Marine Logistics Limited Filleted accounts for Companies House (small and micro)

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).