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COMPANY REGISTRATION NUMBER: NI610324
Inland and Coastal Marina Systems UK Ltd
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
Inland and Coastal Marina Systems UK Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
89,208
44,438
Current assets
Debtors
6
532,799
1,276,001
Cash at bank and in hand
514,806
536,547
------------
------------
1,047,605
1,812,548
Creditors: amounts falling due within one year
7
520,686
1,236,845
------------
------------
Net current assets
526,919
575,703
---------
---------
Total assets less current liabilities
616,127
620,141
---------
---------
Net assets
616,127
620,141
---------
---------
Capital and reserves
Called up share capital
1
1
Profit and loss account
616,126
620,140
---------
---------
Shareholders funds
616,127
620,141
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Inland and Coastal Marina Systems UK Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 2 September 2024 , and are signed on behalf of the board by:
Mr O Shortall
Director
Company registration number: NI610324
Inland and Coastal Marina Systems UK Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 6b Upper Water Street, Newry, Co. Down, BT34 1DJ, Northern Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
12% reducing balance
Motor Vehicles
-
20% reducing balance
Office Equipment
-
12% reducing balance
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2023
20,844
55,103
5,339
81,286
Additions
34,510
41,834
699
77,043
Disposals
( 36,103)
( 720)
( 36,823)
--------
--------
-------
---------
At 31 December 2023
55,354
60,834
5,318
121,506
--------
--------
-------
---------
Depreciation
At 1 January 2023
3,583
30,587
2,678
36,848
Charge for the year
6,471
10,312
379
17,162
Disposals
( 21,315)
( 397)
( 21,712)
--------
--------
-------
---------
At 31 December 2023
10,054
19,584
2,660
32,298
--------
--------
-------
---------
Carrying amount
At 31 December 2023
45,300
41,250
2,658
89,208
--------
--------
-------
---------
At 31 December 2022
17,261
24,516
2,661
44,438
--------
--------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
528,492
461,921
Amounts owed by group undertakings and undertakings in which the company has a participating interest
756,041
Other debtors
4,307
58,039
---------
------------
532,799
1,276,001
---------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,314
5,997
Trade creditors
149,061
54,876
Amounts owed to group undertakings and undertakings in which the company has a participating interest
46,835
Corporation tax
56,973
Social security and other taxes
117,709
96,398
Payment received on account
1,072,958
Other creditors
145,794
6,616
---------
------------
520,686
1,236,845
---------
------------
8. Related party transactions
The company has availed of the exemption under FRS 102 in relation to the disclosure of transactions with group companies.
9. Parent company
The company regards Laurob Holdings Limited as its parent company.
10. Post-balance sheet events
There have been no significant events affecting the company since the financial year-end.