Company Registration No. 06625559 (England and Wales)
MST FLEET SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
PAGES FOR FILING WITH REGISTRAR
MST FLEET SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
MST FLEET SERVICES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2019
30 September 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
5
-
160,310
Current assets
Stocks
-
740,758
Debtors
6
100
1,457,127
Cash at bank and in hand
-
54,067
100
2,251,952
Creditors: amounts falling due within one year
7
-
(1,895,732)
Net current assets
100
356,220
Total assets less current liabilities
100
516,530
Provisions for liabilities
10
-
(29,475)
Net assets
100
487,055
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
-
486,955
Total equity
100
487,055
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 the provision of FRS 102 Section 1A small enitities
.
The financial statements were approved by the board of directors and authorised for issue on 25 June 2020 and are signed on its behalf by:
B W P Kerfoot
Director
Company Registration No. 06625559
MST FLEET SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2017
100
224,346
224,446
Year ended 30 September 2018:
Profit and total comprehensive income for the year
-
262,609
262,609
Balance at 30 September 2018
100
486,955
487,055
Year ended 30 September 2019:
Profit and total comprehensive income for the year
-
-
-
Dividends
4
-
(486,955)
(486,955)
Balance at 30 September 2019
100
-
100
MST FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 3 -
1
Accounting policies
Company information
MST Fleet Services Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 2, Atlantic Way, Dempster Buildings, Brunswick Business Park, Liverpool, L3 4BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services provided during the period net of VAT and trade discounts.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant & machinery - relief boat
10% straight line
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
33.3% straight line
Motor vehicles
25% reducing balance
MST FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
MST FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
MST FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 6 -
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.14
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.15
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the group blended rate applicable to such transactions in accordance with the forward currency contracts in place at the year end.
1.16
The financial statements have been prepared on the assumption that group relief will be used to facilitate the transfer of corporation tax losses between companies in the group. No compensation is made in respect of any loss relief between companies.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2018 - 45).
MST FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 7 -
3
Taxation
2019
2018
£
£
Current tax
UK corporation tax on profits for the current period
-
10,830
Adjustments in respect of prior periods
-
(5,802)
Total UK current tax
-
5,028
Foreign current tax on profits for the current period
-
8,084
Adjustments in foreign tax in respect of prior periods
-
(1,336)
Total current tax
-
11,776
Deferred tax
Origination and reversal of timing differences
-
(9,085)
Total tax charge
-
2,691
4
Dividends
2019
2018
£
£
Final paid
486,955
-
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2018
507,325
Transfers
(507,325)
At 30 September 2019
-
Depreciation and impairment
At 1 October 2018
347,014
Transfers
(347,014)
At 30 September 2019
-
Carrying amount
At 30 September 2019
-
At 30 September 2018
160,310
MST FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
5
Tangible fixed assets
(Continued)
- 8 -
Transfers relate to the hive up of the trade, assets and undertaking of the company to the parent company, Marine Specialised Technology Limited, on 1 October 2018.
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
-
1,202,257
Other debtors
100
254,870
100
1,457,127
7
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
-
1,265,905
Corporation tax
-
28,518
Other taxation and social security
-
309,785
Other creditors
-
291,524
-
1,895,732
Cross guarantees have been provided by Marine Specialised Technology Limited and all of its 100% owned subsidiaries in respect of group borrowings with NatWest Bank. Total group indebtedness which is secured at 30 September 201
9
amounted to £
Nil
(201
8
- £
Nil)
.
8
Hiving up of trade, assets and undertaking
The directors decided to simplify the principal operations of the group which MST Fleet Services Ltd is part of by hiving up the trade, assets and undertaking of the company and transferring this to the holding company (Marine Specialised Technology Limited) on 1 October 2018 so that all activities are carried out in a single company.
9
Provisions for liabilities
2019
2018
£
£
Deferred tax liabilities
10
-
29,475
MST FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 9 -
10
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2019
2018
Balances:
£
£
Accelerated capital allowances
-
29,475
2019
Movements in the year:
£
Liability at 1 October 2018
29,475
Transfer to parent company on hive up
(29,475)
Liability at 30 September 2019
-
11
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Peter Taaffe FCA CTA DChA.
The auditor was BWM.
MST FLEET SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 10 -
13
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
Within one year
-
116,000
Between two and five years
-
29,000
-
145,000
14
Events after the reporting date
Since the year end the emergence of the Covid-19 infection has impacted on operations for the group that the company forms part of. The group has continued to trade throughout the lockdown and action has been taken to protect workers by organising homeworking wherever possible and observing social distancing and strict hygiene arrangements in the workplace.
15
Related party transactions
The company has taken advantage of the disclosure exemptions to which it is entitled regarding transactions with its parent, subsidiary and other 100% owned subsidiary companies within the group.
16
Parent company
The ultimate parent company is Marine Specialised Technology Limited, a company registered in England and Wales.
Marine Specialised Technology Limited prepares group accounts and copies can be obtained from Unit 2, Atlantic Way, Dempster Buildings, Brunswick Business Park, Liverpool, L3 4BE.
2019-09-30
2018-10-01
false
25 June 2020
CCH Software
CCH Accounts Production 2020.100
No description of principal activity
This audit opinion is unqualified
Mr B Kerfoot
P T L Hilbert
P A Hine
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