Registration number: 14764418

Kraken Marine Services Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Kraken Marine Services Ltd

Company Information

Director

Julian Northway

Registered office

Unit 1B Estuary Court Broadmeadow Teignmouth TQ14 9FA

Accountants

Julia Evans Accountants Ltd 79-81 Boslowick Road Falmouth Cornwall TR11 4QD

Kraken Marine Services Ltd

(Registration number: 14764418)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	167,079	34,871
Current assets
Debtors	5	150,791	26,461
Cash at bank and in hand		30,557	355,329
		181,348	381,790
Creditors: Amounts falling due within one year	6	(56,878)	(119,653)
Net current assets		124,470	262,137
Total assets less current liabilities		291,549	297,008
Creditors: Amounts falling due after more than one year	6	(20,434)	(30,650)
Provisions for liabilities		(31,156)	(8,695)
Net assets		239,959	257,663
Capital and reserves
Called up share capital		100	100
Retained earnings		239,859	257,563
Shareholders' funds		239,959	257,663

For the financial year ending 31 March 2025 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Kraken Marine Services Ltd

(Registration number: 14764418)
Balance Sheet as at 31 March 2025

Approved and authorised by the director on 20 October 2025
 

......................................... Julian Northway Director

Kraken Marine Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

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

The address of its registered office is:
Unit 1B Estuary Court
Broadmeadow
Teignmouth
TQ14 9FA

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

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

Kraken Marine Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Tangible assets

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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	25% reducing balance
Motor vehicles	25% reducing balance
Vessels	20 year straight line

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 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.

Kraken Marine Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2024 - 1).

Kraken Marine Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 April 2024	-	46,495	-	46,495
Additions	1,353	7,963	140,987	150,303
At 31 March 2025	1,353	54,458	140,987	196,798
Depreciation
At 1 April 2024	-	11,624	-	11,624
Charge for the year	338	10,708	7,049	18,095
At 31 March 2025	338	22,332	7,049	29,719
Carrying amount
At 31 March 2025	1,015	32,126	133,938	167,079
At 31 March 2024	-	34,871	-	34,871

5

Debtors

Current	2025 £	2024 £
Trade debtors	127,347	25,972
Prepayments	3,582	489
Other debtors	19,862	-
	150,791	26,461

Kraken Marine Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

6

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	7	10,217	10,217
Trade creditors		91	4,264
Taxation and social security		21,761	94,471
Accruals and deferred income		5,238	2,234
Other creditors		19,571	8,467
		56,878	119,653

Kraken Marine Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	7	20,434	30,650

7	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Hire purchase contracts	20,434	30,650

Current loans and borrowings

	2025 £	2024 £
Hire purchase contracts	10,217	10,217