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REGISTERED NUMBER: 13462646 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

KGM MARINE SERVICES LTD

KGM MARINE SERVICES LTD (REGISTERED NUMBER: 13462646)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 6

KGM MARINE SERVICES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Mr G A Skelton
Mr L Kew
Mrs C E Ward





REGISTERED OFFICE: Unit 11 Bottings Ind. Estate
Hillsons Road
Curdridge
Southampton
Hampshire
SO30 2DY





REGISTERED NUMBER: 13462646 (England and Wales)





ACCOUNTANTS: Rothmans LLP
Chartered Accountants
Chilworth Point
1 Chilworth Road
Southampton
SO16 7JQ

KGM MARINE SERVICES LTD (REGISTERED NUMBER: 13462646)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 22,500 -
Tangible assets 5 89,713 62,077
112,213 62,077

CURRENT ASSETS
Stocks 15,000 77,300
Debtors 6 546,762 437,892
Cash at bank 186,925 111,479
748,687 626,671
CREDITORS
Amounts falling due within one year 7 350,902 389,230
NET CURRENT ASSETS 397,785 237,441
TOTAL ASSETS LESS CURRENT
LIABILITIES

509,998

299,518

PROVISIONS FOR LIABILITIES 18,675 3,232
NET ASSETS 491,323 296,286

CAPITAL AND RESERVES
Called up share capital 99 99
Retained earnings 491,224 296,187
491,323 296,286

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2025 and were signed on its behalf by:





Mr G A Skelton - Director


KGM MARINE SERVICES LTD (REGISTERED NUMBER: 13462646)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

KGM Marine Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is the amount receivable derived from services for diving, cleaning hulls, fixing boats and dredging, net of VAT.

Revenue from the services provided are recognised, when it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

GOODWILL
Goodwill, being the amount paid to acquire a set of business contacts, is amortised over 10 years as the useful economic life of this asset cannot be accurately estimated.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost included expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed and if appropriate are adjusted if there is an indication of a significant change since the last reporting date.

STOCKS
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


KGM MARINE SERVICES LTD (REGISTERED NUMBER: 13462646)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The Company operates a defined contribution pension scheme. The assets of the schemes are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund.

CAPITAL COMMITMENTS
At 30 June 2024, the company had no capital commitments contracted for but not provided for in these financial statements (2023: £Nil).

SHORT-TERM DEBTORS AND CREDITORS
Debtors and creditors receivable and payable within one year or upon demand are recorded at transaction price whether or not a rate of interest is charged on the balance.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 25,000
At 30 June 2024 25,000
AMORTISATION
Amortisation for year 2,500
At 30 June 2024 2,500
NET BOOK VALUE
At 30 June 2024 22,500

KGM MARINE SERVICES LTD (REGISTERED NUMBER: 13462646)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 July 2023 24,091 924 63,075 88,090
Additions 69,472 7,359 42,787 119,618
Disposals (24,091 ) (924 ) (63,075 ) (88,090 )
At 30 June 2024 69,472 7,359 42,787 119,618
DEPRECIATION
At 1 July 2023 8,608 231 17,174 26,013
Charge for year 17,368 1,840 10,697 29,905
Eliminated on disposal (8,608 ) (231 ) (17,174 ) (26,013 )
At 30 June 2024 17,368 1,840 10,697 29,905
NET BOOK VALUE
At 30 June 2024 52,104 5,519 32,090 89,713
At 30 June 2023 15,483 693 45,901 62,077

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 185,190 325,097
Amounts owed by associates 88,294 69,490
Other debtors 613 2,018
VAT 252,612 38,578
Prepayments 20,053 2,709
546,762 437,892

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 168,682 269,575
Amounts owed to associates 78,574 -
Tax 40,441 43,302
Social security and other taxes 276 6,422
Other creditors 13,083 -
M Cross loan - 25,000
L Kew loan 16,000 16,000
Directors' current accounts 24,900 24,900
Accrued expenses 8,946 4,031
350,902 389,230

Loans from M Cross and L Kew provided free on interest and payable upon demand.

8. RELATED PARTY DISCLOSURES

At the beginning of the year, the company was owed amounts totalling £69,490 by an associated company, as a result of various payments made between the two entities this figure increased to £88,294 owed by the associated company at the year end.

During the year the company received net funds from two associated companies as a result of various transactions of £3,756 and £74,818, and as a result owes these associated companies a total of £78,574 at the year end.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
KGM MARINE SERVICES LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of KGM Marine Services Ltd for the year ended 30 June 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of KGM Marine Services Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of KGM Marine Services Ltd and state those matters that we have agreed to state to the Board of Directors of KGM Marine Services Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KGM Marine Services Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that KGM Marine Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of KGM Marine Services Ltd. You consider that KGM Marine Services Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of KGM Marine Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Rothmans LLP
Chartered Accountants
Chilworth Point
1 Chilworth Road
Southampton
SO16 7JQ


Date: .............................................