Astral Marine Services Limited - Period Ending 2023-04-30

Astral Marine Services Limited

Contents

Astral Marine Services Limited

Company Information

Astral Marine Services Limited

Strategic Report for the Year Ended 30 April 2023

The directors present their strategic report for the year ended 30 April 2023.

Fair review of the business

The results for the year and financial position of the company are shown in the annexed financial statements.

The company's key financial and other performance indicators during the year were as follows:

The directors are satisfied with the company's results for the year and are confident of maintaining or improving profitability in the forthcoming year.

Principal risks and uncertainties

Currency risk

The company does not have the need to utilise and be paid in foreign currency. The company does not currently hedge such foreign currency cash flows and as a consequence is exposed through fluctuations in foreign exchange rates. During the year the company had an overall gain on foreign exchange of £39 (2022: loss of £40) which has been charged to the profit and loss account.

Interest rate risk

The company pays interest on amounts due to other group companies based on market rates which are subject to floating interest rates. It also receives bank interest on deposits held with banks; all based on floating interest rates. The company does not hedge the floating rate and accordingly the company is subject to interest rate risk through fluctuations in base rates.

Approved by the board on 22 September 2023 and signed on its behalf by:
 

Astral Marine Services Limited

Directors' Report for the Year Ended 30 April 2023

The directors present their report and the financial statements for the year ended 30 April 2023.

Directors' of the company

The directors, who held office during the year, were as follows:

Mr Claes Morgan Eliasson

Mr Claes Marcus Eliasson

Mr Stuart Hall

Principal activity

The principal activity of the company is that of the sale, service and provision of amusement arcade machines and associated management services.

Disclosure of information to the auditor

Reappointment of auditors

The auditors,Sterling Grove Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by the board on 22 September 2023 and signed on its behalf by:
 

Astral Marine Services Limited

Independent Auditor's Report to the Members of Astral Marine Services Limited

Opinion

We have audited the financial statements of Astral Marine Services Limited (the 'company') for the year ended 30 April 2023, which comprise the Income Statement, Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted International Financial Reporting Standards (IFRSs).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Astral Marine Services Limited

Independent Auditor's Report to the Members of Astral Marine Services Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities , the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Astral Marine Services Limited

Independent Auditor's Report to the Members of Astral Marine Services Limited

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the environmental waste sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Astral Marine Services Limited

Independent Auditor's Report to the Members of Astral Marine Services Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Mr Gino Amasanti FCCA (Senior Statutory Auditor)
For and on behalf of Sterling Grove Accountants Limited, Statutory Auditor

Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

22 September 2023

Astral Marine Services Limited

Income Statement for the Year Ended 30 April 2023

The above results were derived from continuing operations.

Astral Marine Services Limited

Statement of Comprehensive Income for the Year Ended 30 April 2023

Astral Marine Services Limited

(Registration number: 03522485)
Statement of Financial Position as at 30 April 2023

Approved by the board on 22 September 2023 and signed on its behalf by:
 

Astral Marine Services Limited

Statement of Changes in Equity for the Year Ended 30 April 2023

Astral Marine Services Limited

Statement of Cash Flows for the Year Ended 30 April 2023

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

The company is a private company limited by share capital, incorporated and domiciled in England.

The address of its registered office is:
Index House
St Georges Lane
Ascot
Berkshire
SL5 7EU
England

These financial statements were authorised for issue by the board on 22 September 2023.

Statement of compliance

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

Going concern

The financial statements have been prepared on a going concern basis.

Changes in accounting policy

None of the standards, interpretations and amendments effective for the first time from 1 May 2022 have had a material effect on the financial statements.

None of the standards, interpretations and amendments which are effective for periods beginning after 1 May 2022 and which have not been adopted early, are expected to have a material effect on the financial statements.

Revenue recognition

Income from the company's principle activities is recognised when the management services it provides are supplied to its customers.

Revenues are stated net of VAT where applicable.

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Government grants

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the Statement of Financial Position. Transactions in foreign currencies are translated into sterling at he rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Tax

Property, plant and equipment

Depreciation

Cash and cash equivalents

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Trade receivables

Trade payables

Borrowings

Leases

Share capital

Dividends

Defined contribution pension obligation

The analysis of the company's other gains and losses for the year is as follows:

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Arrived at after charging/(crediting)

The aggregate payroll costs (including directors' remuneration) were as follows:

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

The directors' remuneration for the year was as follows:

During the year the number of directors who were receiving benefits and share incentives was as follows:

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Tax charged/(credited) in the income statement

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 25% (2022 - 19%).

The differences are reconciled below:

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Deferred tax

Deferred tax assets and liabilities

Deferred tax movement during the year:

Deferred tax movement during the prior year:

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Allotted, called up and fully paid shares

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Operating leases

The total future value of minimum lease payments is as follows:

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £22,612 (2022 - £18,287).

Astral Marine Services Limited

Notes to the Financial Statements for the Year Ended 30 April 2023

Summary of transactions with other related parties

Astral Maritime Services Limited
During the year, the company provided management services to a fellow group company, Astral Maritime Services Limited, amounting to £1,126,438 (2022:£1,006,170). At the date of the statement of financial position, the amount owed to the company by Astral Maritime Services Limited was £79,886 (2022: £166,702).

Bjuvia Fritid Ab
During the year the company made sales to a fellow group company, Bjuvia Fritid Ab, amounting to £34,248 (2022: £nil) and purchases amounting to £1,500 (2022: £1,500). At the date of the statement of financial position, the amount owed to/(from) the company by Bjuvia Fritid Ab was £31,248 (2022: (£1,500).

Bell Casino Ab
Dividends of £50,000 (2022: £Nil) were paid during the year.

The company's immediate parent is Bell Casino AB, a company incorporated in Sweden. These financial statements are available upon request from Möblegatan 8, 431 33 Mölndal, Sweden