REGISTERED NUMBER: 08825864 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Marine Project Services (UK) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S L Covington

M P Smith

REGISTERED OFFICE:

Charles Hill Building

Avonmouth Docks

Avonmouth

BS11 9DN

REGISTERED NUMBER:

08825864 (England and Wales)

FIXED ASSETS

Tangible assets

4

566,417

544,807

CURRENT ASSETS

Debtors

5

585,172

564,259

Cash at bank and in hand

895,893

456,897

1,481,065

1,021,156

CREDITORS

Amounts falling due within one year

6

948,323

804,499

NET CURRENT ASSETS

532,742

216,657

TOTAL ASSETS LESS CURRENT LIABILITIES

1,099,159

761,464

CREDITORS

Amounts falling due after more than one year

7

(203,151

)

(222,918

)

PROVISIONS FOR LIABILITIES

9

(141,605

)

(135,048

)

NET ASSETS

754,403

403,498

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

754,303

403,398

SHAREHOLDERS' FUNDS

754,403

403,498

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 December 2025 and were signed on its behalf by:

M P Smith - Director

S L Covington - Director

1.	STATUTORY INFORMATION

Marine Project Services (UK) Ltd is a private company, limited by shares , registered in England and 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 is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on straight line basis

Motor vehicles

-

20% on straight line basis

Computer equipment

-

33% on straight line basis

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2024 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 April 2024

732,645

221,455

16,711

970,811

Additions

141,730

31,950

14,095

187,775

Disposals

(27,964

)

(58,600

)

(14,127

)

(100,691

)

At 31 March 2025

846,411

194,805

16,679

1,057,895

DEPRECIATION

At 1 April 2024

371,122

40,577

14,305

426,004

Charge for year

72,358

38,332

1,280

111,970

Eliminated on disposal

(64

)

(32,305

)

(14,127

)

(46,496

)

At 31 March 2025

443,416

46,604

1,458

491,478

NET BOOK VALUE

At 31 March 2025

402,995

148,201

15,221

566,417

At 31 March 2024

361,523

180,878

2,406

544,807

The fixed assets include assets under hire purchase with a net book value of £454,133 and depreciation charged thereon in the year of £85,918.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

423,099

462,739

VAT

127,258

68,706

Prepayments and accrued income

34,815

32,814

585,172

564,259

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts

99,532

87,273

Trade creditors

473,236

473,072

Corporation tax

169,457

61,142

Social security and other taxes

4,477

2,859

Other creditors

7,646

4,804

Pension control

369

294

Directors' current accounts

185,169

168,917

Accrued expenses

8,437

6,138

948,323

804,499

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts

203,151

222,918

8.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Hire purchase contracts

302,683

310,191

The hire purchase creditors are secured on the assets to which they relate.

9.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

141,605

135,048

Deferred

tax

£

Balance at 1 April 2024

135,048

Charge to Income Statement during year

6,557

Balance at 31 March 2025

141,605

The deferred tax provision is calculated at 25% and comprises the temporary timing difference between depreciation and capital allowances.

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £174,000 (2024 - £174,000) were paid to the directors.

There are loans due to the directors at the year-end of £185,169 (2024: £168,917)

11.	ULTIMATE CONTROLLING PARTY

The directors are the ultimate controlling party of the company.