REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 September 2020 |
for |
INTERNATIONAL MARINE HOLDINGS LTD |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Revaluation reserve | 12 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
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 |
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 |
Boat | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 October 2019 |
and 30 September 2020 |
AMORTISATION |
At 1 October 2019 |
and 30 September 2020 |
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 |
Disposals | ( |
) |
At 30 September 2020 |
DEPRECIATION |
At 1 October 2019 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 September 2020 |
NET BOOK VALUE |
At 30 September 2020 |
At 30 September 2019 |
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 |
Disposals | ( |
) |
At 30 September 2020 |
DEPRECIATION |
At 1 October 2019 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 September 2020 |
NET BOOK VALUE |
At 30 September 2020 |
At 30 September 2019 |
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 |
NET BOOK VALUE |
At 30 September 2020 |
At 30 September 2019 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.20 | 30.9.19 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.20 | 30.9.19 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.20 | 30.9.19 |
£ | £ |
Bank loans |
Hire purchase contracts |
Other creditors |
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 |
Bank loans |
Hire purchase contracts | 1,916 | 3,558 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.20 | 30.9.19 |
value: | £ | £ |
Ordinary | £1 | 99,802 | 99,802 |
12. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 October 2019 | 723,981 |
Profit for the year |
At 30 September 2020 | 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. |