International Maritime Services Limited 03426681 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is The lessors of deepsea fishing licences, track record and quota Digita Accounts Production Advanced 6.30.9574.0 true true 03426681 2023-01-01 2023-12-31 03426681 2023-12-31 03426681 bus:OrdinaryShareClass1 2023-12-31 03426681 core:CurrentFinancialInstruments 2023-12-31 03426681 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03426681 core:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 03426681 bus:SmallEntities 2023-01-01 2023-12-31 03426681 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03426681 bus:FilletedAccounts 2023-01-01 2023-12-31 03426681 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03426681 bus:RegisteredOffice 2023-01-01 2023-12-31 03426681 bus:Director1 2023-01-01 2023-12-31 03426681 bus:Director2 2023-01-01 2023-12-31 03426681 bus:Director3 2023-01-01 2023-12-31 03426681 bus:Director4 2023-01-01 2023-12-31 03426681 bus:Director5 2023-01-01 2023-12-31 03426681 bus:Director6 2023-01-01 2023-12-31 03426681 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 03426681 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03426681 core:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 03426681 countries:AllCountries 2023-01-01 2023-12-31 03426681 2022-12-31 03426681 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 03426681 2022-01-01 2022-12-31 03426681 2022-12-31 03426681 bus:OrdinaryShareClass1 2022-12-31 03426681 core:CurrentFinancialInstruments 2022-12-31 03426681 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 03426681 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03426681

International Maritime Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

International Maritime Services Limited

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

International Maritime Services Limited

Company Information
__________________________________________________________________________

Directors

Jose Luis Castro Pombo

Javier Castro Pombo

Ricardo Hermida

Daniel Castro Pombo

Maria Hermida

Ricardo Hermida Barbato

Registered office

Viewlands Broomehall Road
Coldharbour
Surrey
RH5 6HJ


 

Accountants

Brooks Green
Chartered Accountants
Abbey House
342 Regents Park Road
London
N3 2LJ

 

International Maritime Services Limited

(Registration number: 03426681)
Balance Sheet as at 31 December 2023
__________________________________________________________________________

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

3

899,399

1,140,363

Current assets

 

Debtors

4

9,196

76,816

Cash at bank and in hand

 

184,599

193,413

 

193,795

270,229

Creditors: Amounts falling due within one year

5

(228,930)

(264,838)

Net current (liabilities)/assets

 

(35,135)

5,391

Net assets

 

864,264

1,145,754

Capital and reserves

 

Called up share capital

6

1,200

1,200

Retained earnings

863,064

1,144,554

Shareholders' funds

 

864,264

1,145,754

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
Ricardo Hermida
Director

 

International Maritime Services Limited

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

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

International Maritime Services Limited

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

Asset class

Amortisation method and rate

Fishing licence

18% RB

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

International Maritime Services Limited

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

3

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 January 2023

1,695,960

1,695,960

At 31 December 2023

1,695,960

1,695,960

Amortisation

At 1 January 2023

555,597

555,597

Amortisation charge

240,964

240,964

At 31 December 2023

796,561

796,561

Carrying amount

At 31 December 2023

899,399

899,399

At 31 December 2022

1,140,363

1,140,363

4

Debtors

Current

2023
£

2022
£

Trade debtors

9,196

72,307

Other debtors

-

4,509

 

9,196

76,816

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

-

587

Taxation and social security

1,533

11,351

Other creditors

227,397

252,900

228,930

264,838

6

Share capital

Allotted, called up and fully paid shares

 

International Maritime Services Limited

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

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000