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COMPANY REGISTRATION NUMBER: 03317258

Marine Logistics Limited

Unaudited financial statements

31 March 2025

Marine Logistics Limited

Statement of financial position

31 March 2025

| 2025 | 2024
Note | £ | £ | £ | £

Fixed assets

Tangible assets | 5 |  | 171,457 |  | 165,041

Current assets

Debtors | 6 | 1,186,114 |  | 997,380 |
Cash at bank and in hand | 122,018 |  | 96,924 |
| ----------- |  | ----------- |
| 1,308,132 |  | 1,094,304 |

Creditors: Amounts falling due within one year | 7 | ( 440,061) |  | ( 408,449) |
| ----------- |  | ----------- |
Net current assets |  | 868,071 |  | 685,855
|  | ----------- |  | ---------
Total assets less current liabilities |  | 1,039,528 |  | 850,896

Creditors: Amounts falling due after more than one year | 8 |  | ( 20,000) |  | ( 20,000)

Provisions

Taxation including deferred tax |  | ( 9,376) |  | ( 7,894)
|  | ----------- |  | ---------
Net assets |  | 1,010,152 |  | 823,002
|  | ----------- |  | ---------

Capital and reserves

Called up share capital |  | 100 |  | 100
Capital redemption reserve |  | 1 |  | 1
Profit and loss account |  | 1,010,051 |  | 822,901
|  | ----------- |  | ---------
Shareholders funds |  | 1,010,152 |  | 823,002
|  | ----------- |  | ---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Marine Logistics Limited

Statement of financial position (continued)

31 March 2025
These financial statements were approved by the board of directors and authorised for issue on 4 November 2025 , and are signed on behalf of the board by:

M R Humphrey
Director

Company registration number: 03317258

Marine Logistics Limited

Notes to the financial statements

Year ended 31 March 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 78 Lakeside Rise, Blundeston, Lowestoft, Suffolk, NR32 5BD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Revenue is measured at invoice price, excluding value added taxes, and principally comprises sales of marine spares. Sales are recognised when substantially all risks and rewards of ownership have been transferred to the customer. This is generally at the time of delivery to the customer, and when the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where 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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Long leasehold property | - | 999 years straight line
| Fixtures, fittings and equipment | - | 10% - 30% reducing balance
| Motor vehicles | - | 20% reducing balance

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 10 (2024: 9 ).
5. Tangible assets

| Land and buildings | Fixtures and fittings | Motor vehicles | Total
| £ | £ | £ | £
Cost |  |  |  |
At 1 April 2024 | 131,595 | 58,131 | 16,387 | 206,113
Additions | – | 13,110 | – | 13,110
Disposals | – | ( 6,336) | – | ( 6,336)
| --------- | ------- | ------- | ---------
At 31 March 2025 | 131,595 | 64,905 | 16,387 | 212,887
| --------- | ------- | ------- | ---------
Depreciation |  |  |  |
At 1 April 2024 | 263 | 27,172 | 13,637 | 41,072
Charge for the year | 131 | 5,592 | 550 | 6,273
Disposals | – | ( 5,915) | – | ( 5,915)
| --------- | ------- | ------- | ---------
At 31 March 2025 | 394 | 26,849 | 14,187 | 41,430
| --------- | ------- | ------- | ---------
Carrying amount |  |  |  |
At 31 March 2025 | 131,201 | 38,056 | 2,200 | 171,457
| --------- | ------- | ------- | ---------
At 31 March 2024 | 131,332 | 30,959 | 2,750 | 165,041
| --------- | ------- | ------- | ---------

6. Debtors

| 2025 | 2024
| £ | £
Trade debtors | 914,791 | 828,300
Other debtors | 271,323 | 169,080
| ----------- | ---------
| 1,186,114 | 997,380
| ----------- | ---------

7. Creditors: Amounts falling due within one year

| 2025 | 2024
| £ | £
Bank loans and overdrafts | – | 10,000
Trade creditors | 268,332 | 297,671
Social security and other taxes | 101,672 | 81,265
Other creditors | 70,057 | 19,513
| --------- | ---------
| 440,061 | 408,449
| --------- | ---------

8. Creditors: Amounts falling due after more than one year

| 2025 | 2024
| £ | £
Bank loans and overdrafts | 20,000 | 20,000
| ------- | -------

9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 | 2024
| £ | £
Not later than 1 year | 15,771 | 17,140
Later than 1 year and not later than 5 years | 31,500 | 5,271
| ------- | -------
| 47,271 | 22,411
| ------- | -------

10. Directors' advances, credits and guarantees
During the year the company operated an interest free loan with the directors. As at 31 March 2025, the company owed the directors £99 (2024: £99).