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COMPANY REGISTRATION NUMBER: 05883262
Island Marine Holdings Limited
Filleted Unaudited Financial Statements
30 June 2024
Island Marine Holdings Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Island Marine Holdings Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Investments
5
100
100
Current assets
Cash at bank and in hand
437
437
Creditors: amounts falling due within one year
6
147
26
----
----
Net current assets
290
411
----
----
Total assets less current liabilities
390
511
----
----
Capital and reserves
Called up share capital
200
200
Profit and loss account
190
311
----
----
Shareholders funds
390
511
----
----
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
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:
Mr W Lucas
Director
Company registration number: 05883262
Island Marine Holdings 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.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
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.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
4. Employee numbers
During the year, the average employee numbers were 1 (2022: 1).
5. Investments
Shares in group undertakings
£
Cost
At 1 July 2023 and 30 June 2024
100
----
Impairment
At 1 July 2023 and 30 June 2024
----
Carrying amount
At 30 June 2024
100
----
At 30 June 2023
100
----
The investment relates to the company owning 100% of the issued share capital of Island Marine International Limited.
6. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
147
26
----
----
7. Related party transactions
At the balance sheet date, the company owed £147 (2023: £26) to its subsidiary.