Merseyside Shiprepairers Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Merseyside Shiprepairers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02109635 . The registered office is Syren Street, Brasenose Road, Liverpool, Merseyside, L20 8HP.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% straight line
Plant and machinery	15% straight line
Motor vehicles	25% straight line
Fixtures and fittings	10% and 20% straight line

2.4. Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.5. Stocks and Work in Progress

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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

Page 3

Page 4

Merseyside Shiprepairers Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

2.6. Financial Instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

2.7. Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 18 (2024: 19)

4. Tangible Assets

	Land & Property
	Freehold	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£	£
Cost
As at 1 October 2024	595,690	360,281	202,455	65,818	1,224,244
Additions	-	1,394	-	-	1,394
Disposals	-	(1,146 )	-	(900 )	(2,046 )

As at 30 September 2025	595,690	360,529	202,455	64,918	1,223,592

Depreciation
As at 1 October 2024	194,860	315,728	184,455	59,365	754,408
Provided during the period	11,914	25,564	9,000	4,017	50,495
Disposals	-	(321 )	-	(900 )	(1,221 )

As at 30 September 2025	206,774	340,971	193,455	62,482	803,682

Net Book Value
As at 30 September 2025	388,916	19,558	9,000	2,436	419,910

As at 1 October 2024	400,830	44,553	18,000	6,453	469,836

Page 4

Page 5

Merseyside Shiprepairers Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

5. Stocks

	2025	2024
	£	£
Work in progress	56,110	36,556

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	249,970	229,382
Prepayments and accrued income	14,432	15,908
Other debtors	136	278
Deferred tax current asset	9,141	16,903

	273,679	262,471

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	233,977	85,150
Bank loans and overdrafts	15,225	14,155
Other taxes and social security	14,477	11,748
VAT	36,045	32,494
Accruals and deferred income	16,227	10,808
Directors' loan accounts	800	1,509

	316,751	155,864

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	13,850	30,145

9. Secured Creditors

Of the creditors the following amounts are secured against the property to which it relates.

	2025		2024
	£		£
Bank loans and overdrafts	29,075		44,300

10. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	6,100	6,100

Page 5

Page 6

Merseyside Shiprepairers Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 September 2025

11. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	579	579
Later than one year and not later than five years	1,157	1,736

	1,736	2,315

12. Related Party Transactions

The following related party transactions were undertaken during the year:

A director introduced amounts totalling £Nil and withdrew amounts totalling £Nil (2024: introduced amounts totalling £Nil and withdrew amounts totalling £366). At the balance sheet date the amount payable was £800 (2024: £800).

A director introduced amounts totalling £918 and withdrew amounts totalling £1,627 (2024: introduced amounts totalling £Nil and withdrew amounts totalling £Nil). At the balance sheet date the amount payable was £Nil (2024: £709).

Dividends were paid to the directors and shareholders in respect of their shareholdings totalling £Nil (2024: £Nil).

The aggregate remuneration paid to key management personnel for the year was £183,085 (2024: £159,895).

No further transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Page 6

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		419,910		469,836

			419,910		469,836
CURRENT ASSETS
Stocks	5	56,110		36,556
Debtors	6	273,679		262,471
Cash at bank and in hand		591,746		415,468

		921,535		714,495
Creditors: Amounts Falling Due Within One Year	7	(316,751 )		(155,864 )

NET CURRENT ASSETS (LIABILITIES)			604,784		558,631

TOTAL ASSETS LESS CURRENT LIABILITIES			1,024,694		1,028,467

Creditors: Amounts Falling Due After More Than One Year	8		(13,850 )		(30,145 )

NET ASSETS			1,010,844		998,322

CAPITAL AND RESERVES
Called up share capital	10		6,100		6,100
Profit and Loss Account			1,004,744		992,222

SHAREHOLDERS' FUNDS			1,010,844		998,322