REGISTERED NUMBER: 10038424 (Wales)

GLOBAL MARITIME ENGINEERING SERVICES

LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Cash Flow Statement

13

Notes to the Cash Flow Statement

14

Notes to the Financial Statements

16

DIRECTOR:

B D Dommett

REGISTERED OFFICE:

Unit 3, Bridgend Business Centre

Bennett Street

Bridgend Industrial Estate

Bridgend

CF31 3SH

REGISTERED NUMBER:

10038424 (Wales)

AUDITORS:

Green & Co

Chartered Certified Accountants

and Registered Auditors (Statutory Auditor)

Pembroke House

Llantarnam Park Way

Cwmbran

Torfaen

NP44 3AU

The director presents his strategic report for the year ended 31st December 2024.

REVIEW OF BUSINESS

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and nature of our business and written in the context of the risk and uncertainties we face.

Turnover for UK operations increased from £14,939,854 in 2023 to £26,376,058 in 2024.

The cost of sales also increased from £12,960,303 in 2023 to £22,699,789 in 2024 resulting in a gross profit for the year of £3,676,269 compared with £1,979,551 in the previous year.

The gross profit represents 13.94% of turnover, an increase of 0.69% from 13.25% in the previous year.

Considering other income, expenditure and finance costs, the company made a net profit for the year before taxation of £1,892,384 compared with a net profit of £301,804 in the previous year.

KEY PERFORMANCE INDICATORS

We consider that our key performance indicators are those that communicate the financial performance and strength of the business as a whole, those being stated below:

2024

2023

Change

Gross profit %

13.94%

13.25%

0.69%

Profit before tax %

7.18%

2.02%

5.16%

Current ration

1.59

1.59

0.00

The gross profit represents 13.94% of turnover, an increase of 0.69% from 13.25% in the previous year.

The profit before tax % has increased by 5.16% from 2.02% in 2023 to 7.18% in 2024, largely as a result of increased activity.

The company's ability to cover short-term obligations due within 1 year has remained consistent this year with a current ratio of 1.59 for both 2023 and 2024.

PRINCIPAL RISKS AND UNCERTAINTIES

The industry in which the company operates is subject to numerous external factors and as a result, the risks and uncertainties the company is likely to face are as follows:

i) Continuing to secure substantial contracts in a competitive industry.

FUTURE EXPECTATIONS

We aim to build on the organic growth of the company by adding to the portfolio of services.

STREAMLINED ENERGY AND CARBON REPORTING

As per our ISO accreditation, the company seeks to reduce the carbon footprint wherever possible.

ON BEHALF OF THE BOARD:

B D Dommett - Director

26th September 2025

The director presents his report with the financial statements of the company for the year ended 31st December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of providing engineering services to the marine and offshore industries.

DIVIDENDS

Interim dividends per share were paid during the year as follows:

Ordinary A £1 - £4,636

The total distribution of dividends for the year ended 31st December 2024 were £463,558.

DIRECTOR

B D Dommett held office during the whole of the period from 1st January 2024 to the date of this report.

FINANCIAL INSTRUMENTS

The company's financial instruments comprise of bank balances, trade debtors, trade creditors, hire purchase loans and bank loans.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial statements concerned is shown below:

In respect of bank balances, liquidity is managed by maintaining sufficient cash balances.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

ENGAGEMENT WITH EMPLOYEES

During the year, the policy remained of providing employees with information about the group.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Green & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

B D Dommett - Director

26th September 2025

Opinion

We have audited the financial statements of Global Maritime Engineering Services Limited (the 'company') for the year ended 31st December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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:

-	give a true and fair view of the state of the company's affairs as at 31st December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We did not observe the counting of physical stock at 31 December 2023 and 31 December 2024 and are unable to satisfy ourselves by alternative means concerning the opening stock quantities at 31 December 2023 and 31 December 2024, which are included in the balance sheet at £130,448 (2023) and £137,261 (2024), by using other audit procedures.

However, these values are not material to the accounts and therefore no impact on our audit 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

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 Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtain and update our understanding of the entity, its activities, its control environment, and likely future

developments, including in relation to the legal and regulatory framework applicable and how the entity is

complying with that framework. Based on this understanding, we identify and assess the risks of material

misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures

responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our

opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and

regulations, including fraud.

In response to the risk or irregularities and non-compliance with laws and regulations, including fraud, we

designed procedures which included:

* Enquiry of management and those charged with governance around actual and potential litigation and claims

as actual, suspected and alleged fraud;

* Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on

the financial statements or the operations of the entity through enquiry and inspection;

* Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with

applicable laws and regulations;

* Performing audit work over the risk of management bias and override of controls, including testing of journal

entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions

outside the normal course of business and reviewing accounting estimates or indicators of potential bias.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, 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 members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Edwin Gooderham (Senior Statutory Auditor)

for and on behalf of Green & Co

Chartered Certified Accountants

and Registered Auditors (Statutory Auditor)

Pembroke House

Llantarnam Park Way

Cwmbran

Torfaen

NP44 3AU

26th September 2025

TURNOVER

26,376,058

14,939,854

Cost of sales

22,699,789

12,960,303

GROSS PROFIT

3,676,269

1,979,551

Administrative expenses

1,716,771

1,625,477

OPERATING PROFIT

4

1,959,498

354,074

Interest receivable and similar income

17,806

-

1,977,304

354,074

Interest payable and similar expenses

5

84,920

52,270

PROFIT BEFORE TAXATION

1,892,384

301,804

Tax on profit

6

557,428

219,639

PROFIT FOR THE FINANCIAL YEAR

1,334,956

82,165

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,334,956

82,165

FIXED ASSETS

Tangible assets

8

843,701

544,413

CURRENT ASSETS

Stocks

9

214,716

130,448

Debtors

10

7,696,034

6,338,678

Cash at bank and in hand

874,753

124,155

8,785,503

6,593,281

CREDITORS

Amounts falling due within one year

11

5,513,528

4,158,288

NET CURRENT ASSETS

3,271,975

2,434,993

TOTAL ASSETS LESS CURRENT LIABILITIES

4,115,676

2,979,406

CREDITORS

Amounts falling due after more than one year

12

(375,033

)

(399,147

)

PROVISIONS FOR LIABILITIES

16

(1,902,049

)

(1,613,063

)

NET ASSETS

1,838,594

967,196

CAPITAL AND RESERVES

Called up share capital

17

130

130

Retained earnings

18

1,838,464

967,066

SHAREHOLDERS' FUNDS

1,838,594

967,196

The financial statements were approved by the director and authorised for issue on 26th September 2025 and were signed by:

B D Dommett - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2023

130

1,181,093

1,181,223

Changes in equity

Dividends

-

(296,192

)

(296,192

)

Total comprehensive income

-

82,165

82,165

Balance at 31st December 2023

130

967,066

967,196

Changes in equity

Dividends

-

(463,558

)

(463,558

)

Total comprehensive income

-

1,334,956

1,334,956

Balance at 31st December 2024

130

1,838,464

1,838,594

Cash flows from operating activities

Cash generated from operations

1

2,490,221

(78,555

)

Interest paid

(36,824

)

(35,597

)

Interest element of hire purchase payments paid

(48,096

)

(17,086

)

Tax paid

(303,089

)

(118,440

)

Net cash from operating activities

2,102,212

(249,678

)

Cash flows from investing activities

Purchase of tangible fixed assets

(336,911

)

(155,194

)

Sale of tangible fixed assets

30,047

200

Interest received

17,806

413

Net cash from investing activities

(289,058

)

(154,581

)

Cash flows from financing activities

Loan repayments in year

(50,000

)

(50,000

)

Capital repayments in year

(157,479

)

(44,076

)

Amount introduced by directors

312

30,312

Amount withdrawn by directors

102,772

(47,184

)

Equity dividends paid

(567,202

)

(296,192

)

Net cash from financing activities

(671,597

)

(407,140

)

Increase/(decrease) in cash and cash equivalents

1,141,557

(811,399

)

Cash and cash equivalents at beginning of year

2

(266,804

)

544,595

Cash and cash equivalents at end of year

2

874,753

(266,804

)

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

Profit before taxation

1,892,384

301,804

Depreciation charges

281,504

128,039

(Profit)/loss on disposal of fixed assets

(18,682

)

850

Damage claim provision

(42,108

)

(84,216

)

Intergroup loan provision

317,258

573,428

Finance costs

84,920

52,270

Finance income

(17,806

)

-

2,497,470

972,175

Increase in stocks

(84,268

)

(69,326

)

Increase in trade and other debtors

(1,357,356

)

(2,949,955

)

Increase in trade and other creditors

1,434,375

1,968,551

Cash generated from operations

2,490,221

(78,555

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

874,753

124,155

Bank overdrafts

-

(390,959

)

874,753

(266,804

)

Year ended 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

124,155

544,595

Bank overdrafts

(390,959

)

-

(266,804

)

544,595

3.	ANALYSIS OF CHANGES IN NET DEBT

Other

non-cash

At 1.1.24

Cash flow

changes

At 31.12.24

£

£

£

£

Net cash

Cash at bank

and in hand

124,155

750,598

874,753

Bank overdrafts

(390,959

)

390,959

-

(266,804

)

1,141,557

874,753

Debt

Finance leases

(421,910

)

157,479

(255,246

)

(519,677

)

Debts falling due

within 1 year

(50,000

)

-

-

(50,000

)

Debts falling due

after 1 year

(108,333

)

50,000

-

(58,333

)

(580,243

)

207,479

(255,246

)

(628,010

)

Total

(847,047

)

1,349,036

(255,246

)

246,743

1.	STATUTORY INFORMATION

Global Maritime Engineering Services Limited is a private company, limited by shares , registered in Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements in the Pound Sterling (£) and rounded to the nearest pound.

2.	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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Significant judgements and estimates

The application of the company's accounting policies, the management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised as activity progresses on each job and the right to consideration is earned.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

50% on cost, 33% on cost and 20% on cost

Office equipment

-

66% on cost, 50% on cost and 33% on cost

Fixtures and fittings

-

50% on cost and 100% on cost

Motor vehicles

-

50% on cost, 33% on cost and 100% on cost

Plant and machinery

-

50% on cost, 33% on cost and 100% on cost

Fixed assets are recorded at cost less accumulated depreciation.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according ot the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Non-derivative financial instruments comprise trade and other debtors, cash and cash equivalents, trade and other creditors and interest free loans.

Debtors and creditors with no stated interest rate are receivable or payable within one year and are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Cash and cash equivalents comprise of cash at bank and in hand.

Loans and borrowings and concessionary loans are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method less impairment. If an arrangement constitutes a finance transaction it is measured at present value. Loans and borrowings receivable within one year are not discounted.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating leases

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Provisions and contingent liabilities

Provisions are recognised when the company has a present legal or contractual obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are measured at the present value of the expenditure expected to be required to settle the obligation.

Contingent liabilities arise as a result of past events when it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the control of the company.

3.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

16,279,617

7,315,748

Social security costs

479

880

Other pension costs

190

-

16,280,286

7,316,628

The average number of employees during the year was as follows:

2024

2023

Directors

1

1

Key management personnel

1

1

Staff

286

123

288

125

2024

2023

£

£

Director's remuneration

12,570

12,570

Director's pension contributions to money purchase schemes

190

-

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1