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Company Registration No. 04477226 (England and Wales)
Cornwall Marine Network Limited Unaudited accounts for the year ended 31 March 2025
Cornwall Marine Network Limited Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
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Cornwall Marine Network Limited Company Information for the year ended 31 March 2025
Directors
Lucy Harris Paul Wickes
Company Number
04477226 (England and Wales)
Registered Office
Unit 7a-7b Falmouth Business Park Bickland Water Road Falmouth Cornwall TR11 4SZ England
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Cornwall Marine Network Limited Statement of financial position as at 31 March 2025
2025
2024
Notes
£
£
Fixed assets
Intangible assets
4
1,992
412
Tangible assets
5
86,377
28,940
Investments
6
500
500
88,869
29,852
Current assets
Debtors
7
635,024
582,291
Cash at bank and in hand
719
623
635,743
582,914
Creditors: amounts falling due within one year
8
(437,147)
(319,389)
Net current assets
198,596
263,525
Total assets less current liabilities
287,465
293,377
Creditors: amounts falling due after more than one year
9
(150,220)
(188,162)
Provisions for liabilities
Other provisions
(3,892)
(6,599)
Net assets
133,353
98,616
Reserves
11
Revaluation reserve
15,000
-
Profit and loss account
118,353
98,616
Members' funds
133,353
98,616
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 17 November 2025 and were signed on its behalf by
Paul Wickes Director Company Registration No. 04477226
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Cornwall Marine Network Limited Notes to the Accounts for the year ended 31 March 2025
1
Statutory information
Cornwall Marine Network Limited is a private company, limited by guarantee, registered in England and Wales, registration number 04477226. The registered office is Unit 7a-7b Falmouth Business Park, Bickland Water Road, Falmouth, Cornwall, TR11 4SZ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Summary of disclosure exemptions
The company has taken advantage of the exemption under paragraph 33.1A "Related Party Disclosures" of FRS102 from disclosing transactions with wholly owned members of the group.
Going concern
CMN successfully completed the delivery of all remaining EU funded projects, with all learner and company targets met or exceeded. All team members have been moved into new projects now that EU financial support into Cornwall has ended. Significant developments during the year saw CMN win £610k of new Shared Prosperity Funded skills projects. CMN launched four new employer-based apprenticeship training centres which supported a steady increase in the mainstream Apprenticeship training contract. Further centres are planned for launch later in 2024. New commercial income streams are being developed and the CMN subsidiary, Cornwall Marine Academy is experiencing a rapid growth in generating commercial income from Cornwall schools to better prepare young people for vocational opportunities. CMN changed its governance arrangements by removing the previous roles of non-Executive Directors and creating instead a larger CMN Members Advisory Board. The Chair and existing executive Directors will perform the governance tasks, whilst the Members Advisory Board will focus on sharing details on the challenges and barriers to growth they face in order to better inform the development of new CMN commercial support services. Continued improvement in overall financial performance saw net assets increase to £99,317 from £58,765. The previous taxation and social security debt of £106k was fully cleared, and further reductions in bank loans were made. The historical debt CMN had with its subsidiary, the Cornwall Marine Academy CIC, has been written off which now enables CMA to target new project funds that are only available to CIC’s and charities. Given the above the directors have decided that it is appropriate for the accounts to be prepared on a going concern basis.
Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of services to customers.
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Cornwall Marine Network Limited Notes to the Accounts for the year ended 31 March 2025
Pension costs
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.
Intangible fixed assets
Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows: Website costs: 5 years straight line
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:
Fixtures & fittings
5 years straight line
Leased assets
The Company as lessee Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability. Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
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Cornwall Marine Network Limited Notes to the Accounts for the year ended 31 March 2025
Financial instruments
Classification The company holds the following financial instruments: • Short term trade and other debtors and creditors; • Bank and other loans; and • Cash and bank balances. All financial instruments are classified as basic. Recognition and measurement The company has chosen to apply the recognition and measurement principles in FRS102. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled. Except for bank and other loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. Bank and other loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Investments
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows: Blue Growth UK Limited Marine Technology Hub Cornwall Limited Marine Hub Cornwall Limited Marine Renewables Hub Cornwall Limited Cornwall Marine Technology Hub Limited Maritime South West Ltd Maritime UK SW Ltd Maritime UK South West Ltd Maritime SW Ltd All of the above companies are currently dormant and the registered offices are the same as the parent company.
Government grants
Government grants in respect of capital expenditure are credited to deferred income and are released to the profit and loss over the expected useful lives of the related assets.
Other grants
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. Due to the nature of the company's trade its primary source of income is government and other associated bodies grant funding. Each funding project is assessed individually based on the terms of the funding agreement and income is released to the profit & loss account so as to match with the related expenditure incurred by the company. Where the terms of the agreements are subjective the directors use their judgement to assess the release of this income and this is carried out regularly throughout the year. At the year-end a full reconciliation is completed to ensure that income recognition is in line with relevant Accounting Standards and UK GAAP.
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Cornwall Marine Network Limited Notes to the Accounts for the year ended 31 March 2025
Critical accounting judgements and key sources of estimation uncertainty
Management evaluate estimates and judgements on an annual basis, and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key estimates applied by management are as outlined below: Revenue recognition Due to the varying nature of the projects undertaken by CMN, management carefully review the contracts in place to ensure that revenue is recognised appropriately. When projects advance funds to CMN before the provision of services, or expenditure being incurred, CMN will defer the funds as deferred income. This will then be released to the profit and loss account as the services are provided and expenditure incurred. Conversely, CMN will accrue for revenue when the project makes payments in arrears. This is based on the value of services provided and expenditure incurred up to 31 March 2025. Recoverability of debtors Management regularly assess the debtors outstanding and there likelihood of recovery. Where management believe there is uncertainty over the recoverability of the balances outstanding provisions are put in place to reduce the balance down to its anticipated recoverable value. Depreciation and useful economic lives of intangible and tangible assets Management have carefully considered the depreciation estimates applied on the intangible and tangible assets held by the group. This assessment is performed on an annual basis, and would be amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of each asset.
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2024
4,120
Additions
2,277
At 31 March 2025
6,397
Amortisation
At 1 April 2024
3,708
Charge for the year
697
At 31 March 2025
4,405
Net book value
At 31 March 2025
1,992
At 31 March 2024
412
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Cornwall Marine Network Limited Notes to the Accounts for the year ended 31 March 2025
5
Tangible fixed assets
Fixtures & fittings
£
Cost or valuation
At valuation
At 1 April 2024
85,923
Additions
54,134
Revaluations
15,000
At 31 March 2025
155,057
Depreciation
At 1 April 2024
56,983
Charge for the year
11,697
At 31 March 2025
68,680
Net book value
At 31 March 2025
86,377
At 31 March 2024
28,940
6
Investments
Subsidiary undertakings
£
Valuation at 1 April 2024
500
Valuation at 31 March 2025
500
7
Debtors
2025
2024
£
£
Amounts falling due within one year
Trade debtors
121,965
115,524
Amounts due from group undertakings etc.
216,056
34,011
Accrued income and prepayments
297,003
432,756
635,024
582,291
8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
113,503
34,350
Trade creditors
92,295
57,068
Amounts owed to group undertakings and other participating interests
500
500
Taxes and social security
115,952
58,723
Other creditors
114,897
168,748
437,147
319,389
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Cornwall Marine Network Limited Notes to the Accounts for the year ended 31 March 2025
9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans
39,000
68,750
Other creditors
111,220
119,412
150,220
188,162
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
11
Company limited by guarantee
The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the company in the event of liquidation.
12
Average number of employees
During the year the average number of employees was 21 (2024: 34).
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