REGISTERED NUMBER: |
MARIN'S UK LIMITED |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
REGISTERED NUMBER: |
MARIN'S UK LIMITED |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
MARIN'S UK LIMITED (REGISTERED NUMBER: 06807172) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MARIN'S UK LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Blackthorn House |
St Pauls Square |
Birmingham |
West Midlands |
B3 1RL |
MARIN'S UK LIMITED (REGISTERED NUMBER: 06807172) |
BALANCE SHEET |
31 DECEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
MARIN'S UK LIMITED (REGISTERED NUMBER: 06807172) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
1. | STATUTORY INFORMATION |
Marin's UK Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The functional currency for the company is £ UK pound sterling. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised on delivery to customers. Turnover is wholly undertaken in the United Kingdom. |
Tangible fixed assets |
Fixtures and fittings | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
MARIN'S UK LIMITED (REGISTERED NUMBER: 06807172) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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 assets and liabilities are offset, with the net amounts presented in the financial statements, when 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. |
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs. At subsequent reporting periods, the basic financial assets receivable within one year are measured at the undiscounted amount of the cash or other consideration that the company expects to receive. Basic financial assets that constitute financing transactions, in accordance with FRS 102 paragraph 11.13, are measured at the present value of the future receipts discounted at a market rate of interest. Basic financial assets that meet the conditions in FRS102 paragraph 11.8 (b) are initially recognised at the transaction price and are subsequently measured at amortised cost using the effective interest method. |
Basic financial liabilities, including trade and other payables, bank loans, and loans from fellow group companies that are payable within one year or less, other than those that constitute a financing transaction in accordance with FRS 102 paragraph 11.13, are initially recognised at the transaction price and, except for those financial liabilities that meet the conditions in FRS102 paragraph 11.8 (b), are subsequently measured at the undiscounted amount of the cash or other consideration that the company expects to pay. Basic financial liabilities that constitute a financing transaction in accordance with FRS 102 paragraph 11.13 are measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities that meet the conditions in FRS102 paragraph 11.8 (b) are initially recognised at the transaction price and are subsequently measured at amortised cost using the effective interest method. |
Judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods. |
MARIN'S UK LIMITED (REGISTERED NUMBER: 06807172) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
Operating leases |
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 January 2024 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 January 2024 |
Charge for year |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 31 December 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Deferred tax asset |
Prepayments |
Included above are financial instruments held at amortised cost amounting to £80,575 (2023: £158,992). |
MARIN'S UK LIMITED (REGISTERED NUMBER: 06807172) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Amounts owed to participating interests | 15,927 | 133,298 |
Social security and other taxes |
VAT | 45,827 | 35,545 |
Other creditors |
Accrued expenses |
Included above are financial instruments held at amortised cost amounting to £16,127 (2023: £135,617). |
7. | LEASING AGREEMENTS |
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £25,667 (2023 £39,667). This represents lease commitments for the company's premises. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 20,000 | 20,000 |
All shares rank pari-passu in all respects. |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2024 |
Profit for the year |
At 31 December 2024 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
MARIN'S UK LIMITED (REGISTERED NUMBER: 06807172) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2024 |
11. | RELATED PARTY TRANSACTIONS |
During the year to 31 December 2024 the company was charged on normal commercial terms from |
its parent company Marin's International, Royalties of £17,049 (2023: £32,850) and other costs of |
£52,632 (2023: 47,250). As at 31 December 2024 Marin's UK Limited owed Marin's International |
£6,650 (2023: £19,947). |
During the year to 31 December 2024 the company was charged on normal commercial terms from |
its associated company Marin's France costs of £23,396 (2023: £18,067). At 31 December 2024 |
Marin's UK Limited owed Marin's France £8,415 (2023: £3,953). |
During the year to 31 December 2024 the company purchased on normal commercial terms from its associated company Quad Graphics Europe £396,932 (2023: £388,291) in Materials, Freight and |
Transport costs. At 31 December 2024 Marin's UK Limited owed Quad Graphics Europe £862 |
(2023: £109,398). Sales of £147,557 (2023: £131,870) to Quad Graphics Europe were also made on |
normal commercial terms. At 31 December 2024 Quad Graphics Europe owed Marin's UK Limited |
£1,921 (2023: £7,161). |
At 31 December 2011 an intercompany balance was written off between Marin's International and |
Marin's UK Limited to the value of £425,389. However, included in the debt waiver agreement, was |
a "better fortune" clause which stated that should profitability improve in Marin's UK Limited, the |
debt between Marin's International and Marin's UK Limited should be reinstated based on 80% of |
the increase in the Profit and Loss Account (Equity - Shareholders' funds). There was no balance |
reinstated at 31 December 2024 nor 31 December 2023. |
12. | ULTIMATE PARENT UNDERTAKING & CONTROLLING PARTY |
The immediate parent company is Marin's International, while the ultimate parent company and controlling party is Quad Graphics Inc.; a global provider of print and media solutions registered in the United States of America. Quad Graphics Luxembourg 2, a company incorporated in Luxembourg, purchased 100% of the share capital of Marin's International on 3 February 2015 which was previously the controlling party of Marin's UK Limited. |
The largest group into which Marin's UK Limited is consolidated into is Quad Graphics Inc. The smallest group into which Marin's UK Limited is consolidated into is Marin's International. |
The financial statements of Marin's International are available to the public and may be obtained from the Clerk's office of the Commercial Court of Paris, or online from infogreffe.fr. |