Africa Marine Services (Europe) Limited Filleted accounts for Companies House (small and micro)

AFRICA MARINE SERVICES (EUROPE) LIMITED - Company Information

4 false false false false false false false false false true false false false false false false No description of principal activity 2020-11-01 Sage Accounts Production Advanced 2020 - FRS102_2019 27,284 25,575 428 26,003 1,281 1,709 xbrli:pure xbrli:shares iso4217:GBP 04302816 2020-11-01 2021-10-31 04302816 2021-10-31 04302816 2020-10-31 04302816 2019-11-01 2020-10-31 04302816 2020-10-31 04302816 core:FurnitureFittings 2020-11-01 2021-10-31 04302816 bus:Director2 2020-11-01 2021-10-31 04302816 core:FurnitureFittings 2020-10-31 04302816 core:FurnitureFittings 2021-10-31 04302816 core:WithinOneYear 2021-10-31 04302816 core:WithinOneYear 2020-10-31 04302816 core:ShareCapital 2021-10-31 04302816 core:ShareCapital 2020-10-31 04302816 core:CapitalRedemptionReserve 2021-10-31 04302816 core:CapitalRedemptionReserve 2020-10-31 04302816 core:RetainedEarningsAccumulatedLosses 2021-10-31 04302816 core:RetainedEarningsAccumulatedLosses 2020-10-31 04302816 core:FurnitureFittings 2020-10-31 04302816 bus:Director2 2020-10-31 04302816 bus:Director2 2021-10-31 04302816 bus:Director2 2019-10-31 04302816 bus:Director2 2020-10-31 04302816 bus:Director2 2019-11-01 2020-10-31 04302816 bus:SmallEntities 2020-11-01 2021-10-31 04302816 bus:AuditExemptWithAccountantsReport 2020-11-01 2021-10-31 04302816 bus:FullAccounts 2020-11-01 2021-10-31 04302816 bus:SmallCompaniesRegimeForAccounts 2020-11-01 2021-10-31 04302816 bus:PrivateLimitedCompanyLtd 2020-11-01 2021-10-31

COMPANY REGISTRATION NUMBER: 04302816

AFRICA MARINE SERVICES (EUROPE) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 October 2021

AFRICA MARINE SERVICES (EUROPE) LIMITED

STATEMENT OF FINANCIAL POSITION

31 October 2021

	2021	2020
Note	£	£

Fixed assets

Tangible assets	5	1,281	1,709

Current assets

Debtors	6	187,263	142,518
Cash at bank and in hand		470,638	12,544
		----------	----------
		657,901	155,062

Creditors: amounts falling due within one year	7	434,694	116,965
		----------	----------
Net current assets		223,207	38,097
		----------	---------
Total assets less current liabilities		224,488	39,806

Provisions

Taxation including deferred tax	244	327
	----------	---------
Net assets	224,244	39,479
	----------	---------

AFRICA MARINE SERVICES (EUROPE) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 October 2021

	2021	2020
Note	£	£

Capital and reserves

Called up share capital	1	1
Capital redemption reserve	1	1
Profit and loss account	224,242	39,477
	----------	---------
Shareholders funds	224,244	39,479
	----------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 26 January 2022 , and are signed on behalf of the board by:

Mr N P Williams
Director

Company registration number: 04302816

AFRICA MARINE SERVICES (EUROPE) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

No material uncertainties, that may cast significant doubt about the ability of the company to continue as a going concern, have been identified by the director.

The director considers that the uncertainty caused in the marine industry as a result of Coronavirus and the restrictions put in place by the government should not materially affect the company's ability to continue as a going concern.

The company may take advantage of the support packages offered by the government, as appropriate and will continue to review and monitor costs as the situation develops.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures, fittings & equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2020: 4 ).

5. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 November 2020 and 31 October 2021	27,284	27,284
	---------	---------
Depreciation
At 1 November 2020	25,575	25,575
Charge for the year	428	428
	---------	---------
At 31 October 2021	26,003	26,003
	---------	---------
Carrying amount
At 31 October 2021	1,281	1,281
	---------	---------
At 31 October 2020	1,709	1,709
	---------	---------

6. Debtors

	2021	2020
	£	£
Trade debtors	180,193	135,037
Other debtors	7,070	7,481
	----------	----------
	187,263	142,518
	----------	----------

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	356,351	48,344
Corporation tax	74,718	64,269
Other creditors	3,625	4,352
	----------	----------
	434,694	116,965
	----------	----------

8. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2021
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr N P Williams	( 897)	701	( 196)
	----	----	----

	2020
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr N P Williams	96,835	( 97,732)	( 897)
	---------	---------	----

9. Related party transactions

The company was under the control of Mr N P Williams throughout the current year. Mr N P Williams is the managing directors and sole shareholder.