Registration number:
Marine Services (Grimsby) Limited
for the Year Ended 30 September 2020
Marine Services (Grimsby) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Marine Services (Grimsby) Limited
Company Information
Director |
R J Harvey |
Company secretary |
K Melvile |
Registered office |
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Marine Services (Grimsby) Limited
(Registration number: 03946493)
Balance Sheet as at 30 September 2020
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2020 |
2019 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Marine Services (Grimsby) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
General information |
The company is a private company limited by share capital incorporated in England and the company registration number is 03946493.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements have been prepared in sterling and are rounded to the nearest pound.
Going concern
Specifically in connection with the current economic climate, the directors have considered the impact of COVID-19 on the business and they are satisfied that the company has sufficient financial headroom to continue trading for at least the next twelve months. For this reason the financial statements have been prepared on a going concern basis.
Revenue recognition
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;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the
balance sheet date. All exchange differences are included in the profit and loss account
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Marine Services (Grimsby) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Boats |
10% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
5% straight line |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Marine Services (Grimsby) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 October 2019 |
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At 30 September 2020 |
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Amortisation |
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At 1 October 2019 |
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Amortisation charge |
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At 30 September 2020 |
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Carrying amount |
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At 30 September 2020 |
- |
- |
At 30 September 2019 |
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Tangible assets |
Land and buildings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 October 2019 |
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At 30 September 2020 |
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Depreciation |
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At 1 October 2019 |
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Charge for the year |
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At 30 September 2020 |
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Carrying amount |
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At 30 September 2020 |
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At 30 September 2019 |
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Included within the net book value of land and buildings above is £174,939 (2019 - £178,742) in respect of freehold land and buildings.
Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Prepayments and accrued income |
4,900 |
35,640 |
Total current trade and other debtors |
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Marine Services (Grimsby) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Other creditors |
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Accruals and deferred income |
7,500 |
8,000 |
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Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Marine Services (Grimsby) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020
Related party transactions |
Transactions with directors |
2020 |
At 1 October 2019 |
Advances |
At 30 September 2020 |
R J Harvey |
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Loan - interest charged at HM Revenue and Customs official rates |
42,553 |
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2019 |
At 1 October 2018 |
Advances to |
Repayments by |
At 30 September 2019 |
R J Harvey |
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Loan - interest charged at HM Revenue and Customs official rates |
39,779 |
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( |
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