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COMPANY REGISTRATION NUMBER: 10389553
Ortus Marine Services Limited
Filleted Financial Statements
30 June 2024
Ortus Marine Services Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Ortus Marine Services Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
2,910,879
2,842,149
Current assets
Debtors
7
115,110
58,101
Cash at bank and in hand
8,154
232,704
---------
---------
123,264
290,805
Creditors: amounts falling due within one year
8
2,821,918
1,750,372
------------
------------
Net current liabilities
2,698,654
1,459,567
------------
------------
Total assets less current liabilities
212,225
1,382,582
Creditors: amounts falling due after more than one year
9
1,497,086
Provisions including deferred tax
433,984
352,202
---------
------------
Net liabilities
( 221,759)
( 466,706)
---------
------------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
( 221,859)
( 466,806)
---------
---------
Shareholders deficit
( 221,759)
( 466,706)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 20 March 2025 , and are signed on behalf of the board by:
J P Rumsey
Director
Company registration number: 10389553
Ortus Marine Services Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Skyview Business Centre Suffolk Court, 9 Churchfield Road, Sudbury, Suffolk, CO10 2YA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on the going concern basis. The director is of the opinion that the company has sufficient resources to continue trading for the next 12 months from the date of signing these accounts. The director has also received a letter of support from the ultimate controlling party confirming that day to day financial support in addition to the long term loan will continue to be provided for at least 12 months after these financial statements are approved and therefore the director considers it appropriate to prepare the financial statements on the going concern basis.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Ortus Technology Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10% Straight line
Fixtures and fittings
-
10% - 33% Straight line
Charter Vessel
-
7.5% Straight line
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tax on loss
Major components of tax income
2024
2023
£
£
Current tax:
Compensation for tax losses surrendered to parent company
(696,348)
(363,267)
Deferred tax:
Origination and reversal of timing differences
81,782
99,985
---------
---------
Tax on loss
( 614,566)
( 263,282)
---------
---------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 20.50 %).
2024
2023
£
£
Loss on ordinary activities before taxation
( 369,619)
( 281,727)
---------
---------
Loss on ordinary activities by rate of tax
( 92,405)
( 57,754)
Effect of capital allowances and depreciation
100
83,269
Losses group relieved
174,087
74,470
Amounts received for group relieved tax losses
(696,348)
(363,267)
---------
---------
Tax on loss
( 614,566)
( 263,282)
---------
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Charter Vessel
Total
£
£
£
£
Cost
At 1 July 2023
114,871
3,490,232
3,605,103
Additions
292,854
3,694
296,548
Disposals
( 334)
( 334)
---------
---------
------------
------------
At 30 June 2024
292,854
118,231
3,490,232
3,901,317
---------
---------
------------
------------
Depreciation
At 1 July 2023
82,347
680,607
762,954
Charge for the year
2,440
15,694
209,417
227,551
Disposals
( 67)
( 67)
---------
---------
------------
------------
At 30 June 2024
2,440
97,974
890,024
990,438
---------
---------
------------
------------
Carrying amount
At 30 June 2024
290,414
20,257
2,600,208
2,910,879
---------
---------
------------
------------
At 30 June 2023
32,524
2,809,625
2,842,149
---------
---------
------------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Charter Vessel
£
At 30 June 2024
----
At 30 June 2023
2,809,625
------------
7. Debtors
2024
2023
£
£
Trade debtors
59,752
19,789
Other debtors
55,358
38,312
---------
--------
115,110
58,101
---------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
25,430
924
Accruals and deferred income
41,811
20,174
Obligations under finance leases and hire purchase contracts
256,643
Amounts owed to group companies
2,754,677
1,472,631
------------
------------
2,821,918
1,750,372
------------
------------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Obligations under finance leases and hire purchase contracts
1,497,086
----
------------
Included within creditors: amounts falling due after more than one year is an amount of £0 (2023: £470,513) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Summary audit opinion
The auditor's report dated 24 March 2025 was unqualified .
The senior statutory auditor was Stephen Drain , for and on behalf of Edmund Carr LLP .
12. Related party transactions
The company has taken advantage of the exemption within FRS 102 Section 1A from the requirement to disclose transactions with wholly owned group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company. Ortus Technology Limited, whose registered office is at 146 New London Road, Chelmsford, Essex, CM2 0AW, prepares group financial statements, a copy of which can be obtained from companies house.
13. Controlling party
The ultimate parent company is Ortus Technology Limited, a company registered in England and Wales at the registered office, 146 New London Road, Chelmsford, Essex, CM2 0AW. The ultimate controlling party is J P Rumsey by virtue of his shareholding in the ultimate parent undertaking.