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REGISTERED NUMBER: 00744776 (England and Wales)
















Financial Statements for the Year Ended 30 September 2023

for


INTERNATIONAL MARINE HOLDINGS LTD


INTERNATIONAL MARINE HOLDINGS LTD (REGISTERED NUMBER: 00744776)







Contents of the Financial Statements

for the Year Ended 30 September 2023





Page



Company Information  

1



Balance Sheet  

2



Notes to the Financial Statements  

4




INTERNATIONAL MARINE HOLDINGS LTD


Company Information

for the Year Ended 30 September 2023









DIRECTORS:

Mr T Alderson


Mrs A K Perry







REGISTERED OFFICE:

1&2 Studley Court Mews


Studley Court


Guildford Road


Chobham


Surrey


GU24 8EB







REGISTERED NUMBER:

00744776 (England and Wales)







ACCOUNTANTS:

THB LLP


1 & 2 Studley Court Mews


Studley Court


Guildford Road


Chobham


Surrey


GU24 8EB


INTERNATIONAL MARINE HOLDINGS LTD (REGISTERED NUMBER: 00744776)


Balance Sheet

30 September 2023



30/9/23

30/9/22



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

4

-


-



Tangible assets

5

513,850


459,790



Investments

6

3,824


3,824



517,674


463,614




CURRENT ASSETS

Debtors

7

652,072


629,131



Cash at bank

5,124


5,107



657,196


634,238



CREDITORS

Amounts falling due within one year

8

137,507


197,085



NET CURRENT ASSETS

519,689


437,153



TOTAL ASSETS LESS CURRENT

LIABILITIES

1,037,363


900,767




CREDITORS

Amounts falling due after more than one

year

9

(1,029,653

)

(864,709

)



PROVISIONS FOR LIABILITIES

(23,346

)

(25,610

)


NET (LIABILITIES)/ASSETS

(15,636

)

10,448




CAPITAL AND RESERVES

Called up share capital

11

99,802


99,802



Revaluation reserve

12

122,541


57,541



Retained earnings

12

(237,979

)

(146,895

)


SHAREHOLDERS' FUNDS

(15,636

)

10,448




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.  


The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.  


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


INTERNATIONAL MARINE HOLDINGS LTD (REGISTERED NUMBER: 00744776)


Balance Sheet - continued

30 September 2023



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


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


The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2024 and were signed on its behalf by:






Mr T Alderson - Director



INTERNATIONAL MARINE HOLDINGS LTD (REGISTERED NUMBER: 00744776)


Notes to the Financial Statements

for the Year Ended 30 September 2023


1.

STATUTORY INFORMATION



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


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


2.

ACCOUNTING POLICIES



Basis of preparing the financial statements


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



As shown in note 9 the company has provided loans to its subsidiaries of £327,500, but at the balance sheet date these loans would not be fully recoverable as those companies' balance sheets show significant net liabilities. These losses exceed the shareholders funds of this the parent company. The group is supported by a loan from the director of £403,255 and he has confirmed his intention to support the group for the foreseeable future. The financial statements have therefore been prepared on the basis of a going concern.



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



Goodwill


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



Intangible assets

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


Tangible fixed assets


Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.  


Plant and machinery

-

15% on reducing balance


Fixtures and fittings

-

15% on reducing balance


Motor vehicles

-

25% on reducing balance


Computer equipment

-

20% on cost



Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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


INTERNATIONAL MARINE HOLDINGS LTD (REGISTERED NUMBER: 00744776)


Notes to the Financial Statements - continued

for the Year Ended 30 September 2023


2.

ACCOUNTING POLICIES - continued


Deferred tax

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

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

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


Hire purchase and leasing commitments

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

3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 2 (2022 - 1 ) .


4.

INTANGIBLE FIXED ASSETS


Goodwill

£   



COST


At 1 October 2022


and 30 September 2023

735




AMORTISATION


At 1 October 2022


and 30 September 2023

735




NET BOOK VALUE


At 30 September 2023

-




At 30 September 2022

-




INTERNATIONAL MARINE HOLDINGS LTD (REGISTERED NUMBER: 00744776)


Notes to the Financial Statements - continued

for the Year Ended 30 September 2023


5.

TANGIBLE FIXED ASSETS


Fixtures


Freehold


Plant and


and


property


machinery


fittings

£   

£   

£   



COST OR VALUATION


At 1 October 2022

385,000


943,864


52,242




Additions

-


-


-




Revaluations

65,000


-


-




At 30 September 2023

450,000


943,864


52,242




DEPRECIATION


At 1 October 2022

-


875,122


48,033




Charge for year

-


10,311


632




At 30 September 2023

-


885,433


48,665




NET BOOK VALUE


At 30 September 2023

450,000


58,431


3,577




At 30 September 2022

385,000


68,742


4,209





Motor


Computer



vehicles


equipment


Totals

£   

£   

£   



COST OR VALUATION


At 1 October 2022

10,170


17,515


1,408,791




Additions

-


748


748




Revaluations

-


-


65,000




At 30 September 2023

10,170


18,263


1,474,539




DEPRECIATION


At 1 October 2022

10,048


15,798


949,001




Charge for year

31


714


11,688




At 30 September 2023

10,079


16,512


960,689




NET BOOK VALUE


At 30 September 2023

91


1,751


513,850




At 30 September 2022

122


1,717


459,790





Cost or valuation at 30 September 2023 is represented by:



Fixtures


Freehold


Plant and


and


property


machinery


fittings

£   

£   

£   



Valuation in 2013

67,541


-


-




Valuation in 2018

(10,000

)

-


-




Valuation in 2023

65,000


-


-




Cost

327,459


943,864


52,242



450,000


943,864


52,242




INTERNATIONAL MARINE HOLDINGS LTD (REGISTERED NUMBER: 00744776)


Notes to the Financial Statements - continued

for the Year Ended 30 September 2023


5.

TANGIBLE FIXED ASSETS - continued



Motor


Computer



vehicles


equipment


Totals

£   

£   

£   



Valuation in 2013

-


-


67,541




Valuation in 2018

-


-


(10,000

)



Valuation in 2023

-


-


65,000




Cost

10,170


18,263


1,351,998



10,170


18,263


1,474,539




6.

FIXED ASSET INVESTMENTS


Other


investments

£   



COST


At 1 October 2022


and 30 September 2023

3,824




NET BOOK VALUE


At 30 September 2023

3,824




At 30 September 2022

3,824




7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



30/9/23


30/9/22

£   

£   



Amounts owed by group undertakings

327,500


327,500




Other debtors

324,572


301,631



652,072


629,131




8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



30/9/23


30/9/22

£   

£   



Bank loans and overdrafts

67,599


65,501




Trade creditors

35,527


94,660




Taxation and social security

15,296


14,532




Other creditors

19,085


22,392



137,507


197,085




9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR



30/9/23


30/9/22

£   

£   



Bank loans

96,246


130,838




Other creditors

933,407


733,871



1,029,653


864,709




INTERNATIONAL MARINE HOLDINGS LTD (REGISTERED NUMBER: 00744776)


Notes to the Financial Statements - continued

for the Year Ended 30 September 2023


9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued


30/9/23


30/9/22

£   

£   



Amounts falling due in more than five years:



Repayable by instalments


Bank loans more 5 yr by instal

-


23,429




10.

SECURED DEBTS



The following secured debts are included within creditors:



30/9/23


30/9/22

£   

£   



Bank overdrafts

36,615


40,022




Bank loans

127,230


156,317



163,845


196,339




11.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

30/9/23


30/9/22


value:

£   

£   



99,802

Ordinary

£1

99,802


99,802




12.

RESERVES


Retained


Revaluation



earnings


reserve


Totals

£   

£   

£   




At 1 October 2022

(146,895

)

57,541


(89,354

)



Deficit for the year

(91,084

)

(91,084

)



Transfer

-


65,000


65,000




At 30 September 2023

(237,979

)

122,541


(115,438

)



13.

CONTINGENT LIABILITIES



The company is currently in dispute with their former accountant over fees owed. The final liability has not been decided or settled.


14.

OTHER FINANCIAL COMMITMENTS


Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £241,932 (2022 - £322,576) in respect of operating lease commitments payable over the next 3 years.

15.

GUARANTEES



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