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Company No: 06299465 (England and Wales)

# MARINE SERVICES (SW) LIMITED

### Unaudited Financial Statements
For the financial year ended 31 December 2025
Pages for filing with the registrar

MARINE SERVICES (SW) LIMITED

## Unaudited Financial Statements

For the financial year ended 31 December 2025

Contents

MARINE SERVICES (SW) LIMITED

## BALANCE SHEET

As at 31 December 2025
MARINE SERVICES (SW) LIMITED

## BALANCE SHEET (continued)

As at 31 December 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 4 | 544,449 |  | 513,040
|  | 544,449 |  | 513,040
Current assets |  |  |  |
Debtors | 5 | 235,835 |  | 82,912
Cash at bank and in hand |  | 616,165 |  | 467,459
|  | 852,000 |  | 550,371
Creditors: amounts falling due within one year | 6 | ( 185,173) |  | ( 120,906)
Net current assets |  | 666,827 |  | 429,465
Total assets less current liabilities |  | 1,211,276 |  | 942,505
Creditors: amounts falling due after more than one year |  | 0 |  | ( 4,167)
Provision for liabilities |  | ( 162,112) |  | ( 154,260)
Net assets |  | 1,049,164 |  | 784,078
Capital and reserves |  |  |  |
Called-up share capital | 7 | 150 |  | 150
Revaluation reserve |  | 150,901 |  | 150,901
Profit and loss account |  | 898,113 |  | 633,027
Total shareholder's funds |  | 1,049,164 |  | 784,078

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Marine Services (SW) Limited (registered number: 06299465) were approved and authorised for issue by the Board of Directors on 25 August 2026. They were signed on its behalf by:

Mrs M Y Pooley Director |

MARINE SERVICES (SW) LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025
MARINE SERVICES (SW) LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Marine Services (SW) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 61 Speedwell Crescent, Eggbuckland, Plymouth, Devon, PL6 5SZ, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion.
When the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

##### Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

##### Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill | 10 years straight line

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery | 4 years straight line
Vehicles | 25 % reducing balance
Other property, plant and equipment | 15 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

##### Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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 Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 11 |  | 7

#### 3. Intangible assets

| Goodwill |  | Total
| £ |  | £
Cost |  |  |
At 01 January 2025 | 150,000 |  | 150,000
At 31 December 2025 | 150,000 |  | 150,000
Accumulated amortisation |  |  |
At 01 January 2025 | 150,000 |  | 150,000
At 31 December 2025 | 150,000 |  | 150,000
Net book value |  |  |
At 31 December 2025 | 0 |  | 0
At 31 December 2024 | 0 |  | 0

#### 4. Tangible assets

| Plant and machinery |  | Vehicles |  | Other property, plant and equipment |  | Total
| £ |  | £ |  | £ |  | £
Cost/Valuation |  |  |  |  |  |  |
At 01 January 2025 | 38,451 |  | 67,996 |  | 540,086 |  | 646,533
Additions | 9,672 |  | 0 |  | 84,167 |  | 93,839
Disposals | 0 |  | ( 20,000) |  | 0 |  | ( 20,000)
At 31 December 2025 | 48,123 |  | 47,996 |  | 624,253 |  | 720,372
Accumulated depreciation |  |  |  |  |  |  |
At 01 January 2025 | 30,502 |  | 27,869 |  | 75,122 |  | 133,493
Charge for the financial year | 2,930 |  | 7,220 |  | 41,030 |  | 51,180
Disposals | 0 |  | ( 8,750) |  | 0 |  | ( 8,750)
At 31 December 2025 | 33,432 |  | 26,339 |  | 116,152 |  | 175,923
Net book value |  |  |  |  |  |  |
At 31 December 2025 | 14,691 |  | 21,657 |  | 508,101 |  | 544,449
At 31 December 2024 | 7,949 |  | 40,127 |  | 464,964 |  | 513,040

Revaluation of tangible assets

During the previous year, there was a revaluation of other property, plant and equipment which was determined by the directors as at 31 December 2025.
Deferred tax was provided against the gains on these assets and was included within the revaluation reserve.
The historical cost, accumulated depreciation and carrying value is set out below

| 2025 |  | 2024
| £ |  | £
Historical cost | 414,231 |  | 330,066
Accumulated depreciation | (93,467) |  | (66,304)
Carrying value | 320,764 |  | 263,762

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 8,635 |  | 69,672
Amounts owed by connected companies | 211,336 |  | 0
Other debtors | 15,864 |  | 13,240
| 235,835 |  | 82,912

#### 6. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans | 0 |  | 10,000
Trade creditors | 6,834 |  | 14,003
Taxation and social security | 142,649 |  | 73,785
Other creditors | 35,690 |  | 23,118
| 185,173 |  | 120,906

#### 7. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
50 Ordinary A shares of £ 1.00 each | 50 |  | 50
12 Ordinary B shares of £ 1.00 each | 12 |  | 12
76 Ordinary C shares of £ 1.00 each | 76 |  | 76
12 Ordinary D shares of £ 1.00 each | 12 |  | 12
| 150 |  | 150

#### 8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

| 2025 |  | 2024
| £ |  | £
within one year | 14,300 |  | 14,300
between one and five years | 69,117 |  | 83,417
Total future minimum lease payments under non-cancellable operating leases | 83,417 |  | 97,717