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REGISTERED NUMBER: 06876052 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Intermarine UK Limited

Intermarine UK Limited (Registered number: 06876052)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Intermarine UK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mr S T Kalicki (Chairman)
Mr R Bil
Mr M A Lewandowicz
Mr N A Mansell



REGISTERED OFFICE: Office 10, JR House
D6 Treforest Industrial Estate
Main Avenue
Pontypridd
CF37 5UR



REGISTERED NUMBER: 06876052 (England and Wales)



SENIOR STATUTORY AUDITOR: Stephen Horrigan FCA



AUDITORS: DHB Accountants Limited
Chartered Accountants
Statutory Auditors
110 Whitchurch Road
Cardiff
CF14 3LY

Intermarine UK Limited (Registered number: 06876052)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 59,472 19,559

CURRENT ASSETS
Debtors 5 3,491,893 801,916
Cash at bank 2,136,755 1,222,620
5,628,648 2,024,536
CREDITORS
Amounts falling due within one year 6 4,152,989 2,334,850
NET CURRENT ASSETS/(LIABILITIES) 1,475,659 (310,314 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,535,131

(290,755

)

PROVISIONS FOR LIABILITIES 8 6,644 -
NET ASSETS/(LIABILITIES) 1,528,487 (290,755 )

CAPITAL AND RESERVES
Called up share capital 9 1,333 1,333
Retained earnings 10 1,527,154 (292,088 )
SHAREHOLDERS' FUNDS 1,528,487 (290,755 )

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 17 September 2024 and were signed on its behalf by:





Mr M A Lewandowicz - Director


Intermarine UK Limited (Registered number: 06876052)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Intermarine UK 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.

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.

The financial statements are prepared in Pounds Sterling which is the base currency in which the company operates.

Significant judgements and estimates
The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions in certain circumstances that affect reported amounts of assets and liabilities at the date of the financial statements and the amount of reported income and expenditure during the reporting period. Actual results may differ from these estimates. Such judgements as have been required have been made on a consistent and prudent basis.

Turnover & revenue recognition
Turnover represents the amount derived from the provision of goods and services and stated after trade discounts, other sales taxes and value added tax. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 10% on cost and at varying rates on cost
Fixtures and fittings - 33% on cost
Motor vehicles - at varying rates on cost

Tangible fixed assets are stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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.


Intermarine UK Limited (Registered number: 06876052)

Notes to the Financial Statements - continued
for the Year Ended 31 December 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.

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.

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.

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

Taxation
Current taxation is provided for at amounts expected to be paid using the tax rates and laws that have been enacted or substantially enacted at the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 155 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2023 17,668 2,055 14,250 33,973
Additions 48,218 - 7,695 55,913
Disposals - - (2,750 ) (2,750 )
At 31 December 2023 65,886 2,055 19,195 87,136
DEPRECIATION
At 1 January 2023 8,860 2,054 3,500 14,414
Charge for year 8,440 - 5,498 13,938
Eliminated on disposal - - (688 ) (688 )
At 31 December 2023 17,300 2,054 8,310 27,664
NET BOOK VALUE
At 31 December 2023 48,586 1 10,885 59,472
At 31 December 2022 8,808 1 10,750 19,559

Intermarine UK Limited (Registered number: 06876052)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,296,333 731,503
Other debtors 195,560 14,893
Deferred tax asset - 52,194
Prepayments and accrued income - 3,326
3,491,893 801,916

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 588,632 461,760
Amounts owed to participating interests - 1,413,147
Tax 502,302 -
Social security and other taxes 499,031 39,920
VAT 1,460,787 279,046
Accruals and deferred income 1,102,237 140,977
4,152,989 2,334,850

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 27,535 3,360
Between one and five years 30,568 -
58,103 3,360

8. PROVISIONS FOR LIABILITIES
2023
£   
Deferred tax 6,644

Deferred
tax
£   
Balance at 1 January 2023 (52,194 )
Provided during year 58,838
Balance at 31 December 2023 6,644

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,333 Ordinary £1 shares 1 1,333 1,333

Intermarine UK Limited (Registered number: 06876052)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. RESERVES
Retained
earnings
£   

At 1 January 2023 (292,088 )
Profit for the year 1,819,242
At 31 December 2023 1,527,154

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Horrigan FCA (Senior Statutory Auditor)
for and on behalf of DHB Accountants Limited

12. RELATED PARTY DISCLOSURES

During the year the company traded in the normal course of business with a company under common control, Inter Marine Sp.zo.o a company registered in Poland and in which the director, Slawomir Kalicki, has a material shareholding interest.

Costs were incurred with that company during the year amounting to £829,132 (2022: £600,448) and as at 31 December 2023 included in trade creditors relating to these transactions was £72,586 (2022: £88,472).

Consultancy fees were due to companies under the control of directors and a family member amounting to £ (260,020 (2022: £68,000) of which £6,000 (2022: £12,500) remained outstanding at the year end and is included in trade creditors.

In the opinion of the directors these transactions have been entered into at arms length.

At the year end a loan of £0 (2022:£1,413,147) was due by the company to Intermarine Sp.zo.o. The loan was interest free with no formal repayment terms.

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr S T Kalicki (Chairman).