2023-01-012023-12-312023-12-31false08343440MarineCo Limited2024-04-09iso4217:GBPxbrli:pure083434402023-01-01083434402023-12-31083434402023-01-012023-12-31083434402022-01-01083434402022-12-31083434402022-01-012022-12-3108343440bus:SmallEntities2023-01-012023-12-3108343440bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3108343440bus:FullAccounts2023-01-012023-12-3108343440bus:PrivateLimitedCompanyLtd2023-01-012023-12-3108343440core:WithinOneYear2023-12-3108343440core:AfterOneYear2023-12-3108343440core:WithinOneYear2022-12-3108343440core:AfterOneYear2022-12-3108343440core:ShareCapital2023-12-3108343440core:SharePremium2023-12-3108343440core:RevaluationReserve2023-12-3108343440core:OtherReservesSubtotal2023-12-3108343440core:RetainedEarningsAccumulatedLosses2023-12-3108343440core:ShareCapital2022-12-3108343440core:SharePremium2022-12-3108343440core:RevaluationReserve2022-12-3108343440core:OtherReservesSubtotal2022-12-3108343440core:RetainedEarningsAccumulatedLosses2022-12-3108343440core:LandBuildings2023-12-3108343440core:PlantMachinery2023-12-3108343440core:Vehicles2023-12-3108343440core:FurnitureFittings2023-12-3108343440core:OfficeEquipment2023-12-3108343440core:NetGoodwill2023-12-3108343440core:IntangibleAssetsOtherThanGoodwill2023-12-3108343440core:ListedExchangeTraded2023-12-3108343440core:UnlistedNon-exchangeTraded2023-12-3108343440core:LandBuildings2022-12-3108343440core:PlantMachinery2022-12-3108343440core:Vehicles2022-12-3108343440core:FurnitureFittings2022-12-3108343440core:OfficeEquipment2022-12-3108343440core:NetGoodwill2022-12-3108343440core:IntangibleAssetsOtherThanGoodwill2022-12-3108343440core:ListedExchangeTraded2022-12-3108343440core:UnlistedNon-exchangeTraded2022-12-3108343440core:LandBuildings2023-01-012023-12-3108343440core:PlantMachinery2023-01-012023-12-3108343440core:Vehicles2023-01-012023-12-3108343440core:FurnitureFittings2023-01-012023-12-3108343440core:OfficeEquipment2023-01-012023-12-3108343440core:NetGoodwill2023-01-012023-12-3108343440core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3108343440core:ListedExchangeTraded2023-01-012023-12-3108343440core:UnlistedNon-exchangeTraded2023-01-012023-12-3108343440core:MoreThanFiveYears2023-01-012023-12-3108343440core:Non-currentFinancialInstruments2023-12-3108343440core:Non-currentFinancialInstruments2022-12-3108343440dpl:CostSales2023-01-012023-12-3108343440dpl:DistributionCosts2023-01-012023-12-3108343440core:LandBuildings2023-01-012023-12-3108343440core:PlantMachinery2023-01-012023-12-3108343440core:Vehicles2023-01-012023-12-3108343440core:FurnitureFittings2023-01-012023-12-3108343440core:OfficeEquipment2023-01-012023-12-3108343440dpl:AdministrativeExpenses2023-01-012023-12-3108343440core:NetGoodwill2023-01-012023-12-3108343440core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3108343440dpl:GroupUndertakings2023-01-012023-12-3108343440dpl:ParticipatingInterests2023-01-012023-12-3108343440dpl:GroupUndertakingscore:ListedExchangeTraded2023-01-012023-12-3108343440core:ListedExchangeTraded2023-01-012023-12-3108343440dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-01-012023-12-3108343440core:UnlistedNon-exchangeTraded2023-01-012023-12-3108343440dpl:CostSales2022-01-012022-12-3108343440dpl:DistributionCosts2022-01-012022-12-3108343440core:LandBuildings2022-01-012022-12-3108343440core:PlantMachinery2022-01-012022-12-3108343440core:Vehicles2022-01-012022-12-3108343440core:FurnitureFittings2022-01-012022-12-3108343440core:OfficeEquipment2022-01-012022-12-3108343440dpl:AdministrativeExpenses2022-01-012022-12-3108343440core:NetGoodwill2022-01-012022-12-3108343440core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3108343440dpl:GroupUndertakings2022-01-012022-12-3108343440dpl:ParticipatingInterests2022-01-012022-12-3108343440dpl:GroupUndertakingscore:ListedExchangeTraded2022-01-012022-12-3108343440core:ListedExchangeTraded2022-01-012022-12-3108343440dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-01-012022-12-3108343440core:UnlistedNon-exchangeTraded2022-01-012022-12-3108343440core:NetGoodwill2023-12-3108343440core:IntangibleAssetsOtherThanGoodwill2023-12-3108343440core:LandBuildings2023-12-3108343440core:PlantMachinery2023-12-3108343440core:Vehicles2023-12-3108343440core:FurnitureFittings2023-12-3108343440core:OfficeEquipment2023-12-3108343440core:AfterOneYear2023-12-3108343440core:WithinOneYear2023-12-3108343440core:ListedExchangeTraded2023-12-3108343440core:UnlistedNon-exchangeTraded2023-12-3108343440core:ShareCapital2023-12-3108343440core:SharePremium2023-12-3108343440core:RevaluationReserve2023-12-3108343440core:OtherReservesSubtotal2023-12-3108343440core:RetainedEarningsAccumulatedLosses2023-12-3108343440core:NetGoodwill2022-12-3108343440core:IntangibleAssetsOtherThanGoodwill2022-12-3108343440core:LandBuildings2022-12-3108343440core:PlantMachinery2022-12-3108343440core:Vehicles2022-12-3108343440core:FurnitureFittings2022-12-3108343440core:OfficeEquipment2022-12-3108343440core:AfterOneYear2022-12-3108343440core:WithinOneYear2022-12-3108343440core:ListedExchangeTraded2022-12-3108343440core:UnlistedNon-exchangeTraded2022-12-3108343440core:ShareCapital2022-12-3108343440core:SharePremium2022-12-3108343440core:RevaluationReserve2022-12-3108343440core:OtherReservesSubtotal2022-12-3108343440core:RetainedEarningsAccumulatedLosses2022-12-3108343440core:NetGoodwill2022-01-0108343440core:IntangibleAssetsOtherThanGoodwill2022-01-0108343440core:LandBuildings2022-01-0108343440core:PlantMachinery2022-01-0108343440core:Vehicles2022-01-0108343440core:FurnitureFittings2022-01-0108343440core:OfficeEquipment2022-01-0108343440core:AfterOneYear2022-01-0108343440core:WithinOneYear2022-01-0108343440core:ListedExchangeTraded2022-01-0108343440core:UnlistedNon-exchangeTraded2022-01-0108343440core:ShareCapital2022-01-0108343440core:SharePremium2022-01-0108343440core:RevaluationReserve2022-01-0108343440core:OtherReservesSubtotal2022-01-0108343440core:RetainedEarningsAccumulatedLosses2022-01-0108343440core:AfterOneYear2023-01-012023-12-3108343440core:WithinOneYear2023-01-012023-12-3108343440core:Non-currentFinancialInstrumentscore:CostValuation2023-01-012023-12-3108343440core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-01-012023-12-3108343440core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-01-012023-12-3108343440core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-01-012023-12-3108343440core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-01-012023-12-3108343440core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-01-012023-12-3108343440core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-01-012023-12-3108343440core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-01-012023-12-3108343440core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-01-012023-12-3108343440core:Non-currentFinancialInstrumentscore:CostValuation2023-12-3108343440core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-12-3108343440core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-12-3108343440core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-12-3108343440core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-12-3108343440core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-12-3108343440core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-12-3108343440core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-12-3108343440core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-12-3108343440core:Non-currentFinancialInstrumentscore:CostValuation2022-12-3108343440core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2022-12-3108343440core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2022-12-3108343440core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2022-12-3108343440core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2022-12-3108343440core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2022-12-3108343440core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2022-12-3108343440core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2022-12-3108343440core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2022-12-3108343440bus:Director12023-01-012023-12-3108343440bus:Director22023-01-012023-12-3108343440bus:Director32023-01-012023-12-3108343440bus:Director42023-01-012023-12-31

MarineCo Limited

Registered Number
08343440
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

MarineCo Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

BRYAN BROWN, Thomas
DINHAM, Christopher Joseph
ROSIE, Craig Norman
WICK, Harry

Registered Address

Marineco House Gilston Road
Saltash Industrial Estate
Saltash
PL12 6LF

Registered Number

08343440 (England and Wales)
MarineCo Limited
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets31,147,2731,150,354
1,147,2731,150,354
Current assets
Stocks4776,876955,135
Debtors5419,967467,765
Cash at bank and on hand901,959443,688
2,098,8021,866,588
Creditors amounts falling due within one year6(452,073)(293,416)
Net current assets (liabilities)1,646,7291,573,172
Total assets less current liabilities2,794,0022,723,526
Provisions for liabilities7(10,718)(11,223)
Net assets2,783,2842,712,303
Capital and reserves
Called up share capital190,626190,626
Revaluation reserve219,853219,853
Profit and loss account2,372,8052,301,824
Shareholders' funds92,783,2842,712,303
The financial statements were approved and authorised for issue by the Board of Directors on 9 April 2024, and are signed on its behalf by:
BRYAN BROWN, Thomas
Director
DINHAM, Christopher Joseph
Director

Registered Company No. 08343440
MarineCo Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. Previously the company operated a defined benefit pension scheme, which is now closed, however obligations exist under the scheme in the form of a recovery plan.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery25
Vehicles25
Office Equipment20
Stocks and work in progress
Stock is valued at the lower of cost and Net realisable Value after provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.
2.Average number of employees

20232022
Average number of employees during the year55
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 January 231,104,40099,09715,38113,7901,232,668
Additions--11,250-11,250
Disposals--(4,381)-(4,381)
At 31 December 231,104,40099,09722,25013,7901,239,537
Depreciation and impairment
At 01 January 23-57,95913,66610,68982,314
Charge for year-10,2843,17962014,083
On disposals--(4,134)-(4,134)
Other adjustments-1--1
At 31 December 23-68,24412,71111,30992,264
Net book value
At 31 December 231,104,40030,8539,5392,4811,147,273
At 31 December 221,104,40041,1381,7153,1011,150,354
4.Stocks

2023

2022

££
Raw materials and consumables776,876955,135
Total776,876955,135
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables350,530461,964
Other debtors1,729-
Prepayments and accrued income67,7085,801
Total419,967467,765
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables176,020116,176
Taxation and social security78,42578,554
Dividends payable194,47895,758
Accrued liabilities and deferred income3,1502,928
Total452,073293,416
7.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)10,71811,223
Total10,71811,223
8.Other commitments
The actuarial review as at 5 April 2021 revealed a funding shortfall. To eliminate this shortfall a recovery plan was drawn up on 5 July 2019 and it was agreed that a contribution of £10,095 is [payable annually for a period of 5 years with the first contribution due to be paid on or before 5 April 2022]. The first contribution of £10,095 was made during the year ended 31 December 2022 in accordance with the schedule. The remaining contributions payable as at 31 December 2023 total £30,285.
9.Revaluation reserve

£
Reserve at 01 January 23219,853
At 31 December 23219,853
10.Controlling party
No individual or small group of shareholders has control of the company.