REGISTERED NUMBER: SC202418 (Scotland)

STONE MARINE SERVICES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

7

DIRECTORS:

J C Langham

A D Deves

F C Johnson

R T Mcintyre

C C Minty

SECRETARY:

A D Deves

REGISTERED OFFICE:

East Ness

Preston Crescent

Inverkeithing

Fife

KY11 1DS

REGISTERED NUMBER:

SC202418 (Scotland)

SENIOR STATUTORY AUDITOR:

Michael Argyle BSc ACA

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

3 Castlegate

Grantham

Lincolnshire

NG31 6SF

FIXED ASSETS

Intangible assets

3

-

-

Property, plant and equipment

4

206,707

205,603

Investments

5

80,831

80,831

287,538

286,434

CURRENT ASSETS

Inventories

6

574,600

224,458

Debtors

7

1,660,712

1,759,935

Cash at bank

2,362,747

2,082,619

4,598,059

4,067,012

CREDITORS

Amounts falling due within one year

8

2,825,191

2,394,007

NET CURRENT ASSETS

1,772,868

1,673,005

TOTAL ASSETS LESS CURRENT LIABILITIES

2,060,406

1,959,439

PROVISIONS FOR LIABILITIES

44,769

19,104

NET ASSETS

2,015,637

1,940,335

CAPITAL AND RESERVES

Called up share capital

9

550,000

550,000

Retained earnings

1,465,637

1,390,335

SHAREHOLDERS' FUNDS

2,015,637

1,940,335

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 September 2025 and were signed on its behalf by:

J C Langham - Director

1.	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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Stone Marine Services Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Langham Industries Limited.

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.

The company is a wholly owned subsidiary of Langham Industries Limited. Consolidated financial statements

of Langham Industries Limited can be obtained from:

Companies House

Crown Way

Cardiff

CF14 3UZ

Revenue

Revenue represents sales at invoice value less trade discounts allowed and excluding value added tax. Revenue comprises the servicing and repair of marine propulsion systems, and the sale of spare parts and deck machinery. Revenue is recognised upon despatch of goods or when services are performed.

Amounts recoverable on contracts

Services provided to customers during the year, which at the financial reporting date have not been billed to customers, have been recognised as revenue. Revenue recognised in this manner is based on an assessment of the fair value of the services provided at the financial reporting date as a proportion of the total value of the contract. Provision is made against unbilled amounts on those engagements where the right to receive payment is contingent on factors outside the control of the company. Unbilled revenue is included in debtors.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Property, plant and equipment

Property, plant and equipment assets are held at cost less accumulated depreciation and impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its useful economic life.

Leasehold improvements

- 6.67% on cost

Plant and machinery

- 10% on cost

Fixtures and fittings

- 20% on cost

Motor vehicles

- 33% on cost

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is any indication of possible impairment, the recoverable amount of any affected asset its estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to is estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment is recognised immediately in the income statement.

Investments in subsidiaries

Fixed asset investments relate to shares in group undertakings and are shown at cost less impairment.

Inventories

Inventories are valued at the lower of cost and fair value less costs to complete and sell. Inventories are accounted for on a first-in-first-out basis.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 financial reporting date. Transactions in foreign currencies are converted to sterling at the exchange rates ruling at the date of transaction. Gains and losses arising in the normal course of trade are included in the income statement.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the income statement.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the income statement.

Basic financial liabilities, including trade and other 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 receipts discounted at a market rate of interest.

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. Accounts 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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2023 - 43 ) .

3.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

55,000

Disposals

(55,000

)

At 31 December 2024

-

AMORTISATION

At 1 January 2024

55,000

Eliminated on disposal

(55,000

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Leasehold

Plant and

and

Motor

improvements

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

21,152

217,561

171,989

67,970

478,672

Additions

-

38,368

19,850

-

58,218

Disposals

-

-

(260

)

-

(260

)

At 31 December 2024

21,152

255,929

191,579

67,970

536,630

DEPRECIATION

At 1 January 2024

20,661

134,986

93,347

24,075

273,069

Charge for year

491

15,066

24,305

16,992

56,854

At 31 December 2024

21,152

150,052

117,652

41,067

329,923

NET BOOK VALUE

At 31 December 2024

-

105,877

73,927

26,903

206,707

At 31 December 2023

491

82,575

78,642

43,895

205,603

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

80,831

NET BOOK VALUE

At 31 December 2024

80,831

At 31 December 2023

80,831

6.	INVENTORIES

2024

2023

£

£

Goods for resale

574,600

224,458

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Payments made on account

201,660

-

Trade debtors

851,003

896,034

Amounts recoverable on contract

45,852

275,009

Amounts owed by group companies

445,877

494,357

Prepayments and accrued income

116,320

94,535

1,660,712

1,759,935

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Payments received on account

805,245

487,123

Trade creditors

334,525

195,055

Amounts owed to group undertakings

865,010

726,152

Corporation tax

313,844

384,111

Other taxes and social security

170,145

130,487

Accrued expenses

336,422

471,079

2,825,191

2,394,007

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

550,000

Ordinary

£1

550,000

550,000

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Argyle BSc ACA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

11.	CONTINGENT LIABILITIES

There are unlimited inter-company guarantees given by the company, nine fellow subsidiary companies and the parent company, in favour of Barclays plc. The total amount secured in respect of fellow group companies as at 31 December 2024, excluding this company, was £181,035 (2023 - £124,578).

12.	OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments as shown below.

Minimum lease payments under non-cancellable operating leases fall due as follows :

2024

2023

£

£

Within one year

131,280

36,760

Between two and five years

230,086

-

361,366

36,760

13.	RELATED PARTY DISCLOSURES

Stone Marine Services Limited has made sales of £546,897 (2023 - £36,274) to fellow group companies which are not wholly owned. At the year end the total amount due from these group companies was £nil (2023 - £12,652).

The amounts outstanding at the year end are unsecured and due for payment on demand.

14.	EVENTS SINCE THE YEAR END

A dividend of £1.60 per share (totalling £880,000) was declared on 1 April 2025. These financial statements do not reflect the dividends payable, which will be accounted for in shareholder's equity as an appropriation of retained earnings in the year ended 31 December 2025.

15.	ULTIMATE PARENT COMPANY

The ultimate parent company is Langham Industries Limited which is registered in England and Wales. The ultimate parent company's registered office is Bingham's Melcombe, Dorchester, Dorset, DT2 7PZ.

The ultimate controlling party of Langham Industries Limited is the Langham family.