Company registration number 03930003 (England and Wales)
MARTEK MARINE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
MARTEK MARINE LIMITED
COMPANY INFORMATION
Directors
K Bedford
N Alexander
(Appointed 21 November 2024)
N Mettyear
(Appointed 21 November 2024)
S A Robson
(Appointed 21 November 2024)
Company number
03930003
Registered office
6a Adwick Park
Manvers
Rotherham
S63 5AB
Auditor
Hart Shaw LLP
Europa Link
Sheffield Business Park
Sheffield
S9 1XU
MARTEK MARINE LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 21
MARTEK MARINE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of the selling and marketing of safety and monitoring equipment for commercial seagoing vessels.

Results and dividends

The results for the year are set out on page 6.

Ordinary dividends were paid amounting to £145,489. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

K Bedford
N Alexander
(Appointed 21 November 2024)
N Mettyear
(Appointed 21 November 2024)
S A Robson
(Appointed 21 November 2024)
J J C Bauer
(Resigned 6 September 2024)
Post reporting date events

In April 2025 Martek Marine Limited's agreement to be the exclusive UK distributor of lifecare products ended. In the current year, sales of c£2.5m at an average gross profit margin of 20-25% were achieved from lifecare products. The company is able to sell all remaining stock still held after this date.

 

The directors are excited by the opportunity this creates for the business to concentrate on its company's core product range in order to grow the business following the change in ownership.

Auditor

Hart Shaw LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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:

MARTEK MARINE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption provided by section 415a of the Companies Act 2006.

On behalf of the board
K Bedford
Director
30 July 2025
MARTEK MARINE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MARTEK MARINE LIMITED
- 3 -
Opinion

We have audited the financial statements of Martek Marine Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

MARTEK MARINE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MARTEK MARINE LIMITED (CONTINUED)
- 4 -
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 directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

At the planning stage we identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management, as required by auditing standards. The potential effect of any laws and regulation on the financial statements can vary considerably. There are laws and regulations that directly affect the financial statements (e.g. the Companies Act) as well as many other operational laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. Owing to the size, nature and complexity of the organisation and the applicable laws and regulations to which it must adhere, the risk of material misstatement was deemed to be low, therefore the procedures performed by the audit team were limited to:

 

 

MARTEK MARINE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF MARTEK MARINE LIMITED (CONTINUED)
- 5 -

We have assessed the overall susceptibility of the financial statements to material misstatement due to fraud. Management override is inherently high risk on any audit. Management override, which may cause there to be a material misstatement within the financial statements, may present itself in a number of ways, for example:

 

In order to reduce the risk of material misstatement to an acceptable level, numerous audit procedures were performed including:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected material misstatements in the financial statements, even though we have performed our audit in accordance with auditing standards. Furthermore, as with all audits, there is a higher risk of irregularities (especially those relating to fraud) being undetected, as these may involve the override of internal controls, collusion, intentional omissions and misrepresentations etc. We are not responsible for preventing non-compliance or fraud and therefore cannot be expected to detect all instances of such. Our audit was not designed to identify misstatements or other irregularities that would not be considered to be material to the financial statements. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report 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 member, for our audit work, for this report, or for the opinions we have formed.

Adam Shield (Senior Statutory Auditor)
For and on behalf of Hart Shaw LLP, Statutory Auditor
Chartered Accountants
Europa Link
Sheffield Business Park
Sheffield
S9 1XU
6 August 2025
MARTEK MARINE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2024
2023
Notes
£
£
Turnover
3
10,755,804
11,601,699
Cost of sales
(6,381,488)
(6,527,200)
Gross profit
4,374,316
5,074,499
Administrative expenses
(4,106,663)
(3,794,403)
Operating profit
4
267,653
1,280,096
Interest receivable and similar income
8
5,013
87,749
Profit before taxation
272,666
1,367,845
Tax on profit
9
(2,709)
(329,785)
Profit for the financial year
269,957
1,038,060

The profit and loss account has been prepared on the basis that all operations are continuing operations.

 

There were no recognised gains or losses for 2024 or 2023 other than those included in the Statement of Comprehensive Income.

MARTEK MARINE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
34,251
62,029
Current assets
Stocks
12
1,292,540
2,188,987
Debtors
13
1,783,893
1,992,468
Cash at bank and in hand
494,139
371,691
3,570,572
4,553,146
Creditors: amounts falling due within one year
14
(965,957)
(2,160,934)
Net current assets
2,604,615
2,392,212
Total assets less current liabilities
2,638,866
2,454,241
Provisions for liabilities
Provisions
15
79,459
19,302
(79,459)
(19,302)
Net assets
2,559,407
2,434,939
Capital and reserves
Called up share capital
18
1,000
1,000
Profit and loss reserves
2,558,407
2,433,939
Total equity
2,559,407
2,434,939
The financial statements were approved by the board of directors and authorised for issue on 30 July 2025 and are signed on its behalf by:
K Bedford
Director
Company registration number 03930003 (England and Wales)
MARTEK MARINE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
1,000
3,395,879
3,396,879
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,038,060
1,038,060
Dividends
10
-
(2,000,000)
(2,000,000)
Balance at 31 December 2023
1,000
2,433,939
2,434,939
Year ended 31 December 2024:
Profit and total comprehensive income
-
269,957
269,957
Dividends
10
-
(145,489)
(145,489)
Balance at 31 December 2024
1,000
2,558,407
2,559,407
MARTEK MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
1
Accounting policies
Company information

Martek Marine Limited is a private company, limited by shares and incorporated in England and Wales. The registered office is 6a Adwick Park, Manvers, Rotherham, S63 5AB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Martek Holdings Limited. These consolidated financial statements are available from its registered office, 6A Adwick Park, Manvers, Rotherham, S63 5AB.

1.2
Going concern

The company is a wholly owned subsidiary of Crucible Bidco Limited (the 'Group'). The Group financed the acquisition of the Company by way of debt and the Company has given a fixed and floating charge over all assets to the lenders in respect of these borrowings. Consequently, in assessing the going concern status of Martek Marine Ltd the Directors also consider the financial position of the Group as a whole. Therefore, the going concern basis of preparation of the Company is dependent on the ongoing ability of the Group to service this debt through trading cashflows, generated by the Company, as the only trading company within the Group. true

MARTEK MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 10 -

To conclude on going concern for the Company, the directors have taken due consideration of the following key matters:

 

 

 

 

 

 

 

The directors have considered the above key matters along with other operational aspects when preparing detailed budgets and cashflow forecasts.  In considering these factors, the directors are satisfied that they have a reasonable basis upon which to conclude that the Company is able to continue as a going concern for at least 12 months from the date of signing the financial statements. Accordingly, they have decided to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery of the goods), the amount of revenue can be measured reliably, 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.

Revenue from contracts for the provision of services is recognised in the period the service has been performed.

MARTEK MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the life of the lease
Plant and equipment
Between 2 and 5 years
Computers
3 years
Other tangibles
3 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of weighted average cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

MARTEK MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MARTEK MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation 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 reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.13
Retirement benefits

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

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15

Prior period restatement

Wages and salaries have been restated to exclude invoiced costs from other group companies for staff time not employed by the company, totalling £282,201.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

MARTEK MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 14 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provision

The company makes a provision of between 50% and 100% against stock which has a last purchase or sale date more than 18 months before the year end. The level of provision is considered on a line by line basis. A provision for obsolete and slow moving stock has been made at the year end for £449,350 (2023: £221,920). Actual outcomes may vary significantly.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
8,770,405
9,681,611
Services rendered
1,985,399
1,920,088
10,755,804
11,601,699
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom and Republic of Ireland
3,296,707
3,897,452
Europe
2,539,854
3,093,817
Rest of world
4,919,243
4,610,430
10,755,804
11,601,699
2024
2023
£
£
Other revenue
Interest income
5,013
87,749
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
32,055
2,815
Depreciation of owned tangible fixed assets
52,107
45,263
Bad debt (credit)/charge
(19,519)
37,343
Operating lease charges
71,881
68,512
MARTEK MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
20,000
92,125
For other services
All other non-audit services
5,000
-
0
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Administration
30
28
Sales and marketing
14
21
Total
44
49

Their aggregate remuneration comprised:

2024
2023
restated
£
£
Wages and salaries
1,799,138
2,181,100
Social security costs
212,198
213,822
Pension costs
82,735
64,996
2,094,071
2,459,918
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
79,799
100,000
Company pension contributions to defined contribution schemes
4,830
7,521
Directors' remuneration recharged by parent company
124,878
-
209,507
107,521

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 0 (2023 - 1) as at 31 December 2024, all directors are now employed by the parent company Crucible Bidco Limited.

MARTEK MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
5,013
-
0
Interest receivable from group companies
-
0
87,749
Total income
5,013
87,749
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
-
0
327,222
Adjustments in respect of prior periods
(1,900)
-
0
Total current tax
(1,900)
327,222
Deferred tax
Origination and reversal of timing differences
4,609
(6,705)
Other adjustments
-
0
9,268
Total deferred tax
4,609
2,563
Total tax charge
2,709
329,785

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
272,666
1,367,845
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
68,167
321,717
Tax effect of expenses that are not deductible in determining taxable profit
750
6,550
Adjustments in respect of prior years
(1,900)
9,268
Group relief
(67,855)
-
0
Depreciation on assets not qualifying for tax allowances
-
0
(49)
Deferred tax adjustments in respect of prior years
3,547
-
0
Super-deduction amount on main pool qualifying assets
-
0
(4,848)
Other
-
0
(2,853)
Taxation charge for the year
2,709
329,785
MARTEK MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
10
Dividends
2024
2023
£
£
Interim paid
145,489
2,000,000
11
Tangible fixed assets
Leasehold improvements
Plant and equipment
Computers
Other tangibles
Total
£
£
£
£
£
Cost
At 1 January 2024
-
0
421,465
300,271
33,475
755,211
Additions
13,750
-
0
10,579
-
0
24,329
At 31 December 2024
13,750
421,465
310,850
33,475
779,540
Depreciation and impairment
At 1 January 2024
-
0
383,235
276,472
33,475
693,182
Depreciation charged in the year
-
0
37,517
14,590
-
0
52,107
At 31 December 2024
-
0
420,752
291,062
33,475
745,289
Carrying amount
At 31 December 2024
13,750
713
19,788
-
0
34,251
At 31 December 2023
-
0
38,230
23,799
-
0
62,029
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
1,292,540
2,188,987

Included in stock is a provision for obsolete and slow moving stock of £449,350 (2023: £221,920).

13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,209,066
1,622,571
Amounts owed by group undertakings
271,322
-
0
Other debtors
123,367
90,315
Prepayments and accrued income
146,338
233,460
1,750,093
1,946,346
Deferred tax asset (note 16)
33,800
38,409
1,783,893
1,984,755
MARTEK MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Debtors
(Continued)
- 18 -
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
-
0
7,713
Total debtors
1,783,893
1,992,468

Amounts owed by group undertakings are unsecured, bearing no interest and repayable on demand.

14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
415,559
255,840
Amounts owed to group undertakings
-
0
182,631
Corporation tax
-
0
1,203,859
Other taxation and social security
89,849
57,812
Other creditors
62,341
251,121
Accruals and deferred income
398,208
209,671
965,957
2,160,934

Included in amounts owed to group undertakings is a balance of £nil (2023 - £182,631) which was a group treasury function that allows the company access to funds with interest charged at a rate reflective of banking base rates and reviewed quarterly, amounts were payable on demand.

15
Provisions for liabilities
2024
2023
£
£
Warranty provision
24,459
19,302
Dilapidation provision
55,000
-
79,459
19,302
Movements on provisions:
Warranty provision
Dilapidation provision
Total
£
£
£
At 1 January 2024
19,302
-
19,302
Additional provisions in the year
5,157
13,750
18,907
Reanalysed provision
-
41,250
41,250
At 31 December 2024
24,459
55,000
79,459
MARTEK MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
16
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
33,800
38,409
2024
Movements in the year:
£
Asset at 1 January 2024
(38,409)
Charge to profit or loss
4,609
Asset at 31 December 2024
(33,800)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of general provisions and writing down allowances.

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
82,735
64,996

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
MARTEK MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
19
Financial commitments, guarantees and contingent liabilities

The company has given a fixed and floating charge over all assets in favour of Foresight Fund Managers Limited, in respect of borrowings within its parent company, Crucible Bidco Limited. The outstanding balance on the loan at 31 December 2024 was £7.87m (2023 - £nil).

 

The company has given a fixed and floating charge over all assets in favour of Clydesdale Bank Plc., in respect of borrowings within its parent company, Crucible Bidco Limited. The outstanding balance on the loan at 31 December 2024 was £3.2m (2023 - £nil).

 

The company has given a fixed and floating charge over all assets in favour of HSBC Corporate Trust Company (UK) Limited, in respect of borrowings of its former group, James Fisher and Sons plc. As a result, at 31 December 2024 there was no longer a commitment and on 2 January 2025 this charge has been satisfied in full.

20
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
84,422
68,512
Between two and five years
26,746
41,186
111,168
109,698
21
Events after the reporting date

In April 2025 Martek Marine Limited's agreement to be the exclusive UK distributor of lifecare products ended. In the current year, sales of c£2.5m at an average gross profit margin of 20-25% were achieved from lifecare products. The company is able to sell all remaining stock still held after this date.

 

The directors are excited by the opportunity this creates for the business to concentrate on its company's core product range in order to grow the business following the change in ownership.

22
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Services received
2024
2023
£
£
Entities with control, joint control or significant influence over the company
20,000
-
Other information

The company has taken advantage of the exemptions allowed by FRS 102 section 33.1A and has not disclosed transactions with wholly owned group companies.

MARTEK MARINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
23
Ultimate controlling party

The immediate parent company is Martek Holdings Limited, a company incorporated in England and Wales. The registered office is 6a Adwick Park, Manvers, Rotherham, United Kingdom, S63 5AB.

 

Martek Holdings Limited is both the smallest and largest group of undertakings for which group accounts are drawn up and of which the company is a member for the year ended 31 December 2024.

 

The company was previously a subsidiary of James Fisher and Sons plc which was the ultimate controlling company incorporated in United Kingdom. On 6 September 2024 the company was acquired by the new controlling party detailed below:

The ultimate parent is Foresight Regional Investment III LP, a private fund limited partnership registered in England & Wales. The registered office is The Shard, 32 London Bridge Street, London, United Kingdom, SE1 9SG.

 

The ultimate controlling party is Foresight Group Holdings Limited, a company registered in Guernsey which is listed on the London Stock Exchange.

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