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Registration number:
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for the Year Ended
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Bibby Maritime Limited |
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Contents |
Company Information |
1 |
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Directors' Report |
2 - 4 |
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Directors' Responsibilities Statement |
5 |
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Independent Auditor's Report |
6 - 8 |
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Profit and Loss Account |
9 |
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Balance Sheet |
10 |
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Statement of Changes in Equity |
11 |
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Notes to the Financial Statements |
12 - 25 |
Bibby Maritime Limited |
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Company Information |
Directors |
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Company secretary |
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Registered office |
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United Kingdom |
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Auditor |
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One St Peters Square |
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M2 3DE |
Bibby Maritime Limited |
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Directors' Report for the Year Ended 31 December 2021 |
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The directors present their report and the audited financial statements for the year ended 31 December 2021. |
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Principal activity |
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Bibby Maritime Limited is incorporated and headquartered in the United Kingdom. |
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Results and dividend |
The profit for the year after taxation was £ 525,567 (2020: £1,294,289 loss). No dividend was paid during the year ended 31 December 2021 (2020: £nil). |
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Directors of the Company |
The directors who held office during the year and up to the date of signing the accounts were as follows: |
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John Hughes |
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Nigel Quinn (appointed
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Andrew Goody (appointed
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Directors' liabilities |
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Disclosure of information to the auditor |
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Going concern |
Forecasts of the company's future cash generation have been prepared for the period to 12 months after the date of signing these accounts. These forecasts take account of current and expected changes in the commercial environment and include downside scenarios. The forecasts assume that debt facilities currently provided will be maintained. |
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Based on the above approach, the directors have formed the judgement at the time of approving the financial statements, that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies statement in the Notes to the Financial Statements. |
Bibby Maritime Limited |
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Directors Report for the Year Ended 31 December 2021 (continued) |
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Branches outside the United Kingdom |
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The Company has branches registered in Australia, Sweden and Norway. |
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Brexit |
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The Company has not experienced any significant impact from the Brexit transition. The Company continues to monitor the impact that Brexit will have on the business in the longer term, but the international nature of the trade means that it has so far been relatively unaffected by changes in working arrangements. We continue to work with the relevant authorities to ensure that the impact is minimised, and mitigation actions are implemented where possible. |
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The Ukraine conflict |
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The Russian invasion of Ukraine took place on 24 February 2022. In addition to the human toll, the resulting ongoing military activity takes place at a time of significant global economic uncertainty. Although the company has no direct trading exposure to either Ukraine or Russia, the effects of the war are likely to exacerbate current market conditions as economies emerge from the COVID-19 pandemic such as increasing inflationary pressures on expenditure, further travel disruptions and increasing potential for cyber-attacks. |
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Fuel prices |
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The company has exposure to fuel price rises which are monitored closely. Travel disruption and costs relating to crew transfers and exchanges are being mitigated through careful planning and monitoring of travel arrangements. |
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Small companies provision statement |
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Approved by the Board on
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Jeanette Hampson, Bibby Bros. & Co. (Management) Limited, Company Secretary |
Bibby Maritime Limited |
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Directors' Responsibilities Statement |
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Bibby Maritime Limited |
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Independent Auditor's Report to the members of Bibby Maritime Limited |
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Opinion |
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We have audited the financial statements of Bibby Wavemaster 2 Limited (the 'company') for the year ended 31 December 2021 which comprise the profit and loss account, balance sheet, statement of changes in equity 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 United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). |
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Basis for opinion |
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Conclusions relating to going concern |
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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. |
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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 financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
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We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
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In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Directors' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
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In light of the 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. |
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Use of the audit report |
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Bibby Maritime Limited |
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Profit and Loss Account for the Year Ended 31 December 2021 |
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Note |
2021 £ |
2020 £ |
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Turnover |
3 |
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Cost of sales |
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(
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(
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Gross profit/(loss) |
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(
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Administrative expenses |
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(
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(
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Impairment (loss)/gain |
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(
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Other operating income |
4 |
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Operating profit/(loss) |
5 |
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(
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Other interest receivable and similar income |
6 |
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Other interest payable and similar charges |
7 |
(
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Profit / (loss) before tax |
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(
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Taxation |
10 |
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Profit/(loss) for the financial year |
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The notes on pages 12-25 form an integral part of these financial statements |
Bibby Maritime Limited |
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Registration number: 01195555 |
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Balance Sheet as at
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Note |
2021 £ |
2020 £ |
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Fixed assets |
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Tangible assets |
11 |
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Investments |
12 |
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Current assets |
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Debtors |
13 |
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Cash at bank and in hand |
14 |
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Creditors : Amounts falling due within one year |
15 |
(
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities and charges |
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Net assets |
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Capital and reserves |
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Called up share capital |
17 |
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Profit and loss account |
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Total shareholders' funds |
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Approved and authorised by
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Andrew Goody |
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Director |
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The notes on pages 12-25 form an integral part of these financial statements |
Bibby Maritime Limited |
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Statement of Changes in Equity for the Year Ended 31 December 2021 |
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Share capital £ |
Profit and loss account £ |
Total £ |
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At 1 January 2021 |
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Profit for the year |
- |
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At 31 December 2021 |
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Share capital £ |
Profit and loss account £ |
Total £ |
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At 1 January 2020 |
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Loss for the year |
- |
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At 31 December 2020 |
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The notes on pages 12-25 form an integral part of these financial statements |
Bibby Maritime Limited |
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Notes to the Financial Statements for the Year Ended 31 December 2021 |
1 |
General information |
Bibby Maritime Limited (the "Company") owns and operates the Bibby Renaissance, a floating accommodation vessel. The Company is a private company limited by shares incorporated in England and Wales. The address of its registered office and principal place of business is
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Statement of compliance |
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2 |
Accounting policies |
Summary of significant accounting policies and key accounting estimates |
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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. |
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Basis of preparation |
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Summary of disclosure exemptions |
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The Company as a qualifying entity, has chosen to take advantage of the disclosure exemptions to not present a cash flow statement as would be required by Section 7 'Statement of Cash Flows', nor to disclose information about the nature of its financial instruments as would be required in Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' or key management personnel compensation as would be required in Section 33.7 'Employee Benefits'. |
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Group financial statements not prepared |
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Related Party Transactions |
The Company discloses transactions with related parties which are not wholly owned within the same group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transactions on the financial statements. |
Bibby Maritime Limited |
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Notes to the Financial Statements for the Year Ended 31 December 2021 (continued) |
2 |
Accounting policies (continued) |
Going concern |
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Forecasts of the company's future cash generation have been prepared for the period to 12 months after the date of signing these accounts. These forecasts take account of current and expected changes in the commercial environment and include downside scenarios. The forecasts assume that debt facilities currently provided will be maintained. |
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Based on the above approach, the directors have formed the judgement at the time of approving the financial statements, that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. Further details are set out in the Directors' Report on page 2 of these financial statements. |
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Revenue recognition |
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Foreign currency transactions and balances |
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Bibby Maritime Limited |
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Notes to the Financial Statements for the Year Ended 31 December 2021 (continued) |
2 |
Accounting policies (continued) |
Tax |
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Tangible assets |
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Borrowing costs |
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Leased assets |
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Impairment of fixed assets |
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Cash and cash equivalents |
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Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. |
Bibby Maritime Limited |
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Notes to the Financial Statements for the Year Ended 31 December 2021 (continued) |
2 |
Accounting policies (continued) |
Borrowings |
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Provisions and contingencies |
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Share capital |
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Related Party Transactions |
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The Company discloses transactions with related parties which are not wholly owned within the same group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the directors, separate disclosure is necessary to understand the effect of the transactions on the financial statements. |
Bibby Maritime Limited |
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Notes to the Financial Statements for the Year Ended 31 December 2021 (continued) |
2 |
Accounting policies (continued) |
Distributions to equity holders |
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Critical accounting judgements and key sources of estimation uncertainty |
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a. Critical judgements in applying the Company's accounting policies |
Revenue recognition |
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b. Critical accounting estimates and assumptions |
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The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
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Useful economic lives of tangible assets |
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3 |
Revenue |
The analysis of the Company's revenue for the year by geographical market is as follows: |
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2021 £ |
2020 £ |
Rest of world |
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Bibby Maritime Limited |
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Notes to the Financial Statements for the Year Ended 31 December 2021 (continued) |
4 |
Other operating income |
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2021 £ |
2020 £ |
Other income |
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5 |
Operating loss |
Arrived at after charging/(crediting): |
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2021 £ |
2020 £ |
Depreciation expense |
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Impairment loss / (gain) |
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(
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Foreign exchange losses |
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6 |
Interest receivable |
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2021 £ |
2020 £ |
Interest receivable from Group companies |
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7 |
Interest Payable |
Interest payable to Group companies |
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Interest payable on bank loans and overdrafts |
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Total |
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Bibby Maritime Limited |
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Notes to the Financial Statements for the Year Ended 31 December 2021 (continued) |
8 |
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows: |
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2021 £ |
2020 £ |
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Wages and salaries |
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Social security costs |
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Pension costs, defined contribution scheme |
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Total |
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The average number of persons employed by the Company (including directors) during the year, analysed by category was as follows: |
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2021 No. |
2020 No. |
Administration and support |
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9 |
Directors' remuneration |
The directors' remuneration for the year was as follows: |
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2021 £ |
2020 £ |
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Remuneration |
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Contributions paid to money purchase schemes |
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In respect of the highest paid director: |
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2021 £ |
2020 £ |
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Remuneration |
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Company contributions to money purchase pension schemes |
- |
- |
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Bibby Maritime Limited |
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Notes to the Financial Statements for the Year Ended 31 December 2021 (continued) |
10 |
Taxation |
Tax charged in the statement of income and retained earnings: |
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2021 £ |
2020 £ |
Foreign tax |
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- |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
(
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(
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Effect of a change in tax rate on the opening balance |
(
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(
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Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods |
(
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(
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Total deferred taxation |
(
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(
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Tax receipt in the statement of income and retained earnings |
(
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(302,495) |
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The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2020 - lower than the standard rate of corporation tax in the UK) of 19% (2020 - 19%). The differences are reconciled below: |
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2021 £ |
2020 £ |
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Profit / (loss) before tax |
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(
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Corporation tax at standard rate
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(
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Effect of expense not deductible in determining taxable profit (tax loss) |
- |
(
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Deferred tax expense / (credit) relating to changes in tax rates or laws |
(
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(38,463) |
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Deferred tax expense / (credit) from unrecognised temporary difference from a prior period |
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(
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Tax increase / (decrease) arising from group relief |
(
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Other timing differences |
(
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- |
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Total tax credit |
(
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(
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Bibby Maritime Limited |
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Notes to the Financial Statements for the Year Ended 31 December 2021 (continued) |
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11 Tangible Assets |
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Fleet £ |
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Cost or valuation |
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At 1 January 2020 |
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Additions |
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At 31 December 2021 |
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Depreciation |
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At 1 January 2021 |
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Charge for the year |
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At 31 December 2020 |
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Carrying amount |
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At 31 December 2021 |
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At 31 December 2020 |
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Bibby Maritime Limited |
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Notes to the Financial Statements for the Year Ended 31 December 2021 (continued) |
12 Investments |
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£ |
Subsidiaries |
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Cost or valuation |
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At 31 December 2020 and 31 December 2021 |
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Impairment |
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At 1 January 2021 |
- |
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Provision for impairment |
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At 31 December 2021 |
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Carrying amount |
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At 31 December 2021 |
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At 31 December 2020 |
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Details of undertakings |
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Details of the investments in which the Company holds 20% or more of the nominal value of any class of share capital are as follows: |
Undertaking |
Country of incorporation |
Class of shares held |
Proportion of voting rights and shares held |
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2021 |
2020 |
Subsidiary undertakings |
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Nigeria |
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UK |
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UK |
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UK |
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UK |
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UK |
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UK |
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The principal activity of all subsidiaries, except for Bibby Maritime Crewing Services Limited, is the
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The registered address of all the above entities except for Bibby Maritime (Nigeria) Limited is 3rd Floor, Walker House, Exchange Flags, Liverpool, L2 3YL. The registered address of Bibby Maritime (Nigeria) Limited is 25 Adeyemo Alakija Street, Victoria Island, Lagos, Nigeria. |
Bibby Maritime Limited |
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Notes to the Financial Statements for the Year Ended 31 December 2021 (continued) |
12 Investments (continued) |
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13 Debtors |
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2021 £ |
2020 £ |
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Amounts due from Group undertakings |
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Trade debtors |
- |
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Other debtors |
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Prepayments |
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Total current trade and other receivables |
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14 Cash and cash equivalents |
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2021 £ |
2020 £ |
|
|
|
Cash at bank and on hand |
|
|
15 Creditors |
|
2021 £ |
2020 £ |
|
|
|
Due within one year |
|
|
Trade creditors |
- |
|
Bank overdraft |
- |
|
Amounts due to related parties |
|
|
Accrued expenses and deferred income |
|
|
Other creditors |
|
- |
Corporation tax |
|
|
Total |
|
|
|
Bibby Maritime Limited |
|
Notes to the Financial Statements for the Year Ended 31 December 2021 (continued) |
|
16 Deferred tax and other provisions |
|
Deferred tax accelerated depreciation £ |
|
|
At 1 January 2021 |
(
|
|
|
Charge to statement of income and retained earnings |
(
|
|
|
At 31 December 2021 |
(
|
|
17 Called up share capital |
Allotted, called up and fully paid shares |
|
2021 |
2020 |
||
|
No. |
£ |
No. |
£ |
|
|
|
|
|
|
|
|
|
|
18 Pension and other schemes |
|
19 Events after the reporting period |
|
|
|
20 Related party transactions |
|
The Company has taken advantage of the exemption in FRS 102 Section 33 'Related Party Disclosures' from disclosing transactions with other members of the group controlled by the parent undertaking. |
|
21 Ultimate controlling party |
|
The immediate parent company is
|