Company registration number:
for the Year Ended
Society of Maritime Industries Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Society of Maritime Industries Limited
(Registration number: 00883132)
Balance Sheet as at 30 September 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Provisions |
(2,400) |
(38,000) |
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Deferred tax liabilities |
(2,362) |
- |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Profit and loss account |
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Total equity |
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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
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Society of Maritime Industries Limited
Notes to the Financial Statements
for the Year Ended 30 September 2024
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
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
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 October 2023 |
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At 30 September 2024 |
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Amortisation |
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At 1 October 2023 |
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Amortisation charge |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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Society of Maritime Industries Limited
Notes to the Financial Statements
for the Year Ended 30 September 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 October 2023 |
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Additions |
- |
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Disposals |
( |
( |
( |
At 30 September 2024 |
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Depreciation |
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At 1 October 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
( |
At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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At 30 September 2023 |
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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.
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Society of Maritime Industries Limited
Notes to the Financial Statements
for the Year Ended 30 September 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Provisions |
Other provisions
2024 |
2023 |
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Dilapidations - provision for new lease |
2,400 |
- |
Dilapidations - previous lease |
- |
38,000 |
2,400 |
38,000 |
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
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Bank overdrafts |
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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.
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 £
Society of Maritime Industries Limited
Notes to the Financial Statements
for the Year Ended 30 September 2024
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.
Audit Report |