Mobile Marine Engineers Limited 31/05/2022 iXBRL

MOBILE MARINE ENGINEERS LIMITED - Company Information

4 31/05/2022 2022-05-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2021-06-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 04503574 2021-06-01 2022-05-31 04503574 2022-05-31 04503574 2021-05-31 04503574 2020-06-01 2021-05-31 04503574 2021-05-31 04503574 core:PlantMachinery 2021-06-01 2022-05-31 04503574 core:FurnitureFittingsToolsEquipment 2021-06-01 2022-05-31 04503574 core:MotorVehicles 2021-06-01 2022-05-31 04503574 core:OnerousContractsExcludingVacantProperties 2021-06-01 2022-05-31 04503574 bus:RegisteredOffice 2021-06-01 2022-05-31 04503574 bus:LeadAgentIfApplicable 2021-06-01 2022-05-31 04503574 bus:Director1 2021-06-01 2022-05-31 04503574 bus:CompanySecretary1 2021-06-01 2022-05-31 04503574 core:WithinOneYear 2022-05-31 04503574 core:WithinOneYear 2021-05-31 04503574 core:PlantMachinery 2021-05-31 04503574 core:FurnitureFittingsToolsEquipment 2021-05-31 04503574 core:MotorVehicles 2021-05-31 04503574 core:PlantMachinery 2022-05-31 04503574 core:FurnitureFittingsToolsEquipment 2022-05-31 04503574 core:MotorVehicles 2022-05-31 04503574 core:ShareCapital 2022-05-31 04503574 core:ShareCapital 2021-05-31 04503574 core:RetainedEarningsAccumulatedLosses 2022-05-31 04503574 core:RetainedEarningsAccumulatedLosses 2021-05-31 04503574 core:PlantMachinery 2021-05-31 04503574 core:FurnitureFittingsToolsEquipment 2021-05-31 04503574 core:MotorVehicles 2021-05-31 04503574 bus:Director1 2021-05-31 04503574 bus:Director1 2022-05-31 04503574 bus:Director1 2020-05-31 04503574 bus:Director1 2021-05-31 04503574 bus:Director1 2020-06-01 2021-05-31 04503574 bus:SmallEntities 2021-06-01 2022-05-31 04503574 bus:AuditExemptWithAccountantsReport 2021-06-01 2022-05-31 04503574 bus:FullAccounts 2021-06-01 2022-05-31 04503574 bus:SmallCompaniesRegimeForAccounts 2021-06-01 2022-05-31 04503574 bus:PrivateLimitedCompanyLtd 2021-06-01 2022-05-31 04503574 core:ComputerEquipment 2021-06-01 2022-05-31 04503574 core:ComputerEquipment 2021-05-31 04503574 core:ComputerEquipment 2022-05-31

Company registration number: 04503574

Mobile Marine Engineers Limited

Unaudited filleted financial statements

31 May 2022

MOBILE MARINE ENGINEERS LIMITED

DIRECTORS AND OTHER INFORMATION


	Director	Mr G Stephens


	Secretary	Mr G Stephens


	Company number	04503574


	Registered office	42-44 New Street
		Honiton
		Devon
		EX14 1BJ


	Business address	Unit 1 Lower Wyke
		Wyke Road
		Axminster
		Devon
		EX13 8TN


	Accountants	Westcotts
		Queens House
		42-44 New Street
		Honiton
		Devon
		EX14 1BJ




	Bankers	Barclays Bank plc
		46 North Street
		Taunton
		Somerset

MOBILE MARINE ENGINEERS LIMITED

STATEMENT OF FINANCIAL POSITION

31 MAY 2022

		2022		2021
	Note	£	£	£	£

Fixed assets
Tangible assets	5	38,881		45,715
		_______		_______
			38,881		45,715

Current assets
Stocks		66,900		109,000
Debtors	6	83,326		44,298
Cash at bank and in hand		116,248		54,801
		_______		_______
		266,474		208,099
Creditors: amounts falling due
within one year	7	( 94,225)		( 38,075)
		_______		_______
Net current assets			172,249		170,024
			_______		_______
Total assets less current liabilities			211,130		215,739


Provisions for liabilities			( 6,838)		( 8,102)

			_______		_______
Net assets			204,292		207,637
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account	8		204,192		207,537
			_______		_______
Shareholders funds			204,292		207,637
			_______		_______

For the year ending 31 May 2022 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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 comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 27 February 2023 , and are signed on behalf of the board by:

Mr G Stephens

Director

Company registration number: 04503574

MOBILE MARINE ENGINEERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MAY 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Queens House, 42-44 New Street, Honiton, Devon, EX14 1BJ.

Principal activity

The principal activity of the company during the year was that of marine engineers.

2. Statement of compliance

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

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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.

Tangible assets

tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:


Plant and machinery	-	15 %	reducing balance
Fittings fixtures and equipment	-	25 %	reducing balance
Motor vehicles	-	25 %	reducing balance
Computer equipment	-	33.3 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

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. 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 are largely independent of the cash inflows from other assets or groups of assets.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term, highly-liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

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 in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2021: 4 ).

5. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Computer equipment	Total
	£	£	£	£	£
Cost
At 1 June 2021	52,139	4,145	61,410	3,915	121,609
Additions	3,000	-	-	-	3,000
	_______	_______	_______	_______	_______
At 31 May 2022	55,139	4,145	61,410	3,915	124,609
	_______	_______	_______	_______	_______
Depreciation
At 1 June 2021	31,675	3,422	36,882	3,915	75,894
Charge for the year	3,520	181	6,133	-	9,834
	_______	_______	_______	_______	_______
At 31 May 2022	35,195	3,603	43,015	3,915	85,728
	_______	_______	_______	_______	_______
Carrying amount
At 31 May 2022	19,944	542	18,395	-	38,881
	_______	_______	_______	_______	_______
At 31 May 2021	20,464	723	24,528	-	45,715
	_______	_______	_______	_______	_______

6. Debtors

	2022	2021
	£	£
Trade debtors	48,718	12,309
Other debtors	34,608	31,989
	_______	_______
	83,326	44,298
	_______	_______

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	62,561	17,376
Accruals and deferred income	3,399	3,276
Social security and other taxes	28,265	14,384
Other creditors	(-)	3,039
	_______	_______
	94,225	38,075
	_______	_______

8. Reserves

Profit and loss account:This reserve records retained earnings and accumulated losses.

9. Directors advances, credits and guarantees

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

2022
		Balance brought forward	Advances /(credits) to the director	Amounts repaid	Balance o/standing
		£	£	£	£
	Director	27,321	42,362	( 40,368)	29,315
		_______	_______	_______	_______

2021
		Balance brought forward	Advances /(credits) to the director	Amounts repaid	Balance o/standing
		£	£	£	£
	Director	23,793	43,528	( 40,000)	27,321
		_______	_______	_______	_______

Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.

10. Coronavirus job retention scheme

During the year the company was the recipient of economic benefits as a result of participating in the UK Government's Coronavirus Job Retention Scheme. The total funds recognised on an accruals basis from the UK Government during the year was £nil (2021: £12,117).