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Company No: 06299465 (England and Wales)

MARINE SERVICES (SW) LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

MARINE SERVICES (SW) LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

MARINE SERVICES (SW) LIMITED

BALANCE SHEET

As at 31 December 2024
MARINE SERVICES (SW) LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 513,040 476,722
513,040 476,722
Current assets
Debtors 5 82,912 98,571
Cash at bank and in hand 467,459 420,867
550,371 519,438
Creditors: amounts falling due within one year 6 ( 120,906) ( 118,356)
Net current assets 429,465 401,082
Total assets less current liabilities 942,505 877,804
Creditors: amounts falling due after more than one year 7 ( 4,167) ( 14,167)
Provision for liabilities ( 154,260) ( 169,123)
Net assets 784,078 694,514
Capital and reserves
Called-up share capital 8 150 150
Revaluation reserve 150,901 109,182
Profit and loss account 633,027 585,182
Total shareholder's funds 784,078 694,514

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Marine Services (SW) Limited (registered number: 06299465) were approved and authorised for issue by the Board of Directors on 18 April 2025. They were signed on its behalf by:

Mrs M Y Pooley
Director
MARINE SERVICES (SW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
MARINE SERVICES (SW) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Marine Services (SW) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 61 Speedwell Crescent, Eggbuckland, Plymouth, Devon, PL6 5SZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion
when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Vehicles 25 % reducing balance
Other property, plant and equipment 15 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2024 150,000 150,000
At 31 December 2024 150,000 150,000
Accumulated amortisation
At 01 January 2024 150,000 150,000
At 31 December 2024 150,000 150,000
Net book value
At 31 December 2024 0 0
At 31 December 2023 0 0

4. Tangible assets

Plant and machinery Vehicles Other property, plant
and equipment
Total
£ £ £ £
Cost/Valuation
At 01 January 2024 37,052 53,001 509,787 599,840
Additions 7,357 14,995 0 22,352
Revaluations 0 0 108,177 108,177
Disposals ( 5,958) 0 ( 77,878) ( 83,836)
At 31 December 2024 38,451 67,996 540,086 646,533
Accumulated depreciation
At 01 January 2024 34,850 19,075 69,193 123,118
Charge for the financial year 1,187 8,794 28,808 38,789
Disposals ( 5,535) 0 ( 22,879) ( 28,414)
At 31 December 2024 30,502 27,869 75,122 133,493
Net book value
At 31 December 2024 7,949 40,127 464,964 513,040
At 31 December 2023 2,202 33,926 440,594 476,722

Revaluation of tangible assets

During the year, there has been a revaluation of other property, plant and equipment which was determined by the directors as at 31 December 2024.

Deferred tax has been provided against the gains on these assets, and is included within the revaluation reserve.

The historical cost, accumulated depreciation and carrying value is set out below.

2024 2023
£ £
Historical cost 330,066 353,402
Accumulated depreciation (66,304) (58,384)
Carrying value 263,762 295,018

An asset with historical value of £23,337 was disposed of during the year, with accumulated depreciation of £14,098

5. Debtors

2024 2023
£ £
Trade debtors 69,672 79,675
Other debtors 13,240 18,896
82,912 98,571

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 10,000 10,315
Trade creditors 14,003 2,234
Taxation and social security 73,785 62,179
Other creditors 23,118 43,628
120,906 118,356

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 4,167 14,167

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
50 Ordinary A shares of £ 1.00 each 50 50
12 Ordinary B shares of £ 1.00 each 12 12
76 Ordinary C shares of £ 1.00 each 76 76
12 Ordinary D shares of £ 1.00 each 12 12
150 150

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 14,300 11,801
between one and five years 83,417 24,243
97,717 36,044