REGISTERED NUMBER: 13462646 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

FOR

KGM MARINE SERVICES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

Mr G A Skelton

Mr L Kew

REGISTERED OFFICE:

Unit 11 Bottings Ind. Estate

Hillsons Road

Curdridge

Southampton

Hampshire

SO30 2DY

REGISTERED NUMBER:

13462646 (England and Wales)

ACCOUNTANTS:

Rothmans LLP

Chartered Accountants

Chilworth Point

1 Chilworth Road

Southampton

Hampshire

SO16 7JQ

FIXED ASSETS

Intangible assets

4

20,000

22,500

Tangible assets

5

123,646

89,713

143,646

112,213

CURRENT ASSETS

Stocks

57,425

15,000

Debtors

6

668,696

546,762

Cash at bank

117,580

186,925

843,701

748,687

CREDITORS

Amounts falling due within one year

7

469,622

350,902

NET CURRENT ASSETS

374,079

397,785

TOTAL ASSETS LESS CURRENT LIABILITIES

517,725

509,998

CREDITORS

Amounts falling due after more than one year

8

(44,980

)

-

PROVISIONS FOR LIABILITIES

(10,584

)

(18,675

)

NET ASSETS

462,161

491,323

CAPITAL AND RESERVES

Called up share capital

99

99

Retained earnings

462,062

491,224

462,161

491,323

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 13 January 2026 and were signed on its behalf by:

Mr G A Skelton - Director

Mr L Kew - Director

1.	STATUTORY INFORMATION

KGM Marine Services 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.

Revenue is the amount receivable derived from services for diving, cleaning hulls, fixing boats and dredging, net of VAT.

Revenue from the services provided are recognised, when it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

GOODWILL

Goodwill, being the amount paid to acquire a set of business contacts, is amortised over 10 years as the useful economic life of this asset cannot be accurately estimated.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost included expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed and if appropriate are adjusted if there is an indication of a significant change since the last reporting date.

STOCK

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

WORK IN PROGRESS

Work in progress represents the value of goods or services that are in production but not yet completed. WIP shall be recognised as an asset in the balance sheet and measured at cost, unless the net realisable value is lower.

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. The assets of the schemes are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund.

SHORT-TERM DEBTORS AND CREDITORS

Debtors and creditors receivable and payable within one year or upon demand are recorded at transaction price whether or not a rate of interest is charged on the balance.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2024 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2024

and 30 June 2025

25,000

AMORTISATION

At 1 July 2024

2,500

Amortisation for year

2,500

At 30 June 2025

5,000

NET BOOK VALUE

At 30 June 2025

20,000

At 30 June 2024

22,500

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 July 2024

69,472

7,359

42,787

119,618

Additions

25,613

6,679

119,925

152,217

Disposals

(69,472

)

(7,359

)

(42,787

)

(119,618

)

At 30 June 2025

25,613

6,679

119,925

152,217

DEPRECIATION

At 1 July 2024

17,368

1,840

10,697

29,905

Charge for year

3,005

1,280

24,286

28,571

Eliminated on disposal

(17,368

)

(1,840

)

(10,697

)

(29,905

)

At 30 June 2025

3,005

1,280

24,286

28,571

NET BOOK VALUE

At 30 June 2025

22,608

5,399

95,639

123,646

At 30 June 2024

52,104

5,519

32,090

89,713

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

409,640

185,190

Amounts owed by group undertakings

192,886

-

Amounts owed by associates

-

88,294

Other debtors

-

613

VAT

44,725

252,612

Prepayments

21,445

20,053

668,696

546,762

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 9)

19,255

-

Trade creditors

266,734

168,682

Amounts owed to associates

74,818

78,574

Tax

56,074

40,441

Social security and other taxes

2,111

276

Other creditors

7,196

13,083

L Kew loan

-

16,000

Directors' current accounts

40,914

24,900

Accrued expenses

2,520

8,946

469,622

350,902

Loans from M Cross and L Kew provided free on interest and payable upon demand.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 9)

44,980

-

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

19,255

-

Between one and five years

44,980

-

64,235

-

Non-cancellable

operating leases

2025

2024

£

£

Within one year

67,600

-

Between one and five years

191,533

-

259,133

-

10.	CAPITAL COMMITMENTS

At 30 June 2025, the company had no capital commitments contracted for but not provided for in these financial statements (2024: £Nil).

11.	PENSION COMMITMENTS

At 30 June 2025, the company had £608 (2024: £280) due to the pension provider.

12.	RELATED PARTY DISCLOSURES

At the beginning of the year, the company was owed amounts totalling £88,294 by an associated company, as a result of various payments made between the two entities this figure increased to £192,886 owed by the associated company at the year end.

At the beginning of the year, the company owed amounts totalling £78,574 to two associated companies. An amount of £3,756 was paid back to one company, and as a result the company owes £74,818 to one associated company at the year end.

The above amounts are repayable on demand, no interest is charged on these balances.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of KGM Marine Services Ltd for the year ended 30 June 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of KGM Marine Services Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of KGM Marine Services Ltd and state those matters that we have agreed to state to the Board of Directors of KGM Marine Services Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KGM Marine Services Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that KGM Marine Services Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of KGM Marine Services Ltd. You consider that KGM Marine Services Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of KGM Marine Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Rothmans LLP

Chartered Accountants

Chilworth Point

1 Chilworth Road

Southampton

Hampshire

SO16 7JQ

Date: .............................................