The Maritime Group (International) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06390851 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

THE MARITIME GROUP (INTERNATIONAL)

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M W Parrott

Captain J M Cox

Mrs J E Cox

Mrs J S Parrott

SECRETARY:

MFW Partnership Limited

REGISTERED OFFICE:

Charlton House

Dour Street

DOVER

Kent

CT16 1BL

REGISTERED NUMBER:

06390851 (England and Wales)

ACCOUNTANTS:

McCabe Ford Williams

Chartered Accountants

Charlton House

Dour Street

DOVER

Kent

CT16 1BL

FIXED ASSETS

Tangible assets

4

15,949

12,534

CURRENT ASSETS

Debtors

5

9,113

13,781

Cash at bank and in hand

23,087

11,717

32,200

25,498

CREDITORS

Amounts falling due within one year

6

28,714

18,725

NET CURRENT ASSETS

3,486

6,773

TOTAL ASSETS LESS CURRENT LIABILITIES

19,435

19,307

CREDITORS

Amounts falling due after more than one year

7

11,042

-

NET ASSETS

8,393

19,307

CAPITAL AND RESERVES

Called up share capital

8

3,000

3,000

Retained earnings

5,393

16,307

SHAREHOLDERS' FUNDS

8,393

19,307

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 24 July 2021 and were signed on its behalf by:

M W Parrott - Director

1.	STATUTORY INFORMATION

The Maritime Group (International) 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 Pound Sterling (£).

The company's place of business is Chindwara, Station Road, Eynsford, Kent, DA4 0ER.

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 represents the net invoiced sales of services, excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

10 - 33% on cost

Office equipment

-

33% on cost

Government grants

Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs is recognised in income in the period in which it becomes receivable.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Office

fittings

equipment

Totals

£

£

£

COST

At 1 April 2020

11,421

18,772

30,193

Additions

5,866

-

5,866

At 31 March 2021

17,287

18,772

36,059

DEPRECIATION

At 1 April 2020

430

17,229

17,659

Charge for year

1,686

765

2,451

At 31 March 2021

2,116

17,994

20,110

NET BOOK VALUE

At 31 March 2021

15,171

778

15,949

At 31 March 2020

10,991

1,543

12,534

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

1,849

6,659

Other debtors and prepayments

5,773

2,240

Directors' current accounts

996

996

VAT

495

3,886

9,113

13,781

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

1,458

-

Trade creditors

4,652

11,874

Other creditors

5,927

2,264

Directors' current accounts

16,677

4,587

28,714

18,725

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

2,500

-

Bank loans - 2-5 years

7,500

-

Bank loans due after 5 years

1,042

-

11,042

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due after 5 years

1,042

-

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

12,000

Ordinary

£0.25

3,000

3,000

9.	RELATED PARTY DISCLOSURES

During the year the directors advanced the company £12,090 (2020 - the directors repaid the company £6,438). During the year the company advanced the directors £nil (2020 - £80). At the end of the year the company owed Mr and Mrs Parrott £16,677 (2020 - £4,587) and Captain J M Cox and Mrs Cox owed the company £996 (2020 - £996).

10.

COVID-19

COVID-19 has had a significant impact on the company. The company has continued to receive work enquiries throughout the pandemic, but because of travel restrictions, especially overseas, has been unable to carry out work as usual. The company has been able to carry out a small amount of work via Microsoft Teams / Zoom which has brought in a small amount of revenue. The company has continued its activities throughout in pursuing new contracts and will push the business forward once circumstances permit. Despite this, the directors still believe the company remains a going concern.

11.	GOVERNMENT GRANTS

The company took out a £12,500 Bounce Back Loan in the year, which is guaranteed by the government. Interest of £156, charged in the year on this loan, was covered by a government grant.