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Company No: 11158825 (England and Wales)

INYANGA MARITIME LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

INYANGA MARITIME LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

INYANGA MARITIME LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 January 2024
INYANGA MARITIME LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Intangible assets 4 8,795 10,715
Tangible assets 5 49,694 31,656
58,489 42,371
Current assets
Debtors 6 2,030,024 2,232,029
Cash at bank and in hand 9,002 12,453
2,039,026 2,244,482
Creditors: amounts falling due within one year 7 ( 571,214) ( 680,527)
Net current assets 1,467,812 1,563,955
Total assets less current liabilities 1,526,301 1,606,326
Creditors: amounts falling due after more than one year 8 ( 145,951) ( 187,494)
Provision for liabilities ( 4,989) ( 8,684)
Net assets 1,375,361 1,410,148
Capital and reserves
Called-up share capital 9 152 152
Share premium account 1,631,002 1,631,002
Profit and loss account ( 255,793 ) ( 221,006 )
Total shareholders' funds 1,375,361 1,410,148

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Inyanga Maritime Limited (registered number: 11158825) were approved and authorised for issue by the Board of Directors on 31 January 2025. They were signed on its behalf by:

Richard James Parkinson
Director
INYANGA MARITIME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
INYANGA MARITIME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Inyanga Maritime Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 3 Penstraze Business Centre Penstraze, Chacewater, Truro, TR4 8PN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

The nature of the prior period error was to correct the capitalisation of intangible assets and move software expenses to a related company.

The impact of these adjustments only affected the results for the year ended 31 January 2023 and are disclosed in note 2 to the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 5 years straight line
Trademarks, patents and licences 20 years straight line
Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of [amount of years] years which is their estimated useful economic life. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Plant and machinery 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Prior year adjustment

The results for the period ended 31 January 2023 have been restated to correct material errors noted post their submission. The amendments are as follows:

As previously reported Adjustment As restated
Year ended 31 January 2023 £ £ £
Other debtors 1,565,461 37,167 1,602,628
Computer expenses 70,402 (37,167) 33,235

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 10 13

4. Intangible assets

Computer software Trademarks, patents
and licences
Total
£ £ £
Cost
At 01 February 2023 7,614 7,970 15,584
At 31 January 2024 7,614 7,970 15,584
Accumulated amortisation
At 01 February 2023 3,275 1,594 4,869
Charge for the financial year 1,522 398 1,920
At 31 January 2024 4,797 1,992 6,789
Net book value
At 31 January 2024 2,817 5,978 8,795
At 31 January 2023 4,339 6,376 10,715

5. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 February 2023 2,098 4,683 11,215 50,419 68,415
Additions 0 24,508 1,741 6,183 32,432
At 31 January 2024 2,098 29,191 12,956 56,602 100,847
Accumulated depreciation
At 01 February 2023 840 2,107 7,017 26,795 36,759
Charge for the financial year 419 6,149 1,339 6,487 14,394
At 31 January 2024 1,259 8,256 8,356 33,282 51,153
Net book value
At 31 January 2024 839 20,935 4,600 23,320 49,694
At 31 January 2023 1,258 2,576 4,198 23,624 31,656

6. Debtors

2024 2023
£ £
Trade debtors 385,015 318,912
Amounts owed by directors 7,682 7,682
Amounts recoverable on contracts 483,057 153,837
Prepayments and accrued income 129,901 11,932
VAT recoverable 0 38,548
Corporation tax 0 132,864
Other debtors 1,024,369 1,568,254
2,030,024 2,232,029

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 41,543 37,830
Trade creditors 342,562 383,288
Amounts owed to Group undertakings 0 10,350
Accruals 77,802 75,233
Taxation and social security 57,355 13,747
Other creditors 51,952 160,079
571,214 680,527

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 145,951 187,494

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
291,775 Ordinary A shares of £ 0.0001 each 29 29
1,226,020 Ordinary shares of £ 0.0001 each 123 123
152 152

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Amounts owed to the company by the directors 7,682 7,682