Submarine Manufacturing And Products Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02608984 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

SUBMARINE MANUFACTURING AND PRODUCTS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P J Connolly

B J Sharples

SECRETARY:

M Conboy

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

-

-

Tangible assets

5

152,336

191,851

152,336

191,851

CURRENT ASSETS

Stocks

2,234,028

1,135,022

Debtors

6

2,317,230

321,084

Prepayments and accrued income

66,947

53,891

Cash at bank and in hand

1,699,062

217,248

6,317,267

1,727,245

CREDITORS

Amounts falling due within one year

7

6,051,700

1,484,043

NET CURRENT ASSETS

265,567

243,202

TOTAL ASSETS LESS CURRENT LIABILITIES

417,903

435,053

CREDITORS

Amounts falling due after more than one year

8

(1,583

)

(32,570

)

PROVISIONS FOR LIABILITIES

(9,742

)

(8,233

)

NET ASSETS

406,578

394,250

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

406,378

394,050

SHAREHOLDERS' FUNDS

406,578

394,250

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 7 December 2023 and were signed on its behalf by:

B J Sharples - 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 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 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 year was 32 (2021 - 30 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2022

and 31 December 2022

202,465

AMORTISATION

At 1 January 2022

and 31 December 2022

202,465

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2022

399,925

286,135

686,060

Additions

-

20,619

20,619

At 31 December 2022

399,925

306,754

706,679

DEPRECIATION

At 1 January 2022

351,690

142,519

494,209

Charge for year

39,993

20,141

60,134

At 31 December 2022

391,683

162,660

554,343

NET BOOK VALUE

At 31 December 2022

8,242

144,094

152,336

At 31 December 2021

48,235

143,616

191,851

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

964,417

280,758

Amounts owed by group undertakings

1,350,000

-

Other debtors

2,813

40,326

2,317,230

321,084

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

175,565

-

Hire purchase contracts

30,986

20,934

Trade creditors

4,234,840

1,096,563

Amounts owed to group undertakings

-

97,308

Taxation and social security

746,002

221,615

Other creditors

864,307

47,623

6,051,700

1,484,043

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts

1,583

32,570

9.	RELATED PARTY DISCLOSURES

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

On the 14 December 2022 the entire share capital of the company was acquired by Subsurface Holdings Limited.

The company received management and office services from MSSH and fees of £53,167 (2021 £96,840) were charged by MSSH during the period.

Commission was charged by MSSH during the period to the company in the sum of £400,000 (2021 nil).

MSSH owns the premises from which the company trades and charged a rent of £72,732 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 £10,200.

During the year a loan existed between the company and it's parent undertaking Subsurface Holdings Limited. The total amount owed at the year end is shown in the relevant debtor note.

On 1st December 2022 the company acquired 100% of the share capital in SMP sarl, a company incorporated in France.