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REGISTERED NUMBER: 03879475 (England and Wales)















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: S J W Austin
Mrs L J Austin



SECRETARY: S J W Austin



REGISTERED OFFICE: The Boar Shed
Shirlheath
Kingsland
Leominster
Herefordshire
HR4 0BU



REGISTERED NUMBER: 03879475 (England and Wales)



AUDITORS: D.R.E. & Co. (Audit) Limited
Kingsland House
39 Abbey Foregate
Shrewsbury
Shropshire
SY2 6BL



ACCOUNTANTS: Indigo Green Accountants Limited
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 5 491,802 546,334

CURRENT ASSETS
Debtors 6 19,371,998 16,498,622
Cash at bank 410,068 420,620
19,782,066 16,919,242
CREDITORS
Amounts falling due within one year 7 673,827 703,869
NET CURRENT ASSETS 19,108,239 16,215,373
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,600,041

16,761,707

CREDITORS
Amounts falling due after more than one
year

8

(14,461,157

)

(12,519,157

)

PROVISIONS FOR LIABILITIES (122,950 ) (136,583 )
NET ASSETS 5,015,934 4,105,967

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 5,015,932 4,105,965
SHAREHOLDERS' FUNDS 5,015,934 4,105,967

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 12 November 2024 and were signed on its behalf by:





S J W Austin - Director


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 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.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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 2 (2023 - 2 ) .

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 838,486
Additions 1,856
At 30 April 2024 840,342
DEPRECIATION
At 1 May 2023 292,152
Charge for year 56,388
At 30 April 2024 348,540
NET BOOK VALUE
At 30 April 2024 491,802
At 30 April 2023 546,334

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
(Unaudited)
£    £   
Trade debtors 19,053,296 16,380,813
Amounts owed by group undertakings 3,243 -
Other debtors 173 155
Repossessed boats 163,149 -
VAT 7,628 8,497
Prepayments and accrued income 144,509 109,157
19,371,998 16,498,622

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 10,000 10,000
Amounts owed to related parties 40,139 54,490
Trade creditors 145,047 83,862
Tax 317,088 246,568
Social security and other taxes 4,448 5,809
Other creditors 58,000 -
Directors' current accounts 85,132 228,050
Accrued expenses 13,973 75,090
673,827 703,869

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 11,667 21,667
Revolving credit facility 14,449,490 12,497,490
14,461,157 12,519,157

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: £    £   
2 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.

Francis Nock F.C.C.A. (Senior Statutory Auditor)
for and on behalf of D.R.E. & Co. (Audit) Limited

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.