UK Maritime Services Limited - Period Ending 2020-04-30

UK Maritime Services Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 6

UK Maritime Services Limited

Balance Sheet

30 April 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	105,280	63,300
Current assets
Debtors	5	11,818	14,751
Cash at bank and in hand		9,061	6,023
		20,879	20,774
Creditors: Amounts falling due within one year	6	(194,709)	(191,623)
Net current liabilities		(173,830)	(170,849)
Total assets less current liabilities		(68,550)	(107,549)
Provisions for liabilities		(9,106)	-
Net liabilities		(77,656)	(107,549)
Capital and reserves
Called up share capital		2	2
Profit and loss account		(77,658)	(107,551)
Shareholders' deficit		(77,656)	(107,549)

UK Maritime Services Limited

Balance Sheet

30 April 2020

For the financial year ending 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 April 2021 and signed on its behalf by:
 

.........................................

K Walters
Director

Company Registration Number: 10147773

UK Maritime Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

These financial statements were authorised for issue by the Board on 30 April 2021.

2	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.

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. This depends on the continued financial support of the company's directors.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

UK Maritime Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2020

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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred 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.

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
Office equipment	25% reducing balance
Boat	10% reducing balance

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.



 

UK Maritime Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2020

Tangible assets

Tangible assets are stated in the balance sheet 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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 2).

4	Tangible assets

	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 May 2019	1,724	82,072	83,796
Revaluations	-	47,928	47,928
Additions	746	-	746
At 30 April 2020	2,470	130,000	132,470
Depreciation
At 1 May 2019	565	19,931	20,496
Charge for the year	479	6,215	6,694
At 30 April 2020	1,044	26,146	27,190
Carrying amount
At 30 April 2020	1,426	103,854	105,280
At 30 April 2019	1,159	62,141	63,300

UK Maritime Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2020

5

Debtors

	2020 £	2019 £
Trade debtors	-	3,674
Prepayments	9,219	8,865
Other debtors	2,599	2,212
	11,818	14,751

6

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Trade creditors	12,336	10,081
Accruals and deferred income	2,700	1,400
Other creditors	179,673	180,142
	194,709	191,623