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REGISTERED NUMBER: 00744776 (England and Wales)















Financial Statements for the Year Ended 30 September 2020

for

INTERNATIONAL MARINE HOLDINGS LTD

INTERNATIONAL MARINE HOLDINGS LTD (REGISTERED NUMBER: 00744776)






Contents of the Financial Statements
for the Year Ended 30 September 2020




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INTERNATIONAL MARINE HOLDINGS LTD

Company Information
for the Year Ended 30 September 2020







DIRECTOR: Mr B Matthews





REGISTERED OFFICE: 1&2 Studley Court Mews
Studley Court
Guildford Road
Chobham
Surrey
GU24 8EB





REGISTERED NUMBER: 00744776 (England and Wales)





ACCOUNTANTS: THB LLP
1 & 2 Studley Court Mews
Studley Court
Guildford Road
Chobham
Surrey
GU24 8EB

INTERNATIONAL MARINE HOLDINGS LTD (REGISTERED NUMBER: 00744776)

Balance Sheet
30 September 2020

30.9.20 30.9.19
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 480,024 498,210
Investments 6 3,824 3,824
483,848 502,034

CURRENT ASSETS
Debtors 7 2,039,957 1,598,088
Cash at bank 8,314 24,190
2,048,271 1,622,278
CREDITORS
Amounts falling due within one year 8 916,733 673,357
NET CURRENT ASSETS 1,131,538 948,921
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,615,386

1,450,955

CREDITORS
Amounts falling due after more than one year 9 (665,207 ) (605,662 )

PROVISIONS FOR LIABILITIES (29,528 ) (21,510 )
NET ASSETS 920,651 823,783

CAPITAL AND RESERVES
Called up share capital 11 99,802 99,802
Revaluation reserve 12 57,541 57,541
Retained earnings 12 763,308 666,440
SHAREHOLDERS' FUNDS 920,651 823,783

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

INTERNATIONAL MARINE HOLDINGS LTD (REGISTERED NUMBER: 00744776)

Balance Sheet - continued
30 September 2020


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 September 2022 and were signed by:





Mr B Matthews - Director


INTERNATIONAL MARINE HOLDINGS LTD (REGISTERED NUMBER: 00744776)

Notes to the Financial Statements
for the Year Ended 30 September 2020

1. STATUTORY INFORMATION

International Marine Holdings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

As shown in note 9 the company has provided loans to its subsidiaries of £1,810,833, but at the balance sheet date these loans would not be fully recoverable as those companies' balance sheets show net liabilities of £1,331,183. These losses exceed the shareholders funds of this the parent company. The group is supported by a loan from the director of £211,636 and he has confirmed his intention to support the group for the foreseeable future. The financial statements have therefore been prepared on the basis of a going concern.

The company is in an on going dispute with its Landlord regarding an asbestos issue at the factory premises occupied by its subsidiary RWO (Marine Equipment) Limited. These financial statements have been prepared to fulfil the company's filing obligation at Companies House and are subject to any revisions that may be necessary relating to that dispute.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of four years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Boat - 15% on reducing balance
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 20% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


INTERNATIONAL MARINE HOLDINGS LTD (REGISTERED NUMBER: 00744776)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2020

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2019
and 30 September 2020 735
AMORTISATION
At 1 October 2019
and 30 September 2020 735
NET BOOK VALUE
At 30 September 2020 -
At 30 September 2019 -

5. TANGIBLE FIXED ASSETS
Freehold Plant and
property Boat machinery
£    £    £   
COST OR VALUATION
At 1 October 2019 385,000 1,200 937,149
Disposals - (1,200 ) -
At 30 September 2020 385,000 - 937,149
DEPRECIATION
At 1 October 2019 - 747 834,018
Charge for year - 68 15,469
Eliminated on disposal - (815 ) -
At 30 September 2020 - - 849,487
NET BOOK VALUE
At 30 September 2020 385,000 - 87,662
At 30 September 2019 385,000 453 103,131

INTERNATIONAL MARINE HOLDINGS LTD (REGISTERED NUMBER: 00744776)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2020

5. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 October 2019 52,242 10,170 15,453 1,401,214
Disposals - - - (1,200 )
At 30 September 2020 52,242 10,170 15,453 1,400,014
DEPRECIATION
At 1 October 2019 45,389 9,881 12,969 903,004
Charge for year 1,028 72 1,164 17,801
Eliminated on disposal - - - (815 )
At 30 September 2020 46,417 9,953 14,133 919,990
NET BOOK VALUE
At 30 September 2020 5,825 217 1,320 480,024
At 30 September 2019 6,853 289 2,484 498,210

Cost or valuation at 30 September 2020 is represented by:

Freehold Plant and
property Boat machinery
£    £    £   
Valuation in 2013 67,541 - -
Valuation in 2018 (10,000 ) - -
Cost 327,459 1,200 937,149
385,000 1,200 937,149

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2013 - - - 67,541
Valuation in 2018 - - - (10,000 )
Cost 52,242 10,170 15,453 1,343,673
52,242 10,170 15,453 1,401,214

** TOTAL SHOWN ON CLIENT SCREEN - REVALUATION ANALYSIS - DOES NOT AGREE TO TOTAL OF FIXED ASSET 'COST' ACCOUNT HELD AT END OF YEAR IN RESPECT OF
BOAT

'COST' ACCOUNT TOTAL
Cost/valuation b/f 1,200
Disposals (1,200 )

CLIENT SCREEN TOTAL = 1,200


INTERNATIONAL MARINE HOLDINGS LTD (REGISTERED NUMBER: 00744776)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2020

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 October 2019
and 30 September 2020 3,824
NET BOOK VALUE
At 30 September 2020 3,824
At 30 September 2019 3,824

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.20 30.9.19
£    £   
Amounts owed by group undertakings 1,849,159 1,415,029
Other debtors 190,798 183,059
2,039,957 1,598,088

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.20 30.9.19
£    £   
Bank loans and overdrafts 45,104 60,898
Hire purchase contracts 1,642 1,642
Trade creditors 121,106 91,624
Amounts owed to group undertakings 589,374 361,984
Taxation and social security 10,734 10,734
Other creditors 148,773 146,475
916,733 673,357

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.20 30.9.19
£    £   
Bank loans 178,797 143,742
Hire purchase contracts 274 1,916
Other creditors 486,136 460,004
665,207 605,662

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 63,294 72,046

INTERNATIONAL MARINE HOLDINGS LTD (REGISTERED NUMBER: 00744776)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2020

10. SECURED DEBTS

The following secured debts are included within creditors:

30.9.20 30.9.19
£    £   
Bank overdrafts 22,895 42,977
Bank loans 201,006 161,663
Hire purchase contracts 1,916 3,558
225,817 208,198

11. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 30.9.20 30.9.19
value: £    £   
99,802 Ordinary £1 99,802 99,802

12. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 October 2019 666,440 57,541 723,981
Profit for the year 96,868 96,868
At 30 September 2020 763,308 57,541 820,849

13. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £243,250 (2019 - £285,250) in respect of operating lease commitments payable over the next 6 years.

14. GUARANTEES

Lloyds Bank Plc hold a Mortgage Debenture. This incorporates a fixed and floating charge over all current and future assets of the company.