Heron Marine Services Limited - Period Ending 2020-03-31
Heron Marine Services Limited - Period Ending 2020-03-31
Registration number:
Heron Marine Services Limited
for the Year Ended 31 March 2020
Heron Marine Services Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Heron Marine Services Limited
Company Information
Directors |
Mr P Arwas Mr A Bagshaw |
Company secretary |
EMW Secretaries Limited |
Registered office |
|
Auditors |
|
Heron Marine Services Limited
(Registration number: 10485535)
Balance Sheet as at 31 March 2020
Note |
2020 |
2019 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
531,446 |
531,446 |
|
Share premium reserve |
4,506,331 |
4,506,331 |
|
Profit and loss account |
(1,844,694) |
(1,483,465) |
|
Total equity |
3,193,083 |
3,554,312 |
Approved and authorised by the
.........................................
Director
Heron Marine Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Statement of compliance
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' Section 1A - Small Entities
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 directors are confident that sufficient work will be available for the vessels to enable the company to meet its day to day financial requirements. The company has operated successfully over the last two and a half years and since the COVID pandemic it has had full utilisation. The company has a solid pipeline of enquires and has developed relationships with a number key industry players.
The directors have considered the impact of COVID19 and BREXIT and have concluded that they expect these to have a minimal negative impact on the operations, contracts or financial position. In the case of Covid the opposite has occurred with larger vessels in higher demand due to social distancing measures required by charterers. The company provides a vital service to a critical energy industry and has continued to operate relatively normally throughout the COVID19 crisis.
The loan is due for repayment or renegotiation in March 2021. Whilst no formal agreement has yet been signed, the lenders have indicated that they will extend the loan beyond the current period at the same rate of interest if required. In addition, the company has investigated other sources of loans for refinancing. It has identified other potential lenders of whom one has provided indicative terms.
With the assurances received, refinancing options available and the current level of enquires for contracts at the date of signing these financial statements, the directors consider that the going concern basis remains appropriate for the foreseeable future.
Heron Marine Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Audit report information
As the profit and loss account has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The name of the Senior Statutory Auditor who signed the audit report on
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 sales/value added tax, returns, rebates and discounts.
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.
Foreign currency transactions and balances
Tangible assets
Tangible assets are initially recorded in the balance sheet at cost, including any directly attributable incremental costs incurred in their aquisition and installation, but excluding any borrowing costs.
Tangible assets are stated in the balance sheet at the above cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is provided annually in order to write off the cost of each asset over their expected useful economic lives down to their residual net realisable value at the end of that time.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Heron Marine Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Heron Marine Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Tangible assets |
Other property, plant and equipment |
Total |
|
Cost |
||
At 1 April 2019 |
|
|
At 31 March 2020 |
|
|
Depreciation |
||
At 1 April 2019 |
|
|
Charge for the year |
|
|
At 31 March 2020 |
|
|
Carrying amount |
||
At 31 March 2020 |
|
|
At 31 March 2019 |
|
|
Debtors |
2020 |
2019 |
|
Trade debtors |
|
|
Other debtors |
|
|
|
|
Heron Marine Services Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
|
Due within one year |
|||
Loans and borrowings |
|
- |
|
Trade creditors |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
- |
|
|
|
Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
|
Due after one year |
|||
Loans and borrowings |
- |
|
Total borrowings included in creditors due within one year of £1,437,929 (2019 - £1,684,728 due after more than one year) are secured against assets of the Company.
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
|||
No. |
£ |
No. |
£ |
|
|
|
8,652 |
|
8,652 |
|
|
24,473 |
|
24,473 |
|
|
498,321 |
|
498,321 |
|
|
|
|
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £36,340 due within one year and £3,028 in more than one year with a total of £