Offshore Marine Equipment Limited

(Registration number: 11264377)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	6	202,931	255,998
Current assets
Debtors	7	98,955	35,343
Cash at bank and in hand		470	12,884
		99,425	48,227
Creditors: Amounts falling due within one year	8	(557,823)	(366,989)
Net current liabilities		(458,398)	(318,762)
Total assets less current liabilities		(255,467)	(62,764)
Provisions for liabilities	5	(30,959)	(37,151)
Net liabilities		(286,426)	(99,915)
Capital and reserves
Called up share capital	9	100	100
Revaluation reserve		91,067	109,281
Profit and loss account		(377,593)	(209,296)
Total equity		(286,426)	(99,915)

Offshore Marine Equipment Limited

(Registration number: 11264377)
Balance Sheet as at 31 December 2024

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

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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the director on 3 September 2025
 

.........................................

R L D Grimmond
Director

Offshore Marine Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	Statutory information

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

The address of its registered office is:
First Floor Office
Unit J The Underfall Boat Yard
Cumberland Road
Bristol
BS1 6XG

2	Accounting policies

Summary of significant accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

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

Going concern

The director has prepared the financial statements on the going concern basis which assumes that the company will have sufficient financial resources in order to meet its liabilities for a period of at least 12 months from the date of approving these financial statements. The company’s balance sheet includes a significant net creditor position owed to group undertakings, and therefore the director has considered the support to be received from the wider group when completing this assessment. Based on the support which the director expects to be available from the parent company and wider group, and taking into account the financial performance of the group since the year-end, the director considers it appropriate to prepare the financial statements on a going concern basis.

Offshore Marine Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the leasing of goods in the ordinary course of the company’s activities. Turnover is shown net of 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.

In general, based on the company's terms of business, the company therefore recognises revenue over the period of the related hire or rental.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into sterling at the rates prevailing on the reporting date.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Foreign exchange gains and losses are taken to profit and loss and classified within administrative expenses.

Tangible fixed assets

Marine equipment is held at fair value, applying the revaluation model permitted by FRS 102. The equipment held in this category is highly specialised and so valuations of these assets are based on estimates of depreciated replacement cost. The valuations will be reviewed with sufficient regularity to avoid a material difference between estimated fair value and the carrying value in the accounts.

If an asset’s carrying amount is increased as a result of a revaluation, the increase is recognised in other comprehensive income and accumulated in the revaluation reserve within equity. However, the increase shall be recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss.

The decrease of an asset’s carrying amount as a result of a revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity, in respect of that asset. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Other tangible assets are stated in the balance sheet 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.

Offshore Marine Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Furniture and fixtures	20% straight line
Marine equipment	10% straight line
Plant and machinery	20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost and using the effective interest method if the balance is due in more than one year.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases or hire purchase contracts are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Offshore Marine Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

3	Significant accounting estimates and judgements

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of certain assets and liabilities. 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. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below:

• Revaluation of marine equipment
Tangible fixed assets includes marine equipment which is measured at an estimate of its fair value rather than it being measured, as is the case with other tangible fixed assets, at depreciated historical cost. The fair value of the equipment as at 31 December 2024 is £187,500 (2023 - £225,000). The year-end estimate is based on a valuation of depreciated replacement cost. Any valuation of a fixed asset, unless it is based on observable market prices for the same or similar assets, involves judgement and estimation. However, given the very specialist nature of the marine equipment in question, and the relatively volatile nature of the marine industry during the year under review and since the year-end, there is significant estimation uncertainty regarding the 31 December 2024 valuation.

Should the true replacement cost differ from the estimate as at 31 December 2024 then the adjustment to that estimate would be credited or charged (as applicable) to profit or loss in the period the difference is identified. Management deem that there has been no change in the replacement cost during the year.
 

4	Staff numbers

The average number of persons employed by the company during the year was 0 (2023 - 0).

Offshore Marine Equipment Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5

Taxation

Deferred tax

Deferred tax assets and liabilities

2024	Liability £
Revaluation of tangible fixed assets	30,959