Registration number:
Independent Maritime Advisors Ltd
for the Year Ended 31 December 2023
Independent Maritime Advisors Ltd
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Financial Statements |
|
Detailed Profit and Loss Account |
Independent Maritime Advisors Ltd
Company Information
Directors |
Mr M Pastorino Mr M Ruga Mr M Fondelli |
Company secretary |
Laggan Secretaries Ltd |
Registered office |
|
Auditors |
|
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
......................................... |
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:
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
......................................... |
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.
......................................
For and on behalf of
Admiral House,
Waterfront East,
West Midlands,
DY5 1XG
Independent Maritime Advisors Ltd
Profit and Loss Account for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
7,191,850 |
11,043,609 |
|
Income from other Fixed assets investments |
|
|
|
Interest payable and similar expenses |
( |
( |
|
(48,215) |
(5,749) |
||
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
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 |
|
|
Total comprehensive income for the year |
|
|
Independent Maritime Advisors Ltd
(Registration number: 09656610)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Investments |
- |
|
|
Other financial assets |
734,001 |
4,802,178 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
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
......................................... |
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 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 December 2023 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 January 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 December 2022 |
|
|
|
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 |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Loss/(profit) on disposal of tangible assets |
|
( |
|
Loss from disposals of investments |
|
- |
|
Finance income |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
Foreign exchange gains/losses |
( |
|
|
|
|
||
Working capital adjustments |
|||
(Decrease)/ increase in trade debtors and other receivables |
|
( |
|
Decrease in trade creditors and other payables |
( |
( |
|
Increase/(decrease) in deferred income, including government grants |
|
( |
|
Cash generated from operations |
|
|
|
Income taxes paid |
( |
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Interest received |
|
|
|
Acquisition of subsidiaries |
- |
( |
|
Proceeds from sale of subsidiaries |
|
|
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Acquisition of investment properties |
- |
( |
|
Acquisition of financial instruments |
- |
679,625 |
|
Movements in Other financial assets |
4,068,178 |
- |
|
Net cash flows from investing activities |
|
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Proceeds from bank borrowing draw downs |
( |
|
|
Ordinary Dividend proposed |
( |
( |
|
Ordinary Dividend proposed-unpaid |
(2,854,889) |
2,854,889 |
|
Net cash flows from financing activities |
( |
( |
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
Cash and cash equivalents at 1 January |
|
|
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 |
|
( |
|
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
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:
These financial statements were authorised for issue by the
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
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
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.
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods |
|
- |
Rendering of services |
|
|
Interest received |
|
|
Other revenue |
|
|
|
|
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 |
( |
|
Loss from disposals of investments |
( |
- |
(226,837) |
330 |
Independent Maritime Advisors Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Impairment loss |
|
- |
Foreign exchange (gains)/losses |
( |
|
Loss/(profit) on disposal of property, plant and equipment |
|
( |
Interest payable and similar expenses |
2023 |
2022 |
|
Interest expense on other finance liabilities |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2023 |
2022 |
|
Administration and support |
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
During the year the number of directors who were receiving benefits and share incentives was as follows:
2023 |
2022 |
|
Accruing benefits under defined benefit pension scheme |
|
|
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 |
|
|
Auditors' remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
Foreign tax |
( |
( |
Total current income tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax expense in the income statement |
|
|
Deferred tax
Independent Maritime Advisors Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Long leasehold land and buildings |
Aircraft |
Plant and machinery |
Motor vehicles |
Total |
|
Cost or valuation |
|||||
At 1 January 2023 |
|
|
|
|
|
Additions |
- |
- |
|
|
|
Disposals |
- |
( |
( |
( |
( |
At 31 December 2023 |
|
- |
|
- |
|
Depreciation |
|||||
At 1 January 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
( |
At 31 December 2023 |
|
- |
|
- |
|
Carrying amount |
|||||
At 31 December 2023 |
|
- |
|
- |
|
At 31 December 2022 |
|
|
|
|
|
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
Investment properties |
2023 |
|
At 1 January |
|
At 31 December |
|
The building was valued at 2.2 /2.3 milion euro in November 2023 by an independent real estate agency.
Investments |
2023 |
2022 |
|
Investments in subsidiaries |
- |
|
Subsidiaries |
€ |
Cost or valuation |
|
At 1 January 2023 |
|
Disposals |
( |
At 31 December 2023 |
- |
Provision |
|
Carrying amount |
|
At 31 December 2023 |
- |
At 31 December 2022 |
|
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 |
||||
|
Genova, Via Corsica 2/19, Cap 16128 Italy |
|
|
|
|
7/10 Chandos street, London, W1G 9DQ United Kingdom |
|
|
|
|
47770 Biscayne Blvd, Miami, FL 33137 United States |
|
|
|
Subsidiary undertakings |
Independent Maritime Advisors SRL The principal activity of Independent Maritime Advisors SRL is |
Mimbeau Ltd The principal activity of Mimbeau Ltd is |
Arguin LLC The principal activity of Arguin LLC is |
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
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 |
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.
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments |
|
|
Accrued income |
|
|
|
|
Cash and cash equivalents |
2023 |
2022 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
Independent Maritime Advisors Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
- |
|
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Income tax liability |
1,311,094 |
1,671,299 |
|
Deferred income |
|
|
|
Dividends payable |
- |
|
|
|
|
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.
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 January 2023 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 31 December 2023 |
|
|
|
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 €
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
€ |
No. |
€ |
|
|
|
1,410 |
|
1,410 |
Independent Maritime Advisors Ltd
Notes to the Financial Statements for the Year Ended 31 December 2023
Loans and borrowings |
2023 |
2022 |
|
Current loans and borrowings |
||
Bank borrowings |
- |
|
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 |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was €
Dividends |
2023 |
2022 |
|||
€ |
€ |
|||
Final dividend of € |
2,110,129 |
1,703,569 |
||
Interim dividend of € |
14,554,884 |
1,720,207 |
||
16,665,013 |
3,423,776 |
|||
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
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 |
|
|
Repaid |
( |
( |
At end of period |
|
|
|
2022 |
Director |
Shareholder (1) |
Shareholder (2) |
Total |
At start of period |
|
|
|
|
Repaid |
( |
( |
( |
( |
Interest transactions |
|
|
|
|
At end of period |
- |
- |
- |
- |
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
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) |