Marine Testing Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08270644 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2021

for

Marine Testing Solutions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A J Welton

Mrs S C Welton

SECRETARY:

Mrs S C Welton

REGISTERED OFFICE:

7 Barwick Close

Rustington

Littlehampton

West Sussex

BN16 3TT

REGISTERED NUMBER:

08270644 (England and Wales)

ACCOUNTANTS:

Reeves Wilkinson Limited trading as Botting & Co

Chartered Certified Accountants

41b Beach Road

Littlehampton

West Sussex

BN17 5JA

FIXED ASSETS

Tangible assets

4

18,661

9,910

CURRENT ASSETS

Stocks

77,095

79,077

Debtors

5

91,415

65,576

Cash at bank and in hand

6,398

1,788

174,908

146,441

CREDITORS

Amounts falling due within one year

6

147,900

115,973

NET CURRENT ASSETS

27,008

30,468

TOTAL ASSETS LESS CURRENT LIABILITIES

45,669

40,378

CREDITORS

Amounts falling due after more than one year

7

(67,100

)

(35,398

)

PROVISIONS FOR LIABILITIES

(3,545

)

(1,883

)

NET (LIABILITIES)/ASSETS

(24,976

)

3,097

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(25,076

)

2,997

(24,976

)

3,097

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2022 and were signed on its behalf by:

A J Welton - Director

1.	STATUTORY INFORMATION

Marine Testing Solutions 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.

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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

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 Statement of Income and Retained Earnings, 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.

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.

Going concern

At the balance sheet date the company had negative reserves of £24,976. This was caused by a decrease in turnover over the year due to Covid 19. Since the year end the company's turnover has increased back to pre Covid 19 levels.

Based on the above and having regard to the resources available, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in the financial statements.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

17,449

Additions

14,971

At 31 March 2021

32,420

DEPRECIATION

At 1 April 2020

7,539

Charge for year

6,220

At 31 March 2021

13,759

NET BOOK VALUE

At 31 March 2021

18,661

At 31 March 2020

9,910

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

45,442

50,635

Other debtors

45,973

14,941

91,415

65,576

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

5,111

6,092

Trade creditors

59,877

46,401

Taxation and social security

18,229

8,477

Other creditors

64,683

55,003

147,900

115,973

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans

42,888

-

Other creditors

24,212

35,398

67,100

35,398

8.	OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company had total financial commitments of £9,625.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the directors owed the company £17,468.