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COMPANY REGISTRATION NUMBER: 03905134
Island Marine International Limited
Filleted Unaudited Financial Statements
30 June 2024
Island Marine International Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Island Marine International Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
855,919
365,428
Current assets
Stocks
5,000
5,000
Debtors
6
16,578
118,828
Cash at bank and in hand
372,695
528,462
---------
---------
394,273
652,290
Creditors: amounts falling due within one year
7
135,441
274,739
---------
---------
Net current assets
258,832
377,551
------------
---------
Total assets less current liabilities
1,114,751
742,979
Creditors: amounts falling due after more than one year
8
278,949
Provisions
Taxation including deferred tax
20,778
17,856
------------
---------
Net assets
815,024
725,123
------------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
136,796
136,796
Profit and loss account
678,128
588,227
---------
---------
Shareholders funds
815,024
725,123
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Island Marine International Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 28 October 2024 , and are signed on behalf of the board by:
Ms A Fitzgerald
Director
Company registration number: 03905134
Island Marine International Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 New Dover Road, Canterbury, Kent, CT1 3DN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings
-
2% straight line
-
2% straight line
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
33% straight line
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
350,000
48,464
9,076
114,204
521,744
Additions
495,716
7,500
2,998
72,990
579,204
Disposals
( 64,250)
( 64,250)
---------
--------
--------
---------
------------
At 30 June 2024
845,716
55,964
12,074
122,944
1,036,698
---------
--------
--------
---------
------------
Depreciation
At 1 July 2023
56,000
44,638
6,371
49,307
156,316
Charge for the year
16,914
1,890
1,690
23,222
43,716
Disposals
( 19,253)
( 19,253)
---------
--------
--------
---------
------------
At 30 June 2024
72,914
46,528
8,061
53,276
180,779
---------
--------
--------
---------
------------
Carrying amount
At 30 June 2024
772,802
9,436
4,013
69,668
855,919
---------
--------
--------
---------
------------
At 30 June 2023
294,000
3,826
2,705
64,897
365,428
---------
--------
--------
---------
------------
6. Debtors
2024
2023
£
£
Trade debtors
13,631
118,155
Other debtors
2,947
673
--------
---------
16,578
118,828
--------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
11,774
Trade creditors
1,393
4,605
Corporation tax
74,079
68,318
Social security and other taxes
895
32,818
Other creditors
31,990
Other creditors
15,310
168,998
---------
---------
135,441
274,739
---------
---------
The company's bank loans and overdrafts are secured by way of a legal charge and debenture over all the company's assets.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
278,949
---------
----
The company's bank loans and overdrafts are secured by way of a legal charge and debenture over all the company's assets.
9. Related party transactions
At the balance sheet date, the company owed £261 to the directors (2023: £647). At the balance sheet date, the company was owed £147 by its parent company (2023: £26).
10. Controlling party
The company's ultimate parent is Island Marine Holdings Limited , a company registered in England and Wales. The registered office of Island Marine Holdings Limited is 27 New Dover Road, Canterbury, Kent CT1 3DN .