Menas Marine Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04505570 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

MENAS MARINE SERVICES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

H Sultan

A L Howard

SECRETARY:

A L Howard

REGISTERED OFFICE:

8/9 Lovat Lane

London

EC3R 8DW

REGISTERED NUMBER:

04505570 (England and Wales)

AUDITORS:

Wilkins Kennedy Audit Services

Statutory Auditor

Bridge House

London Bridge

London

SE1 9QR

FIXED ASSETS

Tangible assets

3

14,614,134

15,328,514

CURRENT ASSETS

Stocks

1,396,733

1,425,649

Debtors

4

5,048,061

1,498,312

Cash at bank and in hand

423,277

717,186

6,868,071

3,641,147

CREDITORS

Amounts falling due within one year

5

76,477,644

71,775,632

NET CURRENT LIABILITIES

(69,609,573

)

(68,134,485

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(54,995,439

)

(52,805,971

)

CAPITAL AND RESERVES

Called up share capital

6

2

2

Other reserves

7

(1,467,856

)

(1,467,856

)

Retained earnings

7

(53,527,585

)

(51,338,117

)

SHAREHOLDERS' FUNDS

(54,995,439

)

(52,805,971

)

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 7 March 2019 and were signed on its behalf by:

H Sultan - Director

1.	STATUTORY INFORMATION

Menas Marine Services Limited 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.

The presentation currency of the financial statements is the US Dollar ($).

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.

Going concern

The financial statements have been prepared on a going concern basis, notwithstanding the company is in a net

liability position. The company's parent entity, International Foundation for Aids to Navigation, have provided the

company with an undertaking that, for at least 12 months from the date of approval of these financial statements,

it will continue to make available such funds as are needed by the company, and in particular will not seek

repayment of the amounts currently payable, unless the company has funds available. This should enable to

company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due

for payment. As with any company placing reliance on other group entities for financial support, the directors

acknowledge that there can be no certainty that this support will continue, although, at the date of approval of

these financial statements, they have no reasons to believe that it will not do so. Based on this undertaking the

directors believe that it remains appropriate to prepare the financial statement on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT. Chartering income

represents third party income from the OSV Relume and is accounted for in the period in which the vessel is

chartered for use.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost includes costs directly

attributable to making the asset capable of operating as intended by management. Fixed assets are subject to

an annual impairment review. Any permanent diminutions in value are recorded.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated

residual value, of each asset on a systematic basis over their expected useful lives as follows:

Plant and equipment 2 to 4 years

OSV Relume 15 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the

current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax

rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial

statements of current and previous periods. It is recognised in respect of all timing differences, with certain

exceptions. Timing differences are differences between tax able profits and total comprehensive income as

stated in the financial statements that arise from the inclusion of income and expense in tax assessments in

periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the

balance sheet date that are expected to apply to the reversal of timing differences.

Foreign currencies

Assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange prevailing at

the balance sheet date. Transactions in foreign currencies are translated into US Dollars at the rate of exchange

ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Trade and other debtors

Trade and other debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short term deposits with

an original maturity date of three months or less.

Trade and other creditors

Trade and other creditors are measured at their transaction price.

3.	TANGIBLE FIXED ASSETS

Plant and

OSV

equipment

Relume

Totals

$

$

$

COST

At 1 January 2018

612,770

21,212,730

21,825,500

Additions

7,274

388,504

395,778

At 31 December 2018

620,044

21,601,234

22,221,278

DEPRECIATION

At 1 January 2018

568,088

5,928,898

6,496,986

Charge for year

36,455

1,073,703

1,110,158

At 31 December 2018

604,543

7,002,601

7,607,144

NET BOOK VALUE

At 31 December 2018

15,501

14,598,633

14,614,134

At 31 December 2017

44,682

15,283,832

15,328,514

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

$

$

Trade debtors

3,689,304

1,390,416

Other debtors

154

11,325

Prepayments and accrued income

1,358,603

96,571

5,048,061

1,498,312

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

$

$

Trade creditors

986,943

342,744

Amounts owed to group undertakings

74,882,063

70,912,807

Accruals and deferred income

608,638

520,081

76,477,644

71,775,632

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

$

$

1

Ordinary

£1

2

2

7.

RESERVES

Retained

Other

earnings

reserves

Totals

$

$

$

At 1 January 2018

(51,338,117

)

(1,467,856

)

(52,805,973

)

Deficit for the year

(2,189,468

)

(2,189,468

)

At 31 December 2018

(53,527,585

)

(1,467,856

)

(54,995,441

)

Other reserves represent historical foreign exchange movements on the values of balance sheet items whose

functional currency is not US Dollars.

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Howard (Senior Statutory Auditor)

for and on behalf of Wilkins Kennedy Audit Services

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

10.	ULTIMATE PARENT COMPANY

At the balance sheet date the company's immediate and ultimate parent undertaking was International

Foundation for Aids to Navigation, a charitable company limited by guarantee and incorporated in the United

Kingdom. International Foundation for Aids to Navigation produces group accounts. Copies of these accounts

can be obtained from The Registrar of Companies, Companies House, Crown Way, Cardiff.

There is no one ultimate controlling party of International Foundation for Aids to Navigation and therefore of

Menas Marine Services Limited.