REGISTERED NUMBER: 00883132 (England and Wales)

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

FOR

SOCIETY OF MARITIME INDUSTRIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T R Chant

D M Bloor

R Connor

J W R Graham

H M Gullick

B R Johnson

A Khurmi

C A Knight

M B Knott

A M Long

I Mcfarlane

R Mowat

D S O'Sullivan

R L Powell

G A Rankine

K M Robertson

R D Buckley

J O Sawh

REGISTERED OFFICE:

28-29 Threadneedle Street

London

EC2R 8AY

REGISTERED NUMBER:

00883132 (England and Wales)

AUDITORS:

Blue Swift Accountants Limited

37 Riverside House

River Lawn Road

Tonbridge

Kent

TN9 1EP

FIXED ASSETS

Intangible assets

4

870

2,230

Tangible assets

5

8,739

12,428

9,609

14,658

CURRENT ASSETS

Debtors

6

842,061

602,608

Investments

7

170,000

-

Cash at bank and in hand

583,291

693,273

1,595,352

1,295,881

CREDITORS

Amounts falling due within one year

8

1,403,577

1,090,879

NET CURRENT ASSETS

191,775

205,002

TOTAL ASSETS LESS CURRENT LIABILITIES

201,384

219,660

PROVISIONS FOR LIABILITIES

7,515

4,762

NET ASSETS

193,869

214,898

RESERVES

Retained earnings

193,869

214,898

193,869

214,898

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 28 May 2026 and were signed on its behalf by:

T R Chant - Director

1.	STATUTORY INFORMATION

The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

The principal place of business is:

28-29 Threadneedle Street

London

EC2R 8AY

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 directors have assessed the company’s ability to continue as a going concern and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis.

In making this assessment, the directors have considered the company’s current financial position, cash flow forecasts, and available funding. The company has no significant external debt and maintains sufficient working capital to meet its obligations as they fall due.

There are no material uncertainties that cast significant doubt on the company’s ability to continue as a going concern.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Dilapidations

Certain leases entered into by the company include clauses obligating the company to return the property in the condition at the date of entry into the lease. The costs to bring the property back to the condition cannot be confirmed until the company leaves the property and accordingly estimates are prepared at each reporting date. The company has estimated the value of such dilapidation as at 30 September 2025 at £4,800 (2024: £2,400).

Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the profile of debtors, and historical experience.

Turnover

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

Income consists of subscriptions, exhibitions and project revenue and grants stated net of value added tax.

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:

- The amount of revenue can be reliably measured;

- It is probable that future economic benefits will flow to the entity;

- Specific criteria have been met for each of the company's activities.

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.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

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

Improvements to property

-

33% on cost

Fixtures and fittings

-

33% on cost

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company

does not have an unconditional right, at the end of the reporting period, to defer settlement of the

creditor for at least twelve months after the reporting date. If there is an unconditional right to defer

settlement for at least twelve months after the reporting date, they are presented as non-current

liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest

payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as an expense in the profit and loss account when they fall due.

Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are

held separately from the company in independently administered funds.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2024 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 October 2024

and 30 September 2025

6,800

AMORTISATION

At 1 October 2024

4,570

Amortisation for year

1,360

At 30 September 2025

5,930

NET BOOK VALUE

At 30 September 2025

870

At 30 September 2024

2,230

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

property

fittings

Totals

£

£

£

COST

At 1 October 2024

350

74,458

74,808

Additions

-

3,076

3,076

Disposals

-

(16,215

)

(16,215

)

At 30 September 2025

350

61,319

61,669

DEPRECIATION

At 1 October 2024

88

62,292

62,380

Charge for year

116

6,649

6,765

Eliminated on disposal

-

(16,215

)

(16,215

)

At 30 September 2025

204

52,726

52,930

NET BOOK VALUE

At 30 September 2025

146

8,593

8,739

At 30 September 2024

262

12,166

12,428

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.25

30.9.24

as restated

£

£

Trade debtors

668,896

471,029

Other debtors

173,165

131,579

842,061

602,608

7.	CURRENT ASSET INVESTMENTS

30.9.25

30.9.24

as restated

£

£

Cash deposits

170,000

-

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.25

30.9.24

as restated

£

£

Bank loans and overdrafts

6,229

11,482

Trade creditors

57,662

35,336

Taxation and social security

161,197

146,246

Other creditors

1,178,489

897,815

1,403,577

1,090,879

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.9.25

30.9.24

as restated

£

£

Within one year

99,674

55,097

Between one and five years

182,736

282,410

282,410

337,507

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

The Auditors' Report was unqualified.

Andrew Branson (Senior Statutory Auditor)

For and on behalf of Blue Swift Accountants Limited

11.	RELATED PARTY DISCLOSURES

The Board of Directors are representatives from member organisations, who pay subscriptions to and attend events and exhibitions organised by the company. The amounts paid by member organisations represented on the Board are on the same basis as available to other member organisations.