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REGISTERED NUMBER: 02112919 (England and Wales)














Financial Statements

for the Year Ended 31 December 2023

for

I.F. Limited

I.F. Limited (Registered number: 02112919)






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


I.F. Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J J Colam
A C Pillar





SECRETARY: Mrs R A Colam





REGISTERED OFFICE: Reedham House
31 King Street West
Manchester
M3 2PJ





BUSINESS ADDRESS: Wallsend Industrial Estate
Cattedown Road
Cattedown
Plymouth
PL4 0RW





REGISTERED NUMBER: 02112919 (England and Wales)





AUDITORS: Freedman Frankl & Taylor
Statutory Auditors
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

I.F. Limited (Registered number: 02112919)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,855,215 5,305,215
Tangible assets 5 7,609,484 3,660,627
13,464,699 8,965,842

CURRENT ASSETS
Stocks 217,702 214,079
Debtors 6 1,506,266 1,316,229
Cash at bank 164,121 256,904
1,888,089 1,787,212
CREDITORS
Amounts falling due within one year 7 195,475 210,659
NET CURRENT ASSETS 1,692,614 1,576,553
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,157,313

10,542,395

CREDITORS
Amounts falling due after more than one
year

8

(12,931,173

)

(9,133,765

)

PROVISIONS FOR LIABILITIES (1,495,913 ) (940,936 )
NET ASSETS 730,227 467,694

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 730,127 467,594
SHAREHOLDERS' FUNDS 730,227 467,694

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





J J Colam - Director


I.F. Limited (Registered number: 02112919)

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

1. STATUTORY INFORMATION

I.F. 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 as modified by the revaluation of certain assets.

Turnover
Turnover represents the amount derived from the provision of goods and services falling within the company's activities after deduction of trade discounts and value added tax.


Intangible fixed 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.

No amortisation has been charged on boat licences, entitlements and associated benefits as in the opinion of the directors there has been no impairment in their value during the year and the directors do not envisage any impairment arising in the foreseeable future. The directors have based their assessment on the grounds that the licences, entitlements and associated benefits have an indefinite life under current legislation so long as certain conditions are complied with and also the fact that there is no expectation that the market value of the intangible assets will fall in the foreseeable future.

Tangible fixed assets
Depreciation of fixed assets is calculated to write off their cost or valuation less any residual value over their estimated useful lives which for all boats is considered to be 20 years and motor vehicles at 25% reducing balance.

Fixed assets include £3,008,488 of assets under construction which have not been depreciated.

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 Statement of Income and Retained Earnings, 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.


I.F. Limited (Registered number: 02112919)

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.

Going concern
Having made appropriate enquiries, the Directors consider that the Company has adequate resources to continue in business for the foreseeable future and that it is therefore appropriate to adopt the going concern basis in preparing the financial statements of the company.

Government grants
Government grants on capital expenditure are credited to deferral account and are released to revenue over the expected useful life of the relevant asset by equal annual instalments. Grants of a revenue nature are credited to income in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Boat
licences
& entitlements
£   
COST
At 1 January 2023 5,305,215
Additions 550,000
At 31 December 2023 5,855,215
NET BOOK VALUE
At 31 December 2023 5,855,215
At 31 December 2022 5,305,215

I.F. Limited (Registered number: 02112919)

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

5. TANGIBLE FIXED ASSETS
Motor
Boats vehicles Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 7,612,823 18,883 7,631,706
Additions 4,062,908 - 4,062,908
At 31 December 2023 11,675,731 18,883 11,694,614
DEPRECIATION
At 1 January 2023 3,956,802 14,277 3,971,079
Charge for year 112,899 1,152 114,051
At 31 December 2023 4,069,701 15,429 4,085,130
NET BOOK VALUE
At 31 December 2023 7,606,030 3,454 7,609,484
At 31 December 2022 3,656,021 4,606 3,660,627

Cost or valuation at 31 December 2023 is represented by:

Motor
Boats vehicles Totals
£    £    £   
Valuation in 1998 (194,449 ) - (194,449 )
Cost 11,870,180 18,883 11,889,063
11,675,731 18,883 11,694,614

If certain boats had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 11,870,180 7,807,272
Aggregate depreciation 4,264,151 4,151,252

Boats are included at an open market valuation carried out in 1998 by R & J Maritime Ltd, consultant surveyors.

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Amounts owed by group undertakings 587,705 410,767
Other debtors 138,245 127,893
725,950 538,660

I.F. Limited (Registered number: 02112919)

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

6. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Amounts owed by group undertakings 780,316 777,569

Aggregate amounts 1,506,266 1,316,229

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 145,968 161,225
Amounts owed to group undertakings 37,445 36,221
Other creditors 12,062 13,213
195,475 210,659

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings 12,931,173 9,133,765

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

The Report of the Auditors was unqualified.

I Sluckis BA FCA (Senior Statutory Auditor)
for and on behalf of Freedman Frankl & Taylor

10. CONTINGENT LIABILITIES

The company has provided a debenture by way of a fixed and floating charge over all the assets of the company in respect of bank borrowings of other group undertakings which at 31 December 2023 amounted to £Nil.

11. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 953,420 733,981

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

I.F. Limited (Registered number: 02112919)

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

13. ULTIMATE CONTROLLING PARTY

The company's parent undertaking at the balance sheet date was Interfish Limited, a company incorporated and registered in England.

The company's ultimate parent undertaking at the balance sheet date was Interfish Holdings Limited, a company incorporated and registered in Guernsey but tax resident in England so that all income is taxed and paid in the United Kingdom.

Copies of the financial statements of Interfish Limited can be obtained from Wallsend Industrial Estate, Cattedown Road, Plymouth, Devon PL4 0RW.