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REGISTERED NUMBER: 03200735 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023

FOR

INTERMARINE LIMITED

INTERMARINE LIMITED (REGISTERED NUMBER: 03200735)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


INTERMARINE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Mr S A Gaherty
Mrs B J Gaherty





REGISTERED OFFICE: Fleming Court
Leigh Road
Eastleigh
Southampton
Hampshire
SO50 9PD





BUSINESS ADDRESS: Unit 39
Romsey Industrial Estate
Greatbridge Road
Romsey
Hampshire
SO51 0HR





REGISTERED NUMBER: 03200735 (England and Wales)






INTERMARINE LIMITED (REGISTERED NUMBER: 03200735)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 58,286 39,269
Investments 6 2 2
58,288 39,271

CURRENT ASSETS
Stocks 497,627 585,338
Debtors 7 1,065,769 903,496
Cash at bank and in hand 1,001,049 786,302
2,564,445 2,275,136
CREDITORS
Amounts falling due within one year 8 1,560,194 1,280,977
NET CURRENT ASSETS 1,004,251 994,159
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,062,539

1,033,430

CREDITORS
Amounts falling due after more than one
year

9

(70,833

)

(124,230

)

PROVISIONS FOR LIABILITIES (12,774 ) (5,795 )
NET ASSETS 978,932 903,405

CAPITAL AND RESERVES
Called up share capital 11 9,817 9,817
Capital redemption reserve 2,933 2,933
Retained earnings 966,182 890,655
SHAREHOLDERS' FUNDS 978,932 903,405

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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.

INTERMARINE LIMITED (REGISTERED NUMBER: 03200735)

BALANCE SHEET - continued
31ST DECEMBER 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 16th September 2024 and were signed on its behalf by:





Mr S A Gaherty - Director


INTERMARINE LIMITED (REGISTERED NUMBER: 03200735)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023


1. STATUTORY INFORMATION

Intermarine Limited 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Intermarine Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 25% on reducing balance
Fixtures, fittings, equipment - 33% straight line
Motor vehicles - 25% straight line

All fixed assets are initially recorded at cost.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

INTERMARINE LIMITED (REGISTERED NUMBER: 03200735)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company contributes to a defined contribution pension scheme. Contributions payable to the pension scheme are charged to profit or loss in the period to which they relate.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in administrative expenses.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Long term contracts
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 10 ) .

5. TANGIBLE FIXED ASSETS
Fixtures,
Plant and fittings, Motor
machinery equipment vehicles Totals
£    £    £    £   
COST
At 1st January 2023 153,644 64,436 135,182 353,262
Additions 37,479 10,927 - 48,406
At 31st December 2023 191,123 75,363 135,182 401,668
DEPRECIATION
At 1st January 2023 138,515 52,012 123,466 313,993
Charge for year 10,626 10,471 8,292 29,389
At 31st December 2023 149,141 62,483 131,758 343,382
NET BOOK VALUE
At 31st December 2023 41,982 12,880 3,424 58,286
At 31st December 2022 15,129 12,424 11,716 39,269

INTERMARINE LIMITED (REGISTERED NUMBER: 03200735)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st January 2023
and 31st December 2023 2
NET BOOK VALUE
At 31st December 2023 2
At 31st December 2022 2

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 895,393 571,409
Amounts recoverable on contract 160,637 260,585
Other debtors 9,739 71,502
1,065,769 903,496

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 50,000 50,000
Hire purchase contracts 3,397 8,239
Payments on account 292,858 161,451
Trade creditors 369,692 731,707
Amounts owed to group undertakings 365,960 98,779
Taxation and social security 349,608 194,513
Other creditors 128,679 36,288
1,560,194 1,280,977

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 70,833 120,833
Hire purchase contracts - 3,397
70,833 124,230

INTERMARINE LIMITED (REGISTERED NUMBER: 03200735)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 120,833 170,833
Hire purchase contracts 3,397 11,636
124,230 182,469

Bank loans are secured by a debenture and guarantee agreement. Bank loans include £120,833 (2022: £170,833) borrowed under the Coronavirus Business Interruption Loan Scheme. The UK Government has provided the lender with a limited guarantee of up to 80% of the capital of the loan.

Hire purchase contracts are secured over the assets acquired under the agreements.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
9,816 Ordinary A £1 9,816 9,816
1 Ordinary B £1 1 1
9,817 9,817

12. OTHER FINANCIAL COMMITMENTS

Total future financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £38,125 (2022: £61,175).

This amount is in relation to operating lease commitments which are payable over the next 3 years (2022: payable over the next 4 years).