limited by guarantee

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

Financial commitments

The total amount of financial commitments not included in the balance sheet is £337,507 (2023 - £-).

 

Society of Maritime Industries Limited

Notes to the Financial Statements
for the Year Ended 30 September 2024

12

Related party transactions

The Board of Directors are representatives from member organisations, who pay subscriptions to and attend events and exhibitions organised by the company. The amounts paid by member organisations represented on the Board are the same basis as available to other member organisations.

13

Audit Report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 24 February 2025 was Michelle Ferris BSc(Hons) FCA DchA, who signed for and on behalf of Albert Goodman LLP.