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Registration number: 03946493

Marine Services (Grimsby) Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Marine Services (Grimsby) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Marine Services (Grimsby) Limited

(Registration number: 03946493)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

355,047

451,282

Current assets

 

Debtors

6

86,506

223,117

Cash at bank and in hand

 

211,799

1,993,408

 

298,305

2,216,525

Creditors: Amounts falling due within one year

7

(97,459)

(76,668)

Net current assets

 

200,846

2,139,857

Total assets less current liabilities

 

555,893

2,591,139

Provisions for liabilities

(48,265)

(69,738)

Net assets

 

507,628

2,521,401

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

507,626

2,521,399

Shareholders' funds

 

507,628

2,521,401

For the financial year ending 30 September 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 Profit and Loss Account.

Approved and authorised by the director on 22 May 2025
 

.........................................
R J Harvey
Director

 

Marine Services (Grimsby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

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

The address of its registered office is:
14 Denby Drive
Cleethorpes
N E Lincolnshire
DN35 9QQ

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 have been prepared in sterling and are rounded to the nearest pound.

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 sales/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.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at th date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the
balance sheet date. All exchange differences are included in the profit and loss account

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.

 

Marine Services (Grimsby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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.

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

Boats

10% straight line

Plant and machinery

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company makes contributions into the personal pension of the director.

3

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 1 (2023 - 1).

 

Marine Services (Grimsby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

250,000

250,000

At 30 September 2024

250,000

250,000

Amortisation

At 1 October 2023

250,000

250,000

At 30 September 2024

250,000

250,000

Carrying amount

At 30 September 2024

-

-

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

1,543,894

1,543,894

At 30 September 2024

1,543,894

1,543,894

Depreciation

At 1 October 2023

1,092,612

1,092,612

Charge for the year

96,235

96,235

At 30 September 2024

1,188,847

1,188,847

Carrying amount

At 30 September 2024

355,047

355,047

At 30 September 2023

451,282

451,282

 

Marine Services (Grimsby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

2,295

144,723

Amounts owed by related parties

9

2,275

2,851

Other debtors

 

81,936

75,543

   

86,506

223,117

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

118

9,708

Taxation and social security

87,870

57,920

Accruals and deferred income

9,471

9,040

97,459

76,668

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

2

2

2

2

       
 

Marine Services (Grimsby) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

9

Related party transactions

Transactions with the Director

2024

Advances
to
directors
£

Repayments
by
director
£

At 30 September 2024
£

R J Harvey

Loan - interest charged at HM Revenue and Customs official rates

5,781

(1,032)

56,721

       
     

 

2023

Advances to
directors
£

Repayments by
director
£

At 30 September 2023
£

R J Harvey

Loan - interest charged at HM Revenue and Customs official rates

4,803

(2,326)

51,971

       
     

 

10

Parent and ultimate parent undertaking

The Company's immediate parent is Grimsby Tugs & Workboats Limited, incorporated in England and Wales.

 The ultimate controlling party is R J Harvey.