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REGISTERED NUMBER: 01297874 (England and Wales)













Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 July 2024

for

UK Docks Marine Services North Limited

UK Docks Marine Services North Limited (Registered number: 01297874)






Contents of the Financial Statements
for the year ended 31 July 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Income and Retained Earnings 10

Statement of Financial Position 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 14


UK Docks Marine Services North Limited

Company Information
for the year ended 31 July 2024







DIRECTORS: H Wilson
G Wilson
C Wilson
J Wilson
S R Lee
J G Armstrong



SECRETARY: G Wilson



REGISTERED OFFICE: River Drive
South Shields
Tyne & Wear
NE33 1LH



REGISTERED NUMBER: 01297874 (England and Wales)



AUDITORS: TTR Barnes Limited
Chartered Accountants and Statutory Auditors
3-5 Grange Terrace
Stockton Road
Sunderland
Tyne & Wear
SR2 7DG



BANKERS: Lloyds TSB
King Street
South Shields
Tyne and Wear
NE33 1DT

UK Docks Marine Services North Limited (Registered number: 01297874)

Strategic Report
for the year ended 31 July 2024

The directors present their strategic report for the year ended 31 July 2024.

REVIEW OF BUSINESS
The company activity is that of marine engineering, ship repair and maintenance.

The directors feel at present, the market for the industry is positive and trading conditions have remained strong.

A key performance indicator used by the director's is turnover achieved and gross profit percentage generated. Results for the year under review indicate that turnover has increased and profitability has increased, both being in line with company objectives.

Key financial results are as follow :

2024 2023 2022 2021 2020
£ £ £ £ £
Sales 35,606,784 19,246,002 16,603,585 20,463,339 15,262,837
Cost of Sales 28,283,667 13,284,871 11,719,477 16,973,526 12,516,999
Gross profit % 20.57% 30.97% 29.42% 17.05% 17.99%

The company has seen a decrease in GP%, this was expected due to new contracts being established during the period.

The directors are positive for the future of the company and are continually looking to grow the business and seek new contracts.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors are of the opinion that the principal risk for the company is that of economic risk and the general difficult trading conditions that exist in some of the companies markets.

At present, the directors feel that the general business environment is relatively stable and that good trading relations exist with both suppliers and customers.

The directors continually review the risks and uncertainties and are proactive to reduce these.

FINANCIAL RISK MANAGEMENT
The company's operations may expose it to a variety of financial risks that include the effects of changes in prices, credit risk, liquidity risk, currency movements and interest rate risk. The company seeks to limit the adverse effect of the financial performance of the company as follows:

Price Risk
The directors monitor movements in market prices on a regular basis. The company's exposure to equity securities price risk is also closely monitored and the investments are actively managed to avoid any significant risk of losses.

Credit Risk
The company is mostly credit based and therefore risk is considered high. Extensive credit and background checks are required before and after contracts are entered into.

Liquidity Risk
The company has good cash reserves and actively maintains sufficient liquid working capital balances to fund operations, therefore, is no subject to significant liquidity risk.

Currency Movements
The company carries out minimal transactions in currencies other than GBP. Directors monitor currency movements and trends to seek to minimise risks from such,

Interest Rate Risk
The company does not have any borrowings or any other interest bearing liabilities. Cash balances earn interest at variable rates, the directors consider the risk from interest rates is minimal.


UK Docks Marine Services North Limited (Registered number: 01297874)

Strategic Report
for the year ended 31 July 2024

FUTURE DEVELOPMENTS
The directors anticipate the business environment will remain competitive. They believe the company is in a good financial position and that the risks identified have been mitigated. The directors are confident in the company's ability to maintain and build on the current market position.

ON BEHALF OF THE BOARD:





J G Armstrong - Director


28 April 2025

UK Docks Marine Services North Limited (Registered number: 01297874)

Report of the Directors
for the year ended 31 July 2024

The directors present their report with the financial statements of the company for the year ended 31 July 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of marine engineers.

DIVIDENDS
An interim dividend of £32962.962 per share was paid on the A Ordinary £1 shares on 31 July 2024. No dividends were paid on any other classes of shares.

The total distribution of dividends for the year ended 31 July 2024 will be £ 1,780,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

H Wilson
G Wilson
C Wilson
J Wilson
S R Lee

Other changes in directors holding office are as follows:

J G Armstrong was appointed as a director after 31 July 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

UK Docks Marine Services North Limited (Registered number: 01297874)

Report of the Directors
for the year ended 31 July 2024


AUDITORS
The auditors, TTR Barnes Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J G Armstrong - Director


28 April 2025

Report of the Independent Auditors to the Members of
UK Docks Marine Services North Limited

Opinion
We have audited the financial statements of UK Docks Marine Services North Limited (the 'company') for the year ended 31 July 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
UK Docks Marine Services North Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
UK Docks Marine Services North Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our commercial knowledge and experience of the do-it-yourself sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and
data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence;
- and identified laws and regulations were communicated within the audit team regularly and the team remained
alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of
actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of
potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the
company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
UK Docks Marine Services North Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




David J Cook (Senior Statutory Auditor)
for and on behalf of TTR Barnes Limited
Chartered Accountants and Statutory Auditors
3-5 Grange Terrace
Stockton Road
Sunderland
Tyne & Wear
SR2 7DG

29 April 2025

UK Docks Marine Services North Limited (Registered number: 01297874)

Statement of Income and
Retained Earnings
for the year ended 31 July 2024

2024 2023
Notes £    £   

TURNOVER 3 35,606,784 19,246,002

Cost of sales 28,283,667 13,284,871
GROSS PROFIT 7,323,117 5,961,131

Administrative expenses 2,717,845 1,190,296
4,605,272 4,770,835

Other operating income 194,823 257,401
OPERATING PROFIT 4,800,095 5,028,236

Interest receivable and similar income 124,554 3,207
PROFIT BEFORE TAXATION 5 4,924,649 5,031,443

Tax on profit 6 1,251,145 1,067,270
PROFIT FOR THE FINANCIAL YEAR 3,673,504 3,964,173

Retained earnings at beginning of year 4,461,366 1,849,304

Dividends 7 (1,780,000 ) (1,352,111 )

RETAINED EARNINGS AT END OF
YEAR

6,354,870

4,461,366

UK Docks Marine Services North Limited (Registered number: 01297874)

Statement of Financial Position
31 July 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 427,769 29,070

CURRENT ASSETS
Stocks 9 207,949 -
Debtors 10 11,452,388 7,113,819
Cash at bank 10,571,544 3,011,846
22,231,881 10,125,665
CREDITORS
Amounts falling due within one year 11 16,297,071 5,686,001
NET CURRENT ASSETS 5,934,810 4,439,664
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,362,579

4,468,734

PROVISIONS FOR LIABILITIES 14 7,609 7,268
NET ASSETS 6,354,970 4,461,466

CAPITAL AND RESERVES
Called up share capital 15 100 100
Retained earnings 16 6,354,870 4,461,366
SHAREHOLDERS' FUNDS 6,354,970 4,461,466

The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by:





G Wilson - Director


UK Docks Marine Services North Limited (Registered number: 01297874)

Statement of Cash Flows
for the year ended 31 July 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 11,092,782 2,869,821
Tax paid (1,470,003 ) (733,642 )
Net cash from operating activities 9,622,779 2,136,179

Cash flows from investing activities
Purchase of tangible fixed assets (407,635 ) (14,227 )
Sale of tangible fixed assets - 98,743
Interest received 124,554 3,207
Net cash from investing activities (283,081 ) 87,723

Cash flows from financing activities
Equity dividends paid (1,780,000 ) (1,352,111 )
Net cash from financing activities (1,780,000 ) (1,352,111 )

Increase in cash and cash equivalents 7,559,698 871,791
Cash and cash equivalents at beginning of
year

2

3,011,846

2,140,055

Cash and cash equivalents at end of year 2 10,571,544 3,011,846

UK Docks Marine Services North Limited (Registered number: 01297874)

Notes to the Statement of Cash Flows
for the year ended 31 July 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 4,924,649 5,031,443
Depreciation charges 8,936 7,132
Profit on disposal of fixed assets - (18,778 )
Finance income (124,554 ) (3,207 )
4,809,031 5,016,590
Increase in stocks (207,949 ) (3,960,400 )
Increase in trade and other debtors (4,338,570 ) (695,603 )
Increase in trade and other creditors 10,830,270 2,509,234
Cash generated from operations 11,092,782 2,869,821

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 July 2024
31/7/24 1/8/23
£    £   
Cash and cash equivalents 10,571,544 3,011,846
Year ended 31 July 2023
31/7/23 1/8/22
£    £   
Cash and cash equivalents 3,011,846 2,140,055


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/8/23 Cash flow At 31/7/24
£    £    £   
Net cash
Cash at bank 3,011,846 7,559,698 10,571,544
3,011,846 7,559,698 10,571,544
Total 3,011,846 7,559,698 10,571,544

UK Docks Marine Services North Limited (Registered number: 01297874)

Notes to the Financial Statements
for the year ended 31 July 2024

1. STATUTORY INFORMATION

UK Docks Marine Services North Limited 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future, which the directors consider to be appropriate.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
The preparation of the financial statements require the use of estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Although these estimates and associated assumptions are based on historical experience and management knowledge, the actual results may differ from these estimates. The key estimates and assumptions to the company are considered to be:

Amounts recoverable on contract
Amounts recoverable are for works completed or in the latter stages of production, not yet billed. The accounting judgement is that these monies should be recognised as income now as the work has been completed and the monies are expected.

Depreciation
Depreciation is charged to reduce the carrying value of tangible fixed assets to their recoverable value. An estimate has been made for the useful lives of assets and their associated residual values.

Accruals
Inline with the framework income and expenses should be included in the period to which they relate. The estimate is that all of the future costs and and income relating to this accounting period have been included accurately.

UK Docks Marine Services North Limited (Registered number: 01297874)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

2. ACCOUNTING POLICIES - continued

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

Income is recognised upon completion of work and services undertaken for customers.

Long-term contract income
For our long-term contracts, because of control transferring over time, revenue is recognised based on the extent of progress towards completion of the performance obligations. We use the cost-to-cost measure of progress for our contracts because it best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation.
Revenues, including estimated fees or profits, are recorded proportionally as costs are incurred. Any expected losses on maintenance and repair type contracts in progress are charged to earnings, in total, in the period the losses are recognised in provision's.

Variations to contract
Any additional works distinct from the original contract, are accounted for as a separate order and revenue and profit are recognised as work progresses or at a point in time when performance obligations are fulfilled and control transfers to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Assets under construction - not provided
Plant and machinery - 25% on reducing balance
Computer equipment - 25% on reducing balance

Depreciation is not provided for assets under construction as these assets are not yet in use.

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.

Financial instruments
Assets
Short term assets including prepayments and trade debtors are measured at transaction price. Other financial assets including cash are measured at fair value.

Liabilities
Short term liabilities including trade creditors and accruals are measured at transaction price. Other financial liabilities including loans are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method.

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 statement of financial position date.


UK Docks Marine Services North Limited (Registered number: 01297874)

Notes to the Financial Statements - continued
for the year ended 31 July 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 statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Amounts recoverable on contracts
Amounts recoverable on contracts is in respect of revenue generating contracts entered into which are not yet complete. Contract costs incurred are released to the profit and loss account as they fall due. Revenue is valued using a stage of completion method and recognised accordingly in the period for which the corresponding costs have been recognised. They are reviewed on a contract by contract basis and any foreseeable losses are recognised immediately in the profit and loss account.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Ship repair 35,606,784 19,246,002
35,606,784 19,246,002

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 34,832,254 18,429,422
Europe 774,530 816,580
35,606,784 19,246,002

UK Docks Marine Services North Limited (Registered number: 01297874)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,683,655 778,113
Social security costs 167,184 88,092
Other pension costs 9,280 17,595
1,860,119 883,800

The average number of employees during the year was as follows:
2024 2023

Direct staff 35 23
Admin staff 4 3
Directors 5 5
44 31

2024 2023
£    £   
Directors' remuneration 157,563 78,521

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. PROFIT BEFORE TAXATION

The profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 133,700 72,650
Depreciation - owned assets 8,936 7,133
Profit on disposal of fixed assets - (18,778 )
Auditors' remuneration 29,000 10,888
Auditors' remuneration for non audit work 6,000 4,152
Foreign exchange differences 61,036 521

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 1,250,804 1,072,571

Deferred taxation 341 (5,301 )
Tax on profit 1,251,145 1,067,270

UK Docks Marine Services North Limited (Registered number: 01297874)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 4,924,649 5,031,443
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 21.005%)

1,231,162

1,056,855

Effects of:
Expenses not deductible for tax purposes 19,983 7,767
Capital allowances in excess of depreciation (341 ) -
Depreciation in excess of capital allowances - 7,925

Rounding (1 ) 24
Deferred tax 342 (5,301 )
Total tax charge 1,251,145 1,067,270

7. DIVIDENDS
2024 2023
£    £   
A Ordinary shares of £1 each
Interim 1,780,000 1,352,111

8. TANGIBLE FIXED ASSETS
Assets
under Plant and Computer
construction machinery equipment Totals
£    £    £    £   
COST
At 1 August 2023 - 24,973 23,582 48,555
Additions 397,334 8,587 1,714 407,635
At 31 July 2024 397,334 33,560 25,296 456,190
DEPRECIATION
At 1 August 2023 - 12,472 7,013 19,485
Charge for year - 4,721 4,215 8,936
At 31 July 2024 - 17,193 11,228 28,421
NET BOOK VALUE
At 31 July 2024 397,334 16,367 14,068 427,769
At 31 July 2023 - 12,501 16,569 29,070

9. STOCKS
2024 2023
£    £   
Work-in-progress 207,949 -

UK Docks Marine Services North Limited (Registered number: 01297874)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 965,057 765,752
Amounts owed by group undertakings 2,285,454 183,652
Amounts recoverable on contract 5,306,095 5,507,511
Other Debtors 771,966 561,607
VAT 202,513 72,694
Prepayments and accrued income 1,921,303 22,603
11,452,388 7,113,819

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 4,991,036 1,762,642
Amounts owed to group undertakings 1,109,594 1,441,501
Taxation 302,548 521,747
Social security and other taxes 53,906 45,271
Deferred income 7,858,510 540,152
Accrued expenses 1,981,477 1,374,688
16,297,071 5,686,001

12. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 58,783 43,221
Between one and five years 21,540 43,372
80,323 86,593

13. SECURED DEBTS

There is an unlimited debenture and a letter of set off in place across the company. This is with UK Docks Marine Services North, UK Docks Marine Services South and UK Docks Marine Services Teesside

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred taxation -
accelerated capital allowances 7,609 7,268
7,609 7,268

Deferred
tax
£   
Balance at 1 August 2023 7,268
Charge to Income Statement during year 341
Balance at 31 July 2024 7,609

UK Docks Marine Services North Limited (Registered number: 01297874)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
54 A Ordinary £1 54 54
15 B Ordinary £1 15 15
15 C Ordinary £1 15 15
15 D Ordinary £1 15 15
1 E Ordinary £1 1 1
100 100

Called up share capital represents the nominal value of shares that have been issued.

All shares issued have full voting, dividend and capital distribution rights (upon winding up).

16. RESERVES
Retained
earnings
£   

At 1 August 2023 4,461,366
Profit for the year 3,673,504
Dividends (1,780,000 )
At 31 July 2024 6,354,870

Retained earnings include all current and prior period retained profits and losses less any distributions made.

17. PENSION COMMITMENTS

Defined Contribution Scheme

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company. The pension cost charges represent contributions payable by the company to the fund.

18. RELATED PARTY DISCLOSURES

2024 2023
£    £   
Key Management
Key management remuneration 555,375 313,978


Associates
Amounts owed to associates 109,787 186,683
Rent paid to associate 133,200 105,877
Management charge paid to associate - 100,106

Other Related Parties
Remuneration 26,654 16,178


UK Docks Marine Services North Limited (Registered number: 01297874)

Notes to the Financial Statements - continued
for the year ended 31 July 2024

19. AUDITOR LIABILITY LIMITATION AGREEMENT

The limitation of liability in respect of this audit is 10 times the audit fee which was agreed in our terms of engagement letter dated 1st August 2023.

20. PARENT COMPANY

The ultimate parent company is Wilson Group Holdings Limited, a company registered in England and Wales.

Wilson Group Holdings prepares consolidated group financial statements and it's registered office is River Drive, South Shields, Tyne and Wear, NE33 1LH.