ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

MARINE & REMOTE SENSING SOLUTIONS LIMITED - Company Information

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Caseware UK (AP4) 2019.0.131 2019.0.131 2019-12-312019-12-31truefalsetrue2019-01-01No description of principal activity 04773266 2019-01-01 2019-12-31 04773266 2019-12-31 04773266 2018-12-31 04773266 c:Director1 2019-01-01 2019-12-31 04773266 d:CurrentFinancialInstruments 2019-12-31 04773266 d:CurrentFinancialInstruments 2018-12-31 04773266 d:CurrentFinancialInstruments d:WithinOneYear 2019-12-31 04773266 d:CurrentFinancialInstruments d:WithinOneYear 2018-12-31 04773266 d:ShareCapital 2019-12-31 04773266 d:ShareCapital 2018-12-31 04773266 d:SharePremium 2019-12-31 04773266 d:SharePremium 2018-12-31 04773266 d:RetainedEarningsAccumulatedLosses 2019-12-31 04773266 d:RetainedEarningsAccumulatedLosses 2018-12-31 04773266 c:FRS102 2019-01-01 2019-12-31 04773266 c:Audited 2019-01-01 2019-12-31 04773266 c:FullAccounts 2019-01-01 2019-12-31 04773266 c:PrivateLimitedCompanyLtd 2019-01-01 2019-12-31 04773266 c:SmallCompaniesRegimeForAccounts 2019-01-01 2019-12-31 iso4217:GBP

Registered number: 04773266









MARINE AND REMOTE SENSING SOLUTIONS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2019
 
MARINE AND REMOTE SENSING SOLUTIONS LIMITED
REGISTERED NUMBER: 04773266

BALANCE SHEET
AS AT 31 DECEMBER 2019

2019
2018
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
81,528
302

Cash at bank and in hand
 5 
1,712,960
220,149

  
1,794,488
220,451

Creditors: amounts falling due within one year
 6 
(2,142,929)
(539,535)

Net current liabilities
  
 
 
(348,441)
 
 
(319,084)

Total assets less current liabilities
  
(348,441)
(319,084)

  

Net liabilities
  
(348,441)
(319,084)


Capital and reserves
  

Called up share capital 
  
28,334
28,334

Share premium account
  
1,081,817
1,081,817

Profit and loss account
  
(1,458,592)
(1,429,235)

  
(348,441)
(319,084)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 September 2020.




J Pinl
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1
 
MARINE AND REMOTE SENSING SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

1.


General information

Marine and Remote Sensing Solutions Limited is a private company limited by shares and registered in England and Wales. The address of its registered office is Suite Lg, St James Place, London SW1A 1NP.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the reporting date, the Company had net liabilities of £348,441 and throughout the year was dependent on funding from Marine and Remote Sensing Solutions SAM, a fellow subsidiary company. Marine and Remote Sensing Solutions SAM has confirmed that it will continue to provide finance to the Company.
After reviewing the company's forecasts and projections based on contracted future revenue, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.  The director therefore continues to adopt the going concern basis in preparing the Company's financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 2
 
MARINE AND REMOTE SENSING SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.7

Creditors

Short term creditors are measured at the transaction price.

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from related parties.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2018 - 1).

Page 3
 
MARINE AND REMOTE SENSING SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

4.


Debtors

2019
2018
£
£


Other debtors
-
302

Deferred taxation
81,528
-

81,528
302



5.


Cash and cash equivalents

2019
2018
£
£

Cash at bank and in hand
1,712,960
220,149

1,712,960
220,149



6.


Creditors: Amounts falling due within one year

2019
2018
£
£

Amounts owed to group undertakings
2,124,590
535,935

Accruals and deferred income
18,339
3,600

2,142,929
539,535



7.


Related party transactions

At the balance sheet date, creditors include £2,124,590 (2018: £539,935) due to Marine and Remote Sensing Solutions SAM, a fellow subsidiary company.


8.


Controlling party

The company's immediate parent undertaking was MARSS Ventures SA, a company incoporated in Panama, until 3 December 2019 and subsequently MARSS Holdings SARL, a company incorporated in Luxembourg. The ultimate controlling party is J Pinl.  

Page 4
 
MARINE AND REMOTE SENSING SOLUTIONS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019

9.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2019 was unqualified.

The audit report was signed on 14 September 2020 by Paul Taiano (Senior Statutory Auditor) on behalf of Nyman Libson Paul.

 
Page 5