Marlink Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05182001 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

MARLINK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

W J Ashworth

E L G Ceuppens

N P H Malgrain

H C M Nays

REGISTERED OFFICE:

Sundial House

High Street

Horsell

Woking

Surrey

GU21 4SU

REGISTERED NUMBER:

05182001 (England and Wales)

AUDITORS:

Hamlyns LLP

Statutory Auditor

Chartered Accountants

Sundial House

High Street

Horsell

Woking

Surrey

GU21 4SU

BANKERS:

Barclays Bank Plc

PO Box 166

Heathrow Airport

Hounslow

Middlesex

TW6 2RA

FIXED ASSETS

Tangible assets

4

16,474

20,290

CURRENT ASSETS

Stocks

70,753

122,384

Debtors

5

1,746,149

1,217,239

Cash at bank and in hand

1,952,472

1,682,946

3,769,374

3,022,569

CREDITORS

Amounts falling due within one year

6

1,652,310

1,181,365

NET CURRENT ASSETS

2,117,064

1,841,204

TOTAL ASSETS LESS CURRENT LIABILITIES

2,133,538

1,861,494

PROVISIONS FOR LIABILITIES

3,103

3,529

NET ASSETS

2,130,435

1,857,965

CAPITAL AND RESERVES

Called up share capital

802

802

Capital redemption reserve

200

200

Retained earnings

2,129,433

1,856,963

SHAREHOLDERS' FUNDS

2,130,435

1,857,965

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 18 June 2021 and were signed on its behalf by:

W J Ashworth - Director

1.	STATUTORY INFORMATION

Marlink 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 (£).

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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover generated from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods).

Turnover in respect of long-term construction contracts is recognised by reference to the stage of completion.

When the outcome of a construction contract sale can be estimated reliably in terms of its stage of completion, future costs to complete and collectability of billings, the company recognises revenue and expenses on the contract sale by reference to the stage of completion of the contract activity at the end of the reporting period. The stage of completion is determined on the basis of the proportion of the contract costs incurred to date over the estimated total costs.

When the outcome of a contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable contract costs incurred.

Turnover in respect of contract services is recognised as services are performed, with unbilled revenue resulting from services already provided accrued at the end of each period and unearned revenue from services to be provided in future periods deferred.

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

-

25% on reducing balance

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

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

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.

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.

Financial instruments

Basic financial instruments are recognised at amortised cost.

The company only has basic financial instruments.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2019 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2020

4,726

22,736

29,984

64,006

121,452

Additions

-

-

-

1,694

1,694

At 31 December 2020

4,726

22,736

29,984

65,700

123,146

DEPRECIATION

At 1 January 2020

4,454

17,523

27,183

52,002

101,162

Charge for year

68

1,303

700

3,439

5,510

At 31 December 2020

4,522

18,826

27,883

55,441

106,672

NET BOOK VALUE

At 31 December 2020

204

3,910

2,101

10,259

16,474

At 31 December 2019

272

5,213

2,801

12,004

20,290

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

592,938

588,419

Amounts owed by group undertakings

1,114,485

577,793

Other debtors

38,726

51,027

1,746,149

1,217,239

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

741,264

762,523

Amounts owed to group undertakings

211,780

-

Taxation and social security

212,254

188,058

Other creditors

487,012

230,784

1,652,310

1,181,365

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

The Report of the Auditors was unqualified.

David Cooper (Senior Statutory Auditor)

for and on behalf of Hamlyns LLP

8.	RELATED PARTY DISCLOSURES

The immediate parent of the entity is Marlink AS, a company registered in Norway, by virtue of its shareholding.

The registered address of the parent is Lysaker Torg 45, 1366 Lysaker, Norway

The Ultimate Controlling party of the entity is MAKTO S.A.R.L., a company registered in Luxembourg.

The registered address of the ultimate controlling party is Rue Jean Engling 12, 1466 Luxembourg, Luxembourg.