Merchant Navy Resources Limited

Merchant Navy Resources Ltd, based in Kenilworth, UK, is a small, family-run business with an active status. Established 23 years ago in 2002, it employs eight people and holds £293,772 in assets. The company operates from a real address and is led by three directors and two owners. It has a respectable Google rating of 4.0 based on eleven reviews. The firm is an irregular importer, primarily dealing in furniture, lighting, and prefabricated buildings, with the last import activity recorded two months ago in September 2022.

The company's website reveals its core business: providing recruitment services for the maritime and offshore industries. MNR Ltd specializes in seagoing, offshore, drilling, and shore-based recruitment, as well as administration services. The website highlights the company’s independence, bespoke recruitment approach, and expertise in the marine sector. It emphasizes its ability to understand client requirements and provide administration solutions or candidates that meet their needs. MNR also handles administration functions for European, Russian, and former Soviet Union countries, removing the need for local offices. The company's website states that it has been providing these services for over ten years.

Financially, Merchant Navy Resources Ltd presents a mixed picture. Current assets have fallen by a significant 50%, dropping to £290,000. Net assets have also seen a sharp decline, falling 59% to £110,000. Bank borrowings have decreased by 3.7%, settling at £31,000, while cash reserves have increased substantially, rising 90% to £120,000. Creditors have decreased by 48%, suggesting improved debt management. The company’s small size (meeting two of three conditions for turnover under £10.2m, assets under £5.1m, and fewer than 50 employees) allows it to remain flexible. However, the decrease in equity raises questions about its financial health. With no auditor mentioned, the figures are based on unaudited statements.

The company's financial data also reveals some interesting trends. Accumulated depreciation has increased by 29%, and specific advances to directors have been repaid, with a total of £140,000 repaid. The average number of employees has increased slightly, from eight to nine. Despite these changes, the company’s overall financial position appears to be under pressure, and it’s important to monitor its performance closely.

Registered in England/Wales under the registration number 04410470, with a registered address at CV8 1LY, Kenilworth, Bank Gallery, High Street.

WARNING:The numbers have been rounded for simplicity and may be inaccurate.Please, refer to the latest financial report for verification.