3 4 Mobile Marine Engineers Ltd 04503574 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is that of marine engineers. Digita Accounts Production Advanced 6.30.9574.0 true 04503574 2023-06-01 2024-05-31 04503574 2024-05-31 04503574 core:CurrentFinancialInstruments 2024-05-31 04503574 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 04503574 core:FurnitureFittings 2024-05-31 04503574 core:MotorVehicles 2024-05-31 04503574 core:OfficeEquipment 2024-05-31 04503574 core:PlantMachinery 2024-05-31 04503574 1 2024-05-31 04503574 bus:SmallEntities 2023-06-01 2024-05-31 04503574 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 04503574 bus:FilletedAccounts 2023-06-01 2024-05-31 04503574 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 04503574 bus:RegisteredOffice 2023-06-01 2024-05-31 04503574 bus:Director1 2023-06-01 2024-05-31 04503574 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 04503574 core:ComputerEquipment 2023-06-01 2024-05-31 04503574 core:FurnitureFittings 2023-06-01 2024-05-31 04503574 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 04503574 core:MotorCars 2023-06-01 2024-05-31 04503574 core:MotorVehicles 2023-06-01 2024-05-31 04503574 core:OfficeEquipment 2023-06-01 2024-05-31 04503574 core:PlantMachinery 2023-06-01 2024-05-31 04503574 countries:EnglandWales 2023-06-01 2024-05-31 04503574 1 2023-06-01 2024-05-31 04503574 2023-05-31 04503574 core:FurnitureFittings 2023-05-31 04503574 core:MotorVehicles 2023-05-31 04503574 core:OfficeEquipment 2023-05-31 04503574 core:PlantMachinery 2023-05-31 04503574 1 2023-05-31 04503574 2022-06-01 2023-05-31 04503574 2023-05-31 04503574 core:CurrentFinancialInstruments 2023-05-31 04503574 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 04503574 core:FurnitureFittings 2023-05-31 04503574 core:MotorVehicles 2023-05-31 04503574 core:OfficeEquipment 2023-05-31 04503574 core:PlantMachinery 2023-05-31 04503574 1 2023-05-31 04503574 1 2022-06-01 2023-05-31 04503574 1 2022-05-31 xbrli:pure iso4217:GBP

FINANCIAL PERIOD DATA REFRESH REQUIRED
Select the Refresh button on the Summary or Disclosure tab

Registration number: 04503574

Mobile Marine Engineers Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Mobile Marine Engineers Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Mobile Marine Engineers Ltd

(Registration number: 04503574)
Statement of Financial Position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

33,055

39,342

Current assets

 

Stocks

27,363

43,538

Debtors

5

21,372

81,025

Cash at bank and in hand

 

118,591

75,058

 

167,326

199,621

Creditors: Amounts falling due within one year

6

(74,019)

(55,409)

Net current assets

 

93,307

144,212

Total assets less current liabilities

 

126,362

183,554

Provisions for liabilities

(5,795)

(6,959)

Net assets

 

120,567

176,595

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

120,467

176,495

Shareholders' funds

 

120,567

176,595

For the financial year ending 31 May 2024 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 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 26 February 2025
 


Mr G Stephens
Director

 

Mobile Marine Engineers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
Queens House
42-44 New Street
Honiton
Devon
EX14 1BJ

Principal activity

The principal activity of the company is that of marine engineers.

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.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

Mobile Marine Engineers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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 statement of financial position 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.

 

Mobile Marine Engineers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

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

15% reducing balance

Fixtures, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

33.3% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Mobile Marine Engineers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 4).

 

Mobile Marine Engineers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

4

Tangible assets

Fixtures, fittings and equipment
£

Plant and equipment
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

4,145

64,773

3,915

61,410

134,243

Additions

57

1,017

200

-

1,274

At 31 May 2024

4,202

65,790

4,115

61,410

135,517

Depreciation

At 1 June 2023

3,739

39,633

3,915

47,614

94,901

Charge for the year

116

3,927

68

3,450

7,561

At 31 May 2024

3,855

43,560

3,983

51,064

102,462

Carrying amount

At 31 May 2024

347

22,230

132

10,346

33,055

At 31 May 2023

406

25,140

-

13,796

39,342

5

Debtors

2024
£

2023
£

Trade debtors

17,200

44,771

Other debtors

1,700

32,661

Prepayments

2,472

3,593

21,372

81,025

 

Mobile Marine Engineers Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

53,088

25,137

Taxation and social security

12,820

24,100

Accruals and deferred income

1,572

4,247

Other creditors

6,539

1,925

74,019

55,409

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Related party transactions

Transactions with the director

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

Director

30,663

39,817

(75,400)

(4,920)

         
       

 

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Director

29,315

79,368

(78,020)

30,663

 

Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.