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Registration number: 09656610

Independent Maritime Advisors Ltd

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Independent Maritime Advisors Ltd

Contents

Company Information

1

Strategic Report

2 to 4

Directors' Report

5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 9

Profit and Loss Account

10

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Statement of Cash Flows

14 to 15

Notes to the Financial Statements

16 to 28

Detailed Profit and Loss Account

29 to 31

 

Independent Maritime Advisors Ltd

Company Information

Directors

Mr M Pastorino

Mr M Ruga

Mr M Fondelli

Company secretary

Laggan Secretaries Ltd

Registered office

5th Floor, North Side
7/10 Chandos Street
London
W1G 9DQ

Auditors

Blackthorns
Chartered Accountants and Registered Auditors
Admiral House,
Waterfront East,
Brierley Hill,
West Midlands,
DY5 1XG

 

Independent Maritime Advisors Ltd

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023. As allowed by section 414C(11) of the Companies Act, the company has included information in the strategic report that are not included in the directors' report. These information include the fair review of the business and the business principal risks and uncertainties.

Principal activity

The principal activity of the company is that of an independent maritime consultant mainly focused on cruise business development, new projects development, contract & technical specification review and drafting, new building project management and supervision, condition surveys, technical management.

 

Independent Maritime Advisors Ltd

Strategic Report for the Year Ended 31 December 2023

Fair review of the business

Headquartered in London with branch office in Italy.
Independent Maritime Advisors Ltd is an independent consulting firm specializing in advisory services for cruise shipbuilding project management. The Italian office functions as an extension of the UK office.

Comprising a diverse team of professionals, Independent Maritime Advisors Ltd includes project managers, naval architects, marine engineers, interior designers, experts in electrical automation systems, and safety specialists. notably, Norwegian cruise line holdings constitutes Independent Maritime Advisors ltd’ s primary client. The range of services offered by independent maritime advisors ltd encompasses the conceptual design of cruise vessels, project management throughout the construction phase, support during the commencement of operations, and management of new vessel warranties, among other offerings.

As of now, Independent Maritime Advisors ltd has successfully executed eleven new build projects in collaboration with Norwegian cruise line holdings, and the company is currently engaged in advising on an additional eleven projects slated for delivery up to the year 2030. Furthermore, independent maritime advisors ltd has provided consultation on various refurbishment projects.

The company turnover during the year 2023 maintained the level of the previous year, even if lower, from €22.4m to €20.1m with a gross profit €7.19m. The operating profit margin was 36% and the net profit after tax was €5.48m. The company activity continues to be stable with profits in line with the expectations and the contracts with the clients.

A significant portion of Independent Maritime Advisors Ltd's revenue is derived from Norwegian cruise line holdings, the third-largest cruise company globally, with 28 operational ships and 11 under construction until 2030. Norwegian cruise line holdings operate under three distinct brands: Regent seven seas cruises, Oceania cruises, and Norwegian cruise line. the company is publicly traded on the Dow Jones in the United States.

The total average number of employees increased by 29% during the year. This was attributable to the acquisition of new contracts. Average employee numbers are expected to slightly increase in the next year as a result of the new projects we will follow in different yards.

While the services provided by the company have minimal environmental impact, the board recognizes the importance of environmental responsibility. The board believes that adopting environmentally friendly practices aligns with the group's strategy, enhancing the group's reputation, production efficiency, and product quality. Consequently, the group places a high priority on environmental responsibilities and invests in the carbon neutral program to minimize its business impact.

Independent Maritime Advisors Ltd possesses a clear revenue visibility for the next six years, given that most of its revenues are fully contracted. capital requirements are minimal, as client contracts stipulate quarterly advance payments.


In the future the company will continue to carry forward our contracts that extend until 2030 and to be committed to ongoing projects.

 

Independent Maritime Advisors Ltd

Strategic Report for the Year Ended 31 December 2023

Principal risks and uncertainties

Advisory services for cruise shipbuilding project management involve various risks and uncertainties that can impact the success and sustainability of the business. some principal risks and uncertainties in this sector include:

1. Regulatory and environmental compliance:
• Changing regulations: evolving international and local regulations related to ship construction, safety, and environmental standards can create compliance challenges for advisory services. Failure to adapt to these changes may lead to legal and financial consequences.

2. Technological changes:
• Advancements and innovations: rapid technological advancements in shipbuilding and design may require the advisory firm to continuously update its expertise. Failure to stay abreast of industry trends may lead to a loss of competitiveness.

3. Geopolitical risks:
• Political instability: operating in multiple countries exposes the firm to geopolitical risks such as political instability, trade tensions, and changes in government policies, which can impact project timelines and costs.

4. Currency exchange and inflation risks:
• Foreign exchange fluctuations: operating in multiple currencies exposes the firm to currency exchange risks, impacting project costs and potentially affecting profit margins.

5. Talent acquisition and retention:
• Skilled workforce: attracting and retaining skilled professionals, such as naval architects, marine engineers, and project managers, is crucial. A shortage of qualified personnel can impact project delivery and quality.

6. Insurance and liability:
• Risk mitigation: the advisory firm may be exposed to liability risks, and adequate insurance coverage is essential to mitigate the financial impact of unforeseen events or project-related issues.


To address these risks, independent maritime advisors ltd implements robust risk Management strategies, stays informed about industry trends, and maintains flexibility to adapt to changing market conditions. Regular monitoring and proactive risk mitigation measures have helped the company to ensure long-term success in this dynamic sector.

Approved by the Board on 31 March 2024 and signed on its behalf by:

.........................................
Mr M Pastorino
Director

   
     
 

Independent Maritime Advisors Ltd

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr M Pastorino

Mr M Ruga

Mr M Fondelli

Financial Instruments

Certain information relating to financial instruments included in the strategic report

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the Board on 31 March 2024 and signed on its behalf by:

.........................................
Mr M Pastorino
Director

   
     
 

Independent Maritime Advisors Ltd

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Independent Maritime Advisors Ltd

Independent Auditor's Report to the Members of Independent Maritime Advisors Ltd

Opinion

We have audited the financial statements of Independent Maritime Advisors Ltd (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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.

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 original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

Independent Maritime Advisors Ltd

Independent Auditor's Report to the Members of Independent Maritime Advisors Ltd

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Independent Maritime Advisors Ltd

Independent Auditor's Report to the Members of Independent Maritime Advisors Ltd

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognizing that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focused on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

As in all our audits, we also addressed the risk of management override of internal controls by testing journal entries and evaluating whether there was evidence of management bias which represented a risk of material misstatement due to fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Victoria Brassington BA FCA (Senior Statutory Auditor)
For and on behalf of Blackthorns, Statutory Auditor

Admiral House,
Waterfront East,
Brierley Hill,
West Midlands,
DY5 1XG

31 March 2024

 

Independent Maritime Advisors Ltd

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023

2022

Turnover

3

20,109,330

22,480,519

Gross profit

 

20,109,330

22,480,519

Administrative expenses

 

(12,917,480)

(11,436,910)

Operating profit

5

7,191,850

11,043,609

Income from other Fixed assets investments

 

8,493

9,023

Interest payable and similar expenses

6

(56,708)

(14,772)

   

(48,215)

(5,749)

Profit before tax

 

7,143,635

11,037,860

Tax on profit

10

(1,659,888)

(2,263,855)

Profit for the financial year

 

5,483,747

8,774,005

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Independent Maritime Advisors Ltd

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023

2022

Profit for the year

5,483,747

8,774,005

Total comprehensive income for the year

5,483,747

8,774,005

 

Independent Maritime Advisors Ltd

(Registration number: 09656610)
Balance Sheet as at 31 December 2023

Note

2023

2022

Fixed assets

 

Tangible assets

11

430,041

1,381,512

Investment property

12

2,058,418

2,058,418

Investments

13

-

859,389

Other financial assets

14

734,001

4,802,178

 

3,222,460

9,101,497

Current assets

 

Debtors

15

1,261,606

4,715,720

Cash at bank and in hand

 

4,002,818

9,589,308

 

5,264,424

14,305,028

Creditors: Amounts falling due within one year

17

(6,107,936)

(9,689,751)

Net current (liabilities)/assets

 

(843,512)

4,615,277

Total assets less current liabilities

 

2,378,948

13,716,774

Provisions for liabilities

18

(76,843)

(233,404)

Net assets

 

2,302,105

13,483,370

Capital and reserves

 

Called up share capital

1,410

1,410

Retained earnings

2,300,695

13,481,960

Shareholders' funds

 

2,302,105

13,483,370

Approved and authorised by the Board on 31 March 2024 and signed on its behalf by:
 

.........................................
Mr M Pastorino
Director

   
     
 

Independent Maritime Advisors Ltd

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital

Retained earnings

Total

At 1 January 2023

1,410

13,481,960

13,483,370

Profit for the year

-

5,483,747

5,483,747

Dividends

-

(16,665,012)

(16,665,012)

At 31 December 2023

1,410

2,300,695

2,302,105

Share capital

Retained earnings

Total

At 1 January 2022

1,410

8,131,732

8,133,142

Profit for the year

-

8,774,005

8,774,005

Dividends

-

(3,423,777)

(3,423,777)

At 31 December 2022

1,410

13,481,960

13,483,370

 

Independent Maritime Advisors Ltd

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023

2022

Cash flows from operating activities

Profit for the year

 

5,483,747

8,774,005

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

188,026

209,297

Loss/(profit) on disposal of tangible assets

4

225,647

(330)

Loss from disposals of investments

4

1,190

-

Finance income

(8,493)

(9,023)

Finance costs

6

56,708

14,772

Income tax expense

10

1,659,888

2,263,855

Foreign exchange gains/losses

 

(162,792)

17,155

 

7,443,921

11,269,731

Working capital adjustments

 

(Decrease)/ increase in trade debtors and other receivables

15

3,454,114

(576,674)

Decrease in trade creditors and other payables

17

(350,076)

(2,824,772)

Increase/(decrease) in deferred income, including government grants

 

688,278

(1,327,737)

Cash generated from operations

 

11,236,237

6,540,548

Income taxes paid

10

(2,176,654)

(1,253,389)

Net cash flow from operating activities

 

9,059,583

5,287,159

Cash flows from investing activities

 

Interest received

8,493

9,023

Acquisition of subsidiaries

13

-

(1,190)

Proceeds from sale of subsidiaries

 

858,199

59

Acquisitions of tangible assets

(150,010)

(948,653)

Proceeds from sale of tangible assets

 

687,808

10,908

Acquisition of investment properties

-

(218,850)

Acquisition of financial instruments

 

-

679,625

Movements in Other financial assets

 

4,068,178

-

Net cash flows from investing activities

 

5,472,668

(469,078)

Cash flows from financing activities

 

Interest paid

6

(56,708)

(14,772)

Proceeds from bank borrowing draw downs

 

(704,923)

5,160

Ordinary Dividend proposed

23

(16,665,012)

(3,423,777)

Ordinary Dividend proposed-unpaid

 

(2,854,889)

2,854,889

Net cash flows from financing activities

 

(20,281,532)

(578,500)

Net (decrease)/increase in cash and cash equivalents

 

(5,749,281)

4,239,581

Cash and cash equivalents at 1 January

 

9,589,308

5,366,882

 

Independent Maritime Advisors Ltd

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023

2022

Effect of exchange rate fluctuations on cash held

 

162,791

(17,155)

Cash and cash equivalents at 31 December

 

4,002,818

9,589,308

 

Independent Maritime Advisors Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales with registration number 09656610 .

The address of its registered office is:
5th Floor, North Side
7/10 Chandos Street
London
W1G 9DQ

These financial statements were authorised for issue by the Board on 31 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.


The exchange rate being used at the reporting date for items that required to be re-translated were GBP/Euro 1.15342 and USD/Euro 0.905978 .

 

Independent Maritime Advisors Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

After intial recognition tangible assets are measured either using the cost model or the revaluation model.

Under the cost model tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and any accumulated impairment losses.

Under the revaluation model, an item of property, plant and equipment whose fair value can be measured reliably shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations shall be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.
The company has opted to select and apply the revaluation model to a non-standard plant and equipment class, that is that of Fine art objects.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

3-5 Years Straight Line

Motor vehicles

3 Years Straight Line

Leasehold improvements

Over the term of the lease

Aircraft

25 Years straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Independent Maritime Advisors Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Asset class

Amortisation method and rate

Software Under Development

Assets under construction-Amortisation not yet set.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

The company is exempt from preparing group accounts because it is itself a subsidiary undertaking.
The name of the ultimate parent company which draws up group accounts is Ferret Holding Ltd. Their registered office is 5th floor, North side, 7/10 Chandos street, London, W1G 9DQ .

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Independent Maritime Advisors Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2023

2022

Sale of goods

1,236

-

Rendering of services

20,027,462

22,454,242

Interest received

34,525

6,186

Other revenue

46,107

20,091

20,109,330

22,480,519

4

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2023

2022

(Loss)/gain on disposal of Tangible assets

(225,647)

330

Loss from disposals of investments

(1,190)

-

(226,837)

330

 

Independent Maritime Advisors Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Operating profit

Arrived at after charging/(crediting)

2023

2022

Depreciation expense

188,026

209,297

Impairment loss

457

-

Foreign exchange (gains)/losses

(162,792)

17,155

Loss/(profit) on disposal of property, plant and equipment

225,647

(330)

6

Interest payable and similar expenses

2023

2022

Interest expense on other finance liabilities

56,708

14,772

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023

2022

Wages and salaries

6,453,777

5,397,188

Social security costs

1,615,416

1,485,417

Pension costs, defined contribution scheme

20,761

18,676

Other employee expense

128,784

115,545

8,218,738

7,016,826

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

22

17

22

17

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2023

2022

Remuneration

1,236,169

1,203,408

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under defined benefit pension scheme

2

2

 

Independent Maritime Advisors Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

In respect of the highest paid director:

2023

2022

Remuneration

648,963

682,283

9

Auditors' remuneration

2023

2022

Audit of the financial statements

9,771

10,013


 

10

Taxation

Tax charged/(credited) in the profit and loss account

2023

2022

Current taxation

UK corporation tax

1,978,558

2,093,900

Foreign tax

(162,109)

(63,450)

Total current income tax

1,816,449

2,030,450

Deferred taxation

Arising from origination and reversal of timing differences

(156,561)

233,405

Tax expense in the income statement

1,659,888

2,263,855

Deferred tax

 

Independent Maritime Advisors Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

11

Tangible assets

Long leasehold land and buildings

Aircraft

Plant and machinery

Motor vehicles
 €

Total

Cost or valuation

At 1 January 2023

384,661

662,435

859,173

145,754

2,052,023

Additions

-

-

33,108

116,902

150,010

Disposals

-

(662,435)

(164,879)

(262,656)

(1,089,970)

At 31 December 2023

384,661

-

727,402

-

1,112,063

Depreciation

At 1 January 2023

184,140

19,873

361,890

104,608

670,511

Charge for the year

70,983

19,873

71,236

25,934

188,026

Eliminated on disposal

-

(39,746)

(6,227)

(130,542)

(176,515)

At 31 December 2023

255,123

-

426,899

-

682,022

Carrying amount

At 31 December 2023

129,538

-

300,503

-

430,041

At 31 December 2022

200,521

642,562

497,283

41,146

1,381,512

Included within the net book value of land and buildings above is €129,538 (2022 - €200,522) in respect of long leasehold land and buildings.
 

 

Independent Maritime Advisors Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

12

Investment properties

2023

At 1 January

2,058,418

At 31 December

2,058,418

The building was valued at 2.2 /2.3 milion euro in November 2023 by an independent real estate agency.

13

Investments

2023

2022

Investments in subsidiaries

-

859,389

Subsidiaries

Cost or valuation

At 1 January 2023

859,389

Disposals

(859,389)

At 31 December 2023

-

Provision

Carrying amount

At 31 December 2023

-

At 31 December 2022

859,389

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company held 20% or more of the nominal value of any class of share capital are as follows:

 

Independent Maritime Advisors Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Independent Maritime Advisors SRL

Genova, Via Corsica 2/19, Cap 16128

Italy

Ordinary

0%

100%

Mimbeau Ltd

7/10 Chandos street, London, W1G 9DQ

United Kingdom

Ordinary

0%

100%

Arguin LLC

47770 Biscayne Blvd, Miami, FL 33137

United States

0%

100%

Subsidiary undertakings

Independent Maritime Advisors SRL

The principal activity of Independent Maritime Advisors SRL is Consultancy and advisory in the maritime sector.

Mimbeau Ltd

The principal activity of Mimbeau Ltd is Chartering of luxury sailboat.

Arguin LLC

The principal activity of Arguin LLC is Holding.

In the year ended 31 December 2023 the company reached a strategic decision to implement significant changes within the group structure. This initiative encompassed the transfer of assets among entities within the group,
alongside the establishment of a new ultimate parent company. The primary objective behind these alterations was to segregate the diverse businesses and investments that were formerly consolidated under Independent
Maritime Advisors Ltd

 

Independent Maritime Advisors Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

14

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss

Total

Non-current financial assets

Cost or valuation

At 1 January 2023

4,802,178

4,802,178

Fair value adjustments

(457)

(457)

Additions

105,600

105,600

Disposals

(4,173,320)

(4,173,320)

At 31 December 2023

734,001

734,001

Impairment

Carrying amount

At 31 December 2023

734,001

734,001

The company's financial assets consist of a mixture of investments, such as equity securities, held for the long term for the purpose of generating a return in the form of interest, dividends, capital appreciation, or other similar benefits.

15

Debtors

Current

2023

2022

Trade debtors

113,456

38,595

Other debtors

883,835

2,003,614

Prepayments

257,268

264,420

Accrued income

7,047

2,409,091

 

1,261,606

4,715,720

16

Cash and cash equivalents

2023

2022

Cash on hand

607

415

Cash at bank

4,002,211

9,588,893

4,002,818

9,589,308

 

Independent Maritime Advisors Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

17

Creditors

Note

2023

2022

Due within one year

 

Loans and borrowings

21

-

704,923

Trade creditors

 

199,705

737,145

Social security and other taxes

 

71,851

99,340

Other payables

 

1,236,558

1,041,667

Accruals

 

148,375

128,413

Income tax liability

10

1,311,094

1,671,299

Deferred income

 

3,140,353

2,452,075

Dividends payable

23

-

2,854,889

 

6,107,936

9,689,751

During 2021 the company took a loan of 700,000 euro from the bank to finance the purchase of its investment property.
The loan has been fully repaid in December 2023 and hence reclassified among the current liabilities.

18

Provisions for liabilities

Deferred tax

Total

At 1 January 2023

233,404

233,404

Increase (decrease) in existing provisions

(156,561)

(156,561)

At 31 December 2023

76,843

76,843

19

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to €20,761 (2022 - 18,676).

20

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

No.

Ordinary shares of €1.41 each

1,000

1,410

1,000

1,410

         
 

Independent Maritime Advisors Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

21

Loans and borrowings

2023

2022

Current loans and borrowings

Bank borrowings

-

704,923

22

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023

2022

Not later than one year

459,800

471,183

Later than one year and not later than five years

1,839,200

1,884,733

Later than five years

883,068

1,413,550

3,182,068

3,769,466

The amount of non-cancellable operating lease payments recognised as an expense during the year was €460,545 (2022 - €313,655).

23

Dividends

   

2023

 

2022

   

 

Final dividend of €2,110.13 (2022 - €1,703.57) per ordinary share

 

2,110,129

 

1,703,569

Interim dividend of €14,556.00 (2022 - €1,720.21) per ordinary share

 

14,554,884

 

1,720,207

   

16,665,013

 

3,423,776

         

24

Related party transactions

Summary of transactions with subsidiaries

Summary of transactions with joint ventures

 

Independent Maritime Advisors Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Shareholder (1)
During 2021 the company lended to one of the shareholders £50,000 at an interest rate of 2.5% .
The loan was fully repaid in 2022.

Director
During the course of 2021 the company offered a loan facility of GBP 200,000 bearing an annual interest rate of 1.5% to one of the directors.

The loan, together with interests, was settled in full in 2022.

In 2023 the company made a loan of GBP 300,000 to the same director. The loan is bearing an interest of 2.5% and has been partially repaid during the year. As at 31.12.2023 the amount outstanding was GBP 160,153.48 .

Shareholder( 2)
During 2021 the company made a loan to one of the shareholder for £65,000. The loan, which beared an interest of 2.5%, has been fully repaid in 2022.


 

Loans to related parties

2023

Director

Total

Advanced

338,303

338,303

Repaid

(178,150)

(178,150)

At end of period

160,153

160,153

2022

Director

Shareholder (1)

Shareholder (2)

Total

At start of period

241,760

60,120

48,923

350,803

Repaid

(243,534)

(60,581)

(49,358)

(353,473)

Interest transactions

1,774

461

435

2,670

At end of period

-

-

-

-

25

Parent and ultimate parent undertaking

The company's immediate parent is Ariol Ltd, incorporated in England and Wales.

 The ultimate parent is Ooeight Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Ooeight Limited. These financial statements are available upon request from Companies House.

 

 

Independent Maritime Advisors Ltd

Detailed Profit and Loss Account for the Year Ended 31 December 2023

2023

2022

Turnover (analysed below)

20,109,330

22,480,519

Gross profit (%)

100%

100%

Administrative expenses

Employment costs (analysed below)

(8,218,738)

(7,016,826)

Establishment costs (analysed below)

(466,750)

(830,611)

General administrative expenses (analysed below)

(3,804,265)

(3,370,916)

Finance charges (analysed below)

(12,407)

(9,590)

Depreciation costs (analysed below)

(188,483)

(209,297)

Other expenses (analysed below)

(226,837)

330

(12,917,480)

(11,436,910)

Operating profit

7,191,850

11,043,609

Income from other Fixed assets investments (analysed below)

8,493

9,023

Interest payable and similar charges (analysed below)

(56,708)

(14,772)

(48,215)

(5,749)

Profit before tax

7,143,635

11,037,860

 

Independent Maritime Advisors Ltd

Detailed Profit and Loss Account for the Year Ended 31 December 2023

2023

2022

   

Turnover

Sale of goods, Europe

1,236

-

Rendering of services, Europe

20,027,462

22,454,242

Other revenue

46,107

20,091

Interest received

34,525

6,186

20,109,330

22,480,519

   

Employment costs

Wages and salaries (excluding directors)

(5,339,656)

(4,430,279)

Staff NIC (Employers)

(218,614)

(177,907)

Foreign social contribution

(1,248,125)

(1,081,245)

Directors remuneration

(1,114,121)

(966,909)

Directors NIC (Employers)

(148,677)

(226,265)

Staff pensions (Defined contribution)

(20,761)

(18,676)

Staff welfare

(128,784)

(115,545)

(8,218,738)

(7,016,826)

   

Establishment costs

Rent

(667,054)

(581,179)

Rates

319,222

(158,426)

Light, heat and power

(31,853)

(25,721)

Insurance

(32,137)

(25,601)

Repairs and maintenance

(54,928)

(39,684)

(466,750)

(830,611)

   

General administrative expenses

Telephone and fax

(86,275)

(83,460)

Office expenses

(49,320)

(44,207)

Computer software and maintenance costs

(120,103)

(143,623)

Printing, postage and stationery

(4,593)

(5,858)

Courier services

(9,784)

(1,106)

Trade subscriptions

(5,713)

(4,226)

Charitable donations

(32,464)

(51,733)

Sundry expenses

(119,448)

(25,500)

Cleaning

(37,332)

(29,025)

Motor expenses

(26,513)

(24,857)

Travel and subsistence

(983,784)

(840,985)

Staff entertaining (allowable for tax)

(5,904)

(8,360)

Customer entertaining (disallowable for tax)

(50,807)

(58,441)

Accountancy fees

(27,824)

(47,494)

Auditor's remuneration - The audit of the company's annual accounts

(9,771)

(10,013)

Consultancy fees

(843,133)

(1,095,076)

 

Independent Maritime Advisors Ltd

Detailed Profit and Loss Account for the Year Ended 31 December 2023

2023

2022

   

Legal and professional fees

(1,554,289)

(879,797)

Foreign currency (gains)/losses - operating expense

162,792

(17,155)

(3,804,265)

(3,370,916)

   

Finance charges

Bank charges

(12,407)

(9,590)

   

Depreciation costs

Depreciation of long leasehold property

(70,983)

(70,983)

Depreciation of plant and machinery (owned)

(71,236)

(71,668)

Depreciation of fixtures and fittings (owned)

(19,873)

(19,873)

Depreciation of motor vehicles (owned)

(25,934)

(46,773)

Impairment loss (reversal) on PPE

(457)

-

(188,483)

(209,297)

   

Other expenses

Profit/(loss) on disposal of tangible fixed assets

(225,647)

330

Gain/(loss) on disposal of fixed asset Investments - subsidiary loan/shares

(1,190)

-

(226,837)

330

   

Income from other Fixed assets investments

Income from other investments (listed)

8,493

9,023

   

Interest payable and similar expenses

Other interest payable

(56,708)

(14,772)