REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
PROMARINE FINANCE LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 |
FOR |
PROMARINE FINANCE LTD |
PROMARINE FINANCE LTD (REGISTERED NUMBER: 03879475) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PROMARINE FINANCE LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 APRIL 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Kingsland House |
39 Abbey Foregate |
Shrewsbury |
Shropshire |
SY2 6BL |
ACCOUNTANTS: |
Chartered Accountants |
The Boar Shed |
Shirlheath |
Kingsland |
Herefordshire |
HR6 9RJ |
PROMARINE FINANCE LTD (REGISTERED NUMBER: 03879475) |
BALANCE SHEET |
30 APRIL 2024 |
30.4.24 | 30.4.23 |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
PROMARINE FINANCE LTD (REGISTERED NUMBER: 03879475) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 APRIL 2024 |
1. | STATUTORY INFORMATION |
Promarine Finance Ltd is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are for the individual entity only. |
The financial statements are presented in sterling (£), rounded to the nearest £1. |
Preparation of consolidated financial statements |
The financial statements contain information about Promarine Finance Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable for services net of discounts and value added tax. Interest income is calculated daily on the outstanding balance of each financing arrangement and is recognised each month when it is charged to each customer's account. |
Tangible fixed assets |
Tangible fixed assets are stated at historic cost less accumulated depreciation. Costs include original purchase price of the asset and the costs attributable to bringing the asset to its working condition for intended use. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Plant and machinery | - | 10% on reducing balance |
Motor vehicles | - | 25% on reducing balance |
Fixtures and fittings | - | 20% on reducing balance |
Computer equipment | - | 3 years straight line |
PROMARINE FINANCE LTD (REGISTERED NUMBER: 03879475) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other receivables and bank balances, are initially recognised at amortised cost being their transaction price. Subsequently they are measured using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. |
Financial assets are derecognised when (a) the contractual rights to cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party. |
(i) Financial liabilities |
Basic financial liabilities, including trade creditors and loans are initially recognised at transaction price and subsequently carried at amortised cost. Finance costs are charged to the profit and loss over the term of the debt instrument. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
PROMARINE FINANCE LTD (REGISTERED NUMBER: 03879475) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
(Unaudited) |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Repossessed boats |
VAT |
Prepayments and accrued income |
Included with trade debtors is an amount of £16,453,241 (2023: £14,143,667) that is due in more than one year. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
(Unaudited) |
£ | £ |
Bank loans and overdrafts |
Amounts owed to related parties |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Directors' current accounts |
Accrued expenses |
PROMARINE FINANCE LTD (REGISTERED NUMBER: 03879475) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
(Unaudited) |
£ | £ |
Bank loans - 1-2 years |
Revolving credit facility |
9. | SECURED DEBTS |
A liability of £14,449,490 (2023: £12,497,490) is owed to Shawbrook Bank Limited. The liability is secured by a debenture dated 22 October 2020 between Promarine Finance Limited and Shawbrook Bank Limited with a fixed and floating charge over all property and undertaking of the company currently or at any time afterwards. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.24 | 30.4.23 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. |
The preceding years' financial statements were not audited as advantage had been taken of audit exemption. Due to insufficient audit information it has not been possible for us to perform the auditing procedures necessary to obtain sufficient audit evidence to satisfy ourselves that no material misstatement exists in the comparative figures. In consequence the comparative information may not be comparable. |
for and on behalf of |
PROMARINE FINANCE LTD (REGISTERED NUMBER: 03879475) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 APRIL 2024 |
12. | RELATED PARTY DISCLOSURES |
Included within creditors due within one year is a balance of £40,139 (2023: £57,035) due to Prolease Limited. S J W Austin and L J Austin are both directors and shareholders of Prolease Limited. During the year, Promarine Finance Limited paid management fees of £145,550 (2023: £143,349) to Prolease Limited. |
Included within debtors due within one year is a balance of £3,243 (2023: creditor of £227) due from Dealistic Limited. S J W Austin and L J Austin are both directors and shareholders of Dealistic Limited. During the year, Promarine Finance Limited paid management fees of £4,161 (2023: £4,948) to Dealistic Limited. |
During the year, S J W Austin charged interest to the company totalling £22,242 (2023: £29,044) at an interest rate of 10% (2023: 10%). |
Included within creditors due after one year is a balance due to Shawbrook Bank Limited of £14,449,490 (2023: £12,497,490). This is secured by a corporate guarantee given by Prolease Limited and Dealistic Limited and a personal guarantee by the directors, S J W Austin and L J Austin. |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling parties are S J W Austin and L J Austin by virtue of their shareholding in the company. |