REGISTERED NUMBER: 07308148 (England and Wales)

ATLANTIC PACIFIC MARINE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

6 APRIL 2025 TO 31 MARCH 2026

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

L Bishop

P Rodrigues

D Hayde

REGISTERED OFFICE:

Unit 2 Rhymney River Bridge Road

Cardiff

Glamorgan

CF23 9AF

REGISTERED NUMBER:

07308148 (England and Wales)

FIXED ASSETS

Tangible assets

3

650,181

1,016,788

Investments

4

640

-

Investment property

5

298,894

-

949,715

1,016,788

CURRENT ASSETS

Stocks

6

314,074

822,504

Debtors

7

3,139,594

5,005,912

Cash at bank and in hand

664,071

67,065

4,117,739

5,895,481

CREDITORS

Amounts falling due within one year

8

1,983,292

4,228,862

NET CURRENT ASSETS

2,134,447

1,666,619

TOTAL ASSETS LESS CURRENT LIABILITIES

3,084,162

2,683,407

CREDITORS

Amounts falling due after more than one year

9

-

(185,000

)

PROVISIONS FOR LIABILITIES

13

(61,165

)

(78,006

)

NET ASSETS

3,022,997

2,420,401

CAPITAL AND RESERVES

Called up share capital

14

6

6

Retained earnings

3,022,991

2,420,395

SHAREHOLDERS' FUNDS

3,022,997

2,420,401

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2026 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 8 May 2026 and were signed on its behalf by:

L Bishop - Director

1.	STATUTORY INFORMATION

Atlantic Pacific Marine Limited 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.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.

In making their assessment, the directors have reviewed the company's financial position, including its balance sheet, projected cash flows and available facilities. The directors have also considered the ongoing support available to the company.

At the date of approval of the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the financial statements.

Preparation of consolidated financial statements

The financial statements contain information about Atlantic Pacific Marine Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty at the reporting date are as follows:

Revenue recognition and work in progress

Revenue from contracts is recognised over time by reference to the stage of completion. This requires the directors to estimate total contract costs, revenues and the extent of progress at the reporting date. Judgement is applied in assessing the expected profitability of contracts and any foreseeable losses.

Changes in these estimates may result in material adjustments to revenue and profit recognised.

Work in progress is valued based on costs incurred to date. The directors review the recoverability of work in progress and make provisions where necessary.

Recoverability of trade and other debtors

The directors assess the recoverability of trade and other debtors by considering factors such as the ageing profile, historical collection rates and the financial position of customers. Specific provisions are made where there is objective evidence that amounts may not be recoverable.

Useful economic lives of tangible fixed assets

The annual depreciation charge depends on estimates of the useful economic lives and residual values of assets. These are reviewed annually and revised where necessary to reflect current expectations.

Turnover

Turnover represents the fair value of consideration receivable for goods and services provided in the normal course of business, net of value added tax and trade discounts.

The company derives its revenue primarily from shipping engineering and repair contracts.

Revenue from contracts is recognised over time, by reference to the stage of completion of the contract activity at the reporting date, when the outcome of the contract can be estimated reliably. The stage of completion is assessed by reference to costs incurred to date as a proportion of total expected contract costs.

Where the outcome of a contract cannot be estimated reliably, revenue is recognised only to the extent of recoverable costs incurred.

Work performed but not yet invoiced at the reporting date is included within work in progress. Amounts invoiced in advance of work performed are included within accruals and deferred income.

Revenue is recognised only when it is probable that the economic benefits associated with the transaction will flow to the company and the amount can be measured reliably.

Tangible fixed assets

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

Freehold property

-

not provided

Short leasehold

-

20% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

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 is valued at the lower of cost and net realisable value.

Cost includes direct costs incurred to date. No element of profit is included in the carrying value of work in progress.

The company accounts for long-term contracts in accordance with its revenue recognition policy. Where revenue recognised exceeds amounts invoiced, the excess is included within debtors as accrued income. Where amounts invoiced exceed revenue recognised, the excess is included within accruals and deferred income.

Taxation

Taxation for the period 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 period 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.

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.

Cash & cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".

Financial instruments are recognised 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.

Basic financial assets

Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Foreign currency

Transactions in currencies, other than the functional currency of the company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. All differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions

Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably.

Where there are a number of similar obligations, the likelihood that an outflow of economic benefits will be required in settlement is determined by considering the class of obligation as a whole. A provision is recognised even if the likelihood of an outflow with respect of any one item in the same class of obligations may be small.

Provisions are not made for future operating losses.

Provisions are measures at the present value of the cost expected to be required to settle the obligation using a pre-tax rate that reflects current market assessment of the time value of money and the risks specific to the obligation. The increase in the provision due to the passing of time is recognised as a cost in the income statement.

3.	TANGIBLE FIXED ASSETS

Freehold

Short

Plant and

property

leasehold

machinery

£

£

£

COST

At 6 April 2025

698,894

264,155

393,100

Additions

-

-

20,350

Reclassification/transfer

(298,894

)

-

-

At 31 March 2026

400,000

264,155

413,450

DEPRECIATION

At 6 April 2025

-

144,356

245,161

Charge for period

-

44,655

34,507

At 31 March 2026

-

189,011

279,668

NET BOOK VALUE

At 31 March 2026

400,000

75,144

133,782

At 5 April 2025

698,894

119,799

147,939

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 6 April 2025

109,862

101,909

53,753

1,621,673

Additions

-

-

2,951

23,301

Reclassification/transfer

-

-

-

(298,894

)

At 31 March 2026

109,862

101,909

56,704

1,346,080

DEPRECIATION

At 6 April 2025

97,663

74,026

43,679

604,885

Charge for period

2,776

6,344

2,732

91,014

At 31 March 2026

100,439

80,370

46,411

695,899

NET BOOK VALUE

At 31 March 2026

9,423

21,539

10,293

650,181

At 5 April 2025

12,199

27,883

10,074

1,016,788

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Reclassification/transfer

640

At 31 March 2026

640

NET BOOK VALUE

At 31 March 2026

640

The investment in subsidiary represents a 100% shareholding in Atlantic Pacific Miami, INC.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Reclassification/transfer

298,894

At 31 March 2026

298,894

NET BOOK VALUE

At 31 March 2026

298,894

The directors consider that there has been no material change to the market value of the property over its original cost.

6.

STOCKS

31.3.26

5.4.25

£

£

Stocks

165,000

187,500

Work-in-progress

149,074

635,004

314,074

822,504

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

5.4.25

£

£

Trade debtors

2,979,825

4,772,496

Other debtors

159,769

233,416

3,139,594

5,005,912

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.26

5.4.25

£

£

Bank loans and overdrafts (see note 10)

-

21,099

Trade creditors

706,074

2,132,182

Taxation and social security

253,208

208,720

Other creditors

1,024,010

1,866,861

1,983,292

4,228,862

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.26

5.4.25

£

£

Other creditors

-

185,000

10.

LOANS

An analysis of the maturity of loans is given below:

31.3.26

5.4.25

£

£

Amounts falling due within one year or on demand:

Bank loans

-

21,099

31.3.26

5.4.25

£

£

Amounts falling due between two and five years:

Intercompany loan

-

185,000

11.	LEASING AGREEMENTS

At 31 March 2026, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £118,382 (2025: £171,177).

12.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.26

5.4.25

£

£

Sales financing

695,989

1,400,198

Close Brothers Limited holds a fixed and floating charge, including a negative pledge, over all the property or undertaking of the company.

Handelsbanken plc holds a fixed and floating charge, including a negative pledge, over all the property or undertaking of the company.

13.	PROVISIONS FOR LIABILITIES

31.3.26

5.4.25

£

£

Deferred tax

61,165

78,006

Deferred

tax

£

Balance at 6 April 2025

78,006

Accelerated capital allowances

(16,841

)

Balance at 31 March 2026

61,165

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.26

5.4.25

value:

£

£

6

Ordinary

£1

6

6

15.	TRANSACTIONS WITH DIRECTORS

As at 31 March 2026, an amount of £50,380 (2025: £198,380) was owed to the directors. The balances are unsecured, interest-free and repayable on demand.

16.	RELATED PARTY DISCLOSURES