Submarine Manufacturing And Products Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02608984 (England and Wales)

Unaudited Financial Statements

for the Period 1 July 2020 to 31 December 2021

for

Submarine Manufacturing And Products Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P J Connolly

Mrs J Connolly

SECRETARY:

Mrs J Connolly

REGISTERED OFFICE:

5 Crescent East

Thornton Cleveleys

Lancashire

FY5 3LJ

REGISTERED NUMBER:

02608984 (England and Wales)

ACCOUNTANTS:

ma2 Limited

Chartered Accountants

5 Crescent East

Thornton Cleveleys

Lancashire

FY5 3LJ

FIXED ASSETS

Intangible assets

4

-

40,678

Tangible assets

5

191,851

264,811

191,851

305,489

CURRENT ASSETS

Stocks

6

1,135,022

1,331,123

Debtors

7

321,084

536,734

Prepayments and accrued income

53,891

25,964

Cash at bank and in hand

217,248

1,278,840

1,727,245

3,172,661

CREDITORS

Amounts falling due within one year

8

1,484,043

1,987,443

NET CURRENT ASSETS

243,202

1,185,218

TOTAL ASSETS LESS CURRENT LIABILITIES

435,053

1,490,707

CREDITORS

Amounts falling due after more than one year

9

(32,570

)

(66,069

)

PROVISIONS FOR LIABILITIES

(8,233

)

(33,691

)

NET ASSETS

394,250

1,390,947

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

394,050

1,390,747

SHAREHOLDERS' FUNDS

394,250

1,390,947

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 10 June 2022 and were signed on its behalf by:

P J Connolly - Director

1.	STATUTORY INFORMATION

Submarine Manufacturing And Products Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover

Turnover reflects the contracts undertaken and sales made in the year. Income is taken on retail sales when the product is delivered, and for contract work, the amount of work performed in the period.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

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 seven years.

Tangible fixed assets

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

Short leasehold

-

10% on cost

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

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.

Stocks

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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the period 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 period 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 pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 30 (2020 - 32 ) .

4.	INTANGIBLE FIXED ASSETS

Development

costs

£

COST

At 1 July 2020

and 31 December 2021

202,465

AMORTISATION

At 1 July 2020

161,787

Amortisation for period

40,678

At 31 December 2021

202,465

NET BOOK VALUE

At 31 December 2021

-

At 30 June 2020

40,678

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 July 2020

399,925

331,730

731,655

Additions

-

44,076

44,076

Disposals

-

(89,671

)

(89,671

)

At 31 December 2021

399,925

286,135

686,060

DEPRECIATION

At 1 July 2020

323,498

143,346

466,844

Charge for period

28,192

47,334

75,526

Eliminated on disposal

-

(48,161

)

(48,161

)

At 31 December 2021

351,690

142,519

494,209

NET BOOK VALUE

At 31 December 2021

48,235

143,616

191,851

At 30 June 2020

76,427

188,384

264,811

6.

STOCKS

2021

2020

£

£

Stocks

558,064

753,338

Work-in-progress

576,958

577,785

1,135,022

1,331,123

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

280,758

457,558

Amounts owed by group undertakings

-

8,059

Other debtors

40,326

71,117

321,084

536,734

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

-

182

Hire purchase contracts

20,934

23,415

Trade creditors

1,096,563

1,909,881

Amounts owed to group undertakings

97,308

-

Taxation and social security

221,615

24,407

Other creditors

47,623

29,558

1,484,043

1,987,443

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts

32,570

66,069

10.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank overdrafts

-

182

The company has an unlimited cross guarantee arrangement in respect of it's banking facilities, in connection with the group overdraft with it's associate MSS Holdings (UK) Limited.

11.	RELATED PARTY DISCLOSURES

During the period the company was a wholly owned subsidiary of MSS Holdings (UK) Limited. (MSSH)

The company received management and office services from MSSH, and fees of £96,840 (2020, £20,000) were charged by MSSH during the period..

During the year, a loan account existed between the company and MSSH. The total amount owed at the year end is shown in the relevant creditor note.

MSSH owns the premises from which the company trades and charged a rent of £104,066 during the period.

The company also paid rent to the director Mr P J Connolly for the use of a storage facility owned by him for the amount of £15,300.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P J Connolly.