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REGISTERED NUMBER: SC265230 (Scotland)















Financial Statements for the Year Ended 31 December 2023

for

North West Marine Limited

North West Marine Limited (Registered number: SC265230)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


North West Marine Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Jean-Michel Berud
Pierre Marie Joseph Michel De Lapasse
Antony James Ratcliffe





REGISTERED OFFICE: 7e Glengallan Road
Oban
Argyll
PA34 4HG





REGISTERED NUMBER: SC265230 (Scotland)





AUDITORS: RSM UK Audit LLP
Chartered Accountants
St Olaf’s Hall
Church Road
Lerwick
Shetland
ZE1 0FD

North West Marine Limited (Registered number: SC265230)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,551,189 1,554,211

CURRENT ASSETS
Stocks 281,716 695,616
Debtors 5 1,166,193 1,099,942
Cash at bank and in hand 106,663 250,131
1,554,572 2,045,689
CREDITORS
Amounts falling due within one year 6 2,217,708 2,258,798
NET CURRENT LIABILITIES (663,136 ) (213,109 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

888,053

1,341,102

CREDITORS
Amounts falling due after more than
one year

7

(211,351

)

(295,975

)

PROVISIONS FOR LIABILITIES (249,550 ) (309,138 )
NET ASSETS 427,152 735,989

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve 9 17,631 17,631
Retained earnings 408,521 717,358
SHAREHOLDERS' FUNDS 427,152 735,989

North West Marine Limited (Registered number: SC265230)

Balance Sheet - continued
31 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 27 September 2024 and were signed on its behalf by:





Antony James Ratcliffe - Director


North West Marine Limited (Registered number: SC265230)

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

1. STATUTORY INFORMATION

North West Marine Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Accounting convention
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.

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Going concern
The directors believes that the company will continue to perform well and will have sufficient cash to achieve the company's goals for the foreseeable future. The directors do not consider any assets to be impaired and continues to monitor the situation closely. The company has obtained a letter of support from its parent company confirming that they have the ability to and will provide support as required to assist the company to meet its liabilities as they fall due for a period of at least 12 months from the date of approval of the financial statements. The directors are therefore of the opinion it is appropriate to prepare the financial statements on a going concern basis.

Current liabilities exceed current assets by £663,136; included in current liabilities is £1,543,413 due to group undertakings.

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

North West Marine Limited (Registered number: SC265230)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Boats - at varying rates on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Dry Dock Costs - at varying rates on cost

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

North West Marine Limited (Registered number: SC265230)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Basic financial assets
Basic financial assets, which include trade and other debtors, amounts owed by group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors, amounts owed to group undertakings and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate
method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 44 ) .

North West Marine Limited (Registered number: SC265230)

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 3,624,301
Additions 475,517
Disposals (186,503 )
Impairments (56,579 )
At 31 December 2023 3,856,736
DEPRECIATION
At 1 January 2023 2,070,090
Charge for year 336,048
Eliminated on disposal (100,591 )
At 31 December 2023 2,305,547
NET BOOK VALUE
At 31 December 2023 1,551,189
At 31 December 2022 1,554,211

During the year each of the Company's vessels spent some time in drydock where they underwent a programme of maintenance and improvement. The Directors have elected to capitalize this expenditure and write it off over its useful economic life. For the larger vessels this is 30 months and the smaller vessels 12 months.

North West Marine Limited (Registered number: SC265230)

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023 46,650
Additions 32,640
At 31 December 2023 79,290
DEPRECIATION
At 1 January 2023 3,802
Charge for year 13,376
At 31 December 2023 17,178
NET BOOK VALUE
At 31 December 2023 62,112
At 31 December 2022 42,848

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 829,412 1,000,100
Amounts owed by group undertakings - 53,490
Other debtors 336,781 46,352
1,166,193 1,099,942

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 84,983 338,279
Hire purchase contracts 21,266 11,474
Trade creditors 308,224 188,787
Amounts owed to group undertakings 1,543,413 219,985
Taxation and social security 79,697 246,645
Other creditors 180,125 1,253,628
2,217,708 2,258,798

North West Marine Limited (Registered number: SC265230)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 189,353 273,286
Hire purchase contracts 21,998 22,689
211,351 295,975

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdraft - 256,094
Bank loans 274,336 355,471
274,336 611,565

The above debts together with any sums that may become due, are secured by The Bank of Scotland, in the way of a floating charge over all the assets of the Company.

9. RESERVES
Revaluatio
reserve
£   
At 1 January 2023
and 31 December 2023 17,631

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

The Report of the Auditors was unqualified.

Irene Hambleton BAcc CA (Senior Statutory Auditor)
for and on behalf of RSM UK Audit LLP

11. PARENT COMPANY

The parent undertaking of the smallest group of undertakings for which group accounts are drawn up of which the company is a member is Jifmar Offshore Services. The registered office of the parent is 120 Avenue Napoléon Bonaparte, 13100 Aix-en-Provence, France.

The ultimate parent company is Marguerite II SCSp, 15 Boulevard F.W. Raiffeisen, L-2411 Luxembourg.