Caseware UK (AP4) 2024.0.164 2024.0.164 true2023-01-01falseNo description of principal activity68truefalse 11681688 2023-01-01 2023-12-31 11681688 2022-01-01 2022-12-31 11681688 2023-12-31 11681688 2022-12-31 11681688 2022-01-01 11681688 c:Director1 2023-01-01 2023-12-31 11681688 d:PlantMachinery 2023-01-01 2023-12-31 11681688 d:PlantMachinery 2023-12-31 11681688 d:PlantMachinery 2022-12-31 11681688 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 11681688 d:OfficeEquipment 2023-01-01 2023-12-31 11681688 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 11681688 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 11681688 d:CurrentFinancialInstruments 2023-12-31 11681688 d:CurrentFinancialInstruments 2022-12-31 11681688 d:Non-currentFinancialInstruments 2023-12-31 11681688 d:Non-currentFinancialInstruments 2022-12-31 11681688 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 11681688 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11681688 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 11681688 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 11681688 d:ShareCapital 2023-12-31 11681688 d:ShareCapital 2022-12-31 11681688 d:RetainedEarningsAccumulatedLosses 2023-12-31 11681688 d:RetainedEarningsAccumulatedLosses 2022-12-31 11681688 c:OrdinaryShareClass1 2023-01-01 2023-12-31 11681688 c:OrdinaryShareClass1 2023-12-31 11681688 c:OrdinaryShareClass1 2022-12-31 11681688 c:FRS102 2023-01-01 2023-12-31 11681688 c:Audited 2023-01-01 2023-12-31 11681688 c:FullAccounts 2023-01-01 2023-12-31 11681688 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11681688 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 11681688 d:HirePurchaseContracts d:WithinOneYear 2022-12-31 11681688 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 11681688 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-12-31 11681688 d:HirePurchaseContracts d:MoreThanFiveYears 2023-12-31 11681688 d:HirePurchaseContracts d:MoreThanFiveYears 2022-12-31 11681688 c:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11681688 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 11681688 1 2023-01-01 2023-12-31 11681688 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-12-31 11681688 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-12-31 11681688 d:LeasedAssetsHeldAsLessee 2023-12-31 11681688 d:LeasedAssetsHeldAsLessee 2022-12-31 11681688 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 11681688 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 11681688










Maritime Skills Academy (Solent) Limited










Financial statements

For the year ended 31 December 2023

 
Maritime Skills Academy (Solent) Limited
Registered number: 11681688

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 5 
93,605
94,199

Tangible assets
 6 
1,582,463
1,743,168

  
1,676,068
1,837,367

Current assets
  

Debtors: amounts falling due within one year
 7 
614,534
690,617

Cash at bank and in hand
  
32,137
-

  
646,671
690,617

Creditors: amounts falling due within one year
 8 
(2,350,105)
(2,382,399)

Net current liabilities
  
 
 
(1,703,434)
 
 
(1,691,782)

Total assets less current liabilities
  
(27,366)
145,585

Creditors: amounts falling due after more than one year
 9 
(1,053,865)
(1,357,753)

  

Net liabilities
  
(1,081,231)
(1,212,168)


Capital and reserves
  

Called up share capital 
 12 
1
1

Profit and loss account
  
(1,081,232)
(1,212,169)

  
(1,081,231)
(1,212,168)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D A Jaenicke
Director
Date: 22 July 2025

The notes on pages 2 to 12 form part of these financial statements.

Page 1

 
Maritime Skills Academy (Solent) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

The Maritime Skills Academy (Solent) Limited (“the company”) is a private company limited by shares and was incorporated in England with the registration number 11681688. The address of the registered office is Building 2000, North Harbour, Lakeside Western Road, Portsmouth, England, PO6 3EN. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).

The financial statements are presented in pound sterling and are rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has reported an operating profit for the year but continues to have a net liability position at the year end. The group is continuing to recover from challenging trading conditions presented throughout the COVID-19 pandemic and related restrictions imposed both domestically and abroad. The sector in which the company provides services had been affected globally and although the industry is continuing to recover the financial burden of this time still effects the day to day operations.
The directors continue to closely monitor the company's cash flow to ensure that its obligations can be met as they fall due.
The company’s forecasts and projections, which taking account of possible changes in trading performance, show that continued support from its facility providers is required. The directors continue to regularly discuss the support required with it providers who have indicated that they are willing to continue to support the company.
Notwithstanding these factors, after making enquiries and considering the uncertainties, the directors have formed a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. 
For these reasons, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 2

 
Maritime Skills Academy (Solent) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Development costs are amortised on a straight line basis over 10 years.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes 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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 3

 
Maritime Skills Academy (Solent) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Office equipment
-
20%

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 4

 
Maritime Skills Academy (Solent) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)


Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as
Page 5

 
Maritime Skills Academy (Solent) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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

 
2.9

Creditors

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

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.12

Leased assets: the company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 6

 
Maritime Skills Academy (Solent) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.13

Sale and leaseback

Where a sale and leaseback transaction results in a finance lease, no gain is immediately recognised for any excess of sales proceeds over the carrying amount of the asset. Instead, the proceeds are presented as a liability and subsequently measured at amortised cost using the effective interest method.
When a sale and leaseback transaction results in an operating lease, and it is clear that the transition is established at fair value any profit or loss is recognised immediately. If the sale price is below fair value, any profit or loss is recognised immediately unless the loss is compensated for by the future lease payments at below market price. In that case any such loss is amortised in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is amortised over the period for which the asset is expected to be used.

 
2.14

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.15

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 7

 
Maritime Skills Academy (Solent) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.16

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following judgements have had the most significant impact on amounts recognised in the financial statements:
Development expenditure
The group has adopted a policy of capitalising development expenditure, as permitted by FRS102. This approach is dependent upon the directors’ judgement that the project’s technical and economic feasibility is assured. In doing so the directors make assumptions regarding the future cash flows that the project is expected to generate, the discount rates to be applied and the expected period over which the project to expected to generate benefits.


4.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 8).

Page 8

 
Maritime Skills Academy (Solent) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

5.


Intangible assets




Development expenditure

£



Cost


At 1 January 2023
125,931


Additions
12,000



At 31 December 2023

137,931



Amortisation


At 1 January 2023
31,732


Charge for the year on owned assets
12,594



At 31 December 2023

44,326



Net book value



At 31 December 2023
93,605



At 31 December 2022
94,199




6.


Tangible fixed assets





Plant and machinery

£



Cost


At 1 January 2023
2,044,213


Additions
47,839



At 31 December 2023

2,092,052



Depreciation


At 1 January 2023
301,045


Charge for the year on owned assets
208,544



At 31 December 2023

509,589



Net book value



At 31 December 2023
1,582,463



At 31 December 2022
1,743,168

Page 9

 
Maritime Skills Academy (Solent) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

           6.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
529,645
763,473

529,645
763,473


7.


Debtors

2023
2022
£
£


Trade debtors
185,602
237,137

Amounts owed by group undertakings
322,440
280,945

Prepayments and accrued income
106,492
172,535

614,534
690,617



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
33,175

Trade creditors
372,132
262,618

Amounts owed to group undertakings
1,097,818
1,176,683

Other taxation and social security
37,068
15,501

Obligations under finance lease and hire purchase contracts
253,955
209,795

Other creditors
56,607
47,845

Accruals and deferred income
532,525
636,782

2,350,105
2,382,399


Page 10

 
Maritime Skills Academy (Solent) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
814,644
1,070,688

Accruals and deferred income
239,221
287,065

1,053,865
1,357,753


The company's overdraft facility and hire purchase obligations are secured by way a debenture in favour of HSBC Bank PLC, containing fixed and floating charges over all of the assets of the company.
The company has deferred income which relates to a financial contribution received for the construction of tangible fixed assets. This income is credited to profit or loss at the same rate as the depreciation on the assets to which the lease incentive relates. At the balance sheet date the total amount deferred was £287,065 (2022 - £331,910).


10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022 As restated
£
£


Within one year
253,955
209,803

Between 1-5 years
531,312
692,904

Over 5 years
283,332
377,776

1,068,599
1,280,483

Page 11

 
Maritime Skills Academy (Solent) Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

11.


Deferred taxation


2022


£






At beginning of year
(190,000)


Charged to profit or loss
190,000



At end of year
-


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £0.01 each
1
1



13.


Related party transactions

The company is exempt from disclosing related party transactions with other companies that are wholly owned within the group.
All other related party transactions during the current and prior periods, including key management personnel compensation, were made under normal market conditions. 


14.


Controlling party

The immediate and ultimate parent undertaking of the company is Viking Maritime Group Limited, a company incorporated in England. 
Consolidated financial statements are prepared by Viking Maritime Group Limited, which can be obtained from its registered office at Viking House, Beechwood Business Park, Menzies Road, Dover, Kent, CT16 2FG. 


15.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2023 was unqualified.

In their report, the auditor emphasised the following matter without qualifying their report:

We draw attention to note 2.2 in the financial statements, which indicates that the company is encountering challenging trading conditions and is currently in the process of discussing additional sources of finance. As stated in note 2.2, these conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.
Our opinion is not modified in respect of this matter.

The audit report was signed on 23 July 2025 by Mark Attwood FCCA (senior statutory auditor) on behalf of Kreston Reeves LLP.


Page 12