REGISTERED NUMBER: 11770105 (England and Wales)

EV MARINE LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

A Victoria

G Kostopoulos

G Heald

Mr J Bates

REGISTERED OFFICE:

Llanelli Gate

Treharne Workshops

Dafen

Llanelli

Carmarthenshire

SA14 8LQ

REGISTERED NUMBER:

11770105 (England and Wales)

AUDITORS:

Bevan Buckland LLP

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

CURRENT ASSETS

Debtors

4

1,579

25,390

Cash at bank and in hand

1,530

328

3,109

25,718

CREDITORS

Amounts falling due within one year

5

28,063

21,470

NET CURRENT (LIABILITIES)/ASSETS

(24,954

)

4,248

TOTAL ASSETS LESS CURRENT LIABILITIES

(24,954

)

4,248

PROVISIONS FOR LIABILITIES

6

21,163

43,420

NET LIABILITIES

(46,117

)

(39,172

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

7

(46,217

)

(39,272

)

(46,117

)

(39,172

)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 December 2025 and were signed on its behalf by:

A Victoria - Director

1.	STATUTORY INFORMATION

EV Marine 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.

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.

Going concern

The financial statements have been prepared on a going concern basis. The company was dormant during the year ended 31st December 2024 and there are no plans for it to recommence trade in the foreseeable future. The company is reporting net liabilities of £46,117 and continues to be dependent on the parent company for financial support.

No adjustments have been made to the financial statements that would require if the company were unable to continue as a going concern.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

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

Taxation

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

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments held within a deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Other debtors

1,579

25,390

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as restated

£

£

Amounts owed to group undertakings

14,859

17,620

Other creditors

13,204

3,850

28,063

21,470

6.	PROVISIONS FOR LIABILITIES

2024

2023

as restated

£

£

Deferred tax

Accelerated capital allowances

-

2,121

Other provisions

21,163

41,299

21,163

43,420

Deferred

tax

£

Balance at 1 January 2024

2,121

Credit to Statement of Income and Retained Earnings during year

(2,121

)

Balance at 31 December 2024

-

Included within other provisions is an amount recognised for an onerous lease commitment as the company no longer operates from the leased premises.

7.

RESERVES

Retained

earnings

£

At 1 January 2024

(39,272

)

Deficit for the year

(6,945

)

At 31 December 2024

(46,217

)

Prior period adjustment

During the current financial year it was identified that the provision for onerous leases had been understated and the VAT debtor had been overstated in the prior year. The financial statements have been restated to correct these material prior period errors.

The effect of the restatements on the prior year figures is as follows:

£

Retained earnings at 31st December 2023 as originally stated

(13,413

)

Adjustment to onerous lease provision

(25,049

)

Adjustment to VAT debtor

(810

)

Restated retained earnings at 31st December 2023

(39,272

)

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Llinos Williams (Senior Statutory Auditor)

for and on behalf of Bevan Buckland LLP

In forming our opinion on the financial statements which is not modified, we have considered the adequacy of the disclosure in the full financial statements concerning the company's ability to continue as a going concern.

The company is reporting net liabilities at the period end and continues to be dependent on the parent company for it's financial support. However in the event financial support was not available from the parent company, then the company may not be able to continue in existence for the foreseeable future. Due to the uncertainty surrounding the continuation of group support, a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern.

The financial statements do not include the adjustments that would result if the company were unable to continue as a going concern.

9.	CONTINGENT LIABILITIES

The company is currently involved in an ongoing legal dispute. The outcome of this litigation is uncertain, and it is not possible to predict the final result at this time. The amount of any potential liability cannot be reasonably estimated at this stage. Accordingly, no provision has been made in the financial statements. The company will continue to monitor the situation and will recognize a provision if it becomes probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made.

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11.	ULTIMATE CONTROLLING PARTY

ATCDT Corporation is the ultimate controlling party as they own 100% of the share capital in EV Marine Limited.