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Company No: 06486346 (England and Wales)

INDEX MARINE EQUIPMENT LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

INDEX MARINE EQUIPMENT LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

INDEX MARINE EQUIPMENT LIMITED

BALANCE SHEET

As at 31 December 2023
INDEX MARINE EQUIPMENT LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,039 1,283
1,039 1,283
Current assets
Stocks 4 44,758 43,331
Debtors 5 31,954 48,216
Cash at bank and in hand 46,362 46,452
123,074 137,999
Creditors: amounts falling due within one year 6 ( 51,634) ( 55,026)
Net current assets 71,440 82,973
Total assets less current liabilities 72,479 84,256
Creditors: amounts falling due after more than one year 7 ( 6,799) ( 11,463)
Net assets 65,680 72,793
Capital and reserves
Called-up share capital 100 100
Profit and loss account 65,580 72,693
Total shareholders' funds 65,680 72,793

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 financial statements of Index Marine Equipment Limited (registered number: 06486346) were approved and authorised for issue by the Board of Directors on 26 September 2024. They were signed on its behalf by:

D I Goode
Director
INDEX MARINE EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
INDEX MARINE EQUIPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Index Marine Equipment Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 1a Wyncombe Road, Bournemouth, BH5 2JU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 19,743 19,743
Additions 392 392
At 31 December 2023 20,135 20,135
Accumulated depreciation
At 01 January 2023 18,460 18,460
Charge for the financial year 636 636
At 31 December 2023 19,096 19,096
Net book value
At 31 December 2023 1,039 1,039
At 31 December 2022 1,283 1,283

4. Stocks

2023 2022
£ £
Stocks (secured) 44,758 43,331

5. Debtors

2023 2022
£ £
Trade debtors 6,569 22,544
Other debtors 25,385 25,672
31,954 48,216

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 4,665 4,550
Trade creditors 7,889 9,951
Taxation and social security 48 645
Other creditors 39,032 39,880
51,634 55,026

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 6,799 11,463

There are no amounts included above in respect of which any security has been given by the small entity.