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REGISTERED NUMBER: 12492318 (England and Wales)




































FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2024

FOR

MARINE CONCEPTS HOLDINGS LIMITED

MARINE CONCEPTS HOLDINGS LIMITED (REGISTERED NUMBER: 12492318)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MARINE CONCEPTS HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2024







DIRECTORS: P J Hill
T G Stubington





REGISTERED OFFICE: Venture House
The Tanneries
East Street
Titchfield
Hampshire
PO14 4AR





REGISTERED NUMBER: 12492318 (England and Wales)





ACCOUNTANTS: Compass Accountants Limited
Chartered Accountants
Venture House
The Tanneries
East Street
Titchfield
Hampshire
PO14 4AR

MARINE CONCEPTS HOLDINGS LIMITED (REGISTERED NUMBER: 12492318)

BALANCE SHEET
30TH JUNE 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,729,372 1,438,157
Investments 5 350 350
6,729,722 1,438,507

CURRENT ASSETS
Debtors 6 81,307 51,628
Cash at bank 1,557 18,848
82,864 70,476
CREDITORS
Amounts falling due within one year 7 2,301,613 937,345
NET CURRENT LIABILITIES (2,218,749 ) (866,869 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,510,973

571,638

CREDITORS
Amounts falling due after more than one
year

8

(2,655,000

)

-

PROVISIONS FOR LIABILITIES (541,161 ) (86,480 )
NET ASSETS 1,314,812 485,158

CAPITAL AND RESERVES
Called up share capital 10 350 350
Retained earnings 1,314,462 484,808
SHAREHOLDERS' FUNDS 1,314,812 485,158

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MARINE CONCEPTS HOLDINGS LIMITED (REGISTERED NUMBER: 12492318)

BALANCE SHEET - continued
30TH JUNE 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3rd December 2024 and were signed on its behalf by:





T G Stubington - Director


MARINE CONCEPTS HOLDINGS LIMITED (REGISTERED NUMBER: 12492318)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024


1. STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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 as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33.3% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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

MARINE CONCEPTS HOLDINGS LIMITED (REGISTERED NUMBER: 12492318)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


2. ACCOUNTING POLICIES - continued

Basic financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

The company's financial assets and liabilities consist of cash and cash equivalents, short term investments, trade and other debtors, trade and other creditor, and accrued expenses. The fair value of these items approximates their carrying value due to their short term value. Unless otherwise noted, the company is not exposed to significant interest, foreign exchange or credit risks arising from these instruments.

Going concern
The financial statements for the year ended 30th June 2024 have been prepared on a going concern basis. In making this going concern assessment, all available information about the foreseeable future has been taken into account.

The company has the support of it's directors.

Revaluation reserve
Surpluses and deficits, to the extent that any deficit is regarded as temporary, arising from the valuations of properties are taken direct to the revaluation reserve. Where a permanent diminution in the value of an individual property is identified, the deficit is eliminated first against any revaluation reserve in respect of that property with any excess being charged to the profit and loss account. Valuation surpluses or deficits on sale are transferred from the revaluation reserve to the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold Long to Plant and
property leasehold property machinery
£    £    £    £   
COST OR VALUATION
At 1st July 2023 - 674,260 428,924 424,948
Additions - - 3,333,665 145,403
Revaluations 1,837,263 - - -
Reclassification/transfer 4,564,729 (674,260 ) (3,762,589 ) (74,627 )
At 30th June 2024 6,401,992 - - 495,724
DEPRECIATION
At 1st July 2023 - - 10,948 127,045
Charge for year - - - 47,402
Revaluation adjustments - - (10,948 ) (920 )
At 30th June 2024 - - - 173,527
NET BOOK VALUE
At 30th June 2024 6,401,992 - - 322,197
At 30th June 2023 - 674,260 417,976 297,903

MARINE CONCEPTS HOLDINGS LIMITED (REGISTERED NUMBER: 12492318)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1st July 2023 53,975 4,849 13,710 1,600,666
Additions 3,599 - 420 3,483,087
Revaluations - - - 1,837,263
Reclassification/transfer (53,383 ) - - (130 )
At 30th June 2024 4,191 4,849 14,130 6,920,886
DEPRECIATION
At 1st July 2023 8,236 2,804 13,476 162,509
Charge for year 595 510 374 48,881
Revaluation adjustments (8,008 ) - - (19,876 )
At 30th June 2024 823 3,314 13,850 191,514
NET BOOK VALUE
At 30th June 2024 3,368 1,535 280 6,729,372
At 30th June 2023 45,739 2,045 234 1,438,157

Cost or valuation at 30th June 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2024 1,837,263 - -
Cost 4,564,729 495,724 4,191
6,401,992 495,724 4,191

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2024 - - 1,837,263
Cost 4,849 14,130 5,083,623
4,849 14,130 6,920,886

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st July 2023
and 30th June 2024 350
NET BOOK VALUE
At 30th June 2024 350
At 30th June 2023 350

MARINE CONCEPTS HOLDINGS LIMITED (REGISTERED NUMBER: 12492318)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Other debtors 81,307 51,628

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 429,013 -
Trade creditors 443,401 272,349
Amounts owed to group undertakings 1,199,645 462,849
Other creditors 229,554 202,147
2,301,613 937,345

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans 2,655,000 -

9. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Debentures 3,043,995 -

Julian Hodge Bank Limited holds a fixed and floating chare over the Overlord Hangar, Daedalus waterfront. Floating charge covers all the property or undertaking of the company. Contains negative pledge.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
142 Ordinary £1 142 142
71 Ordinary A £1 71 71
50 Ordinary B £1 50 50
71 Ordinary C £1 71 71
8 Ordinary D £1 8 8
8 Ordinary E £1 8 8
350 350