Company No:
Contents
Note | 2024 | 2023 | ||
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Fixed assets | ||||
Tangible assets | 3 |
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Investments | 4 |
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111,714 | 63,120 | |||
Current assets | ||||
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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5,098,970 | 3,777,912 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 1,300,104 | 1,077,444 | ||
Total assets less current liabilities | 1,411,818 | 1,140,564 | ||
Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total shareholder's funds |
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Directors' responsibilities:
These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Inspiration Marine Group Limited (registered number:
J M J Stone
Director |
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.
Inspiration Marine Group 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 Chandlery Building Hamble Point Marina, Hamble, Southampton, SO31 4NB, 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 £.
The Directors have considered the relevant business and economic data available at the time of the preparation of these accounts and have a reasonable expectation that the company will continue to have adequate resources to continue operating for the foreseeable future. Accordingly, the accounts have been prepared on the going concern basis.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer, which for new boat sales is the point of handover. Brokerage and other commission income is recognised at the point of contract.
Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
Leasehold improvements |
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Plant and machinery |
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Vehicles |
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Fixtures and fittings |
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Office equipment |
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Computer equipment |
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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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
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 receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Derivative financial instruments
The Company uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The Company does not hold or issue derivative financial instruments for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately.
The Company does not apply hedge accounting.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet 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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Leasehold improve- ments |
Plant and machinery | Vehicles | Fixtures and fittings | Office equipment | Computer equipment | Total | |||||||
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Cost | |||||||||||||
At 01 September 2023 |
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Additions |
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Disposals | (
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At 31 August 2024 |
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Accumulated depreciation | |||||||||||||
At 01 September 2023 |
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Charge for the financial year |
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Disposals | (
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28336 |
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At 31 August 2024 |
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Net book value | |||||||||||||
At 31 August 2024 |
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At 31 August 2023 |
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Investments in subsidiaries
2024 | |
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Cost | |
At 01 September 2023 |
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At 31 August 2024 |
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Carrying value at 31 August 2024 |
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Carrying value at 31 August 2023 |
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Other investments | Total | ||
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Cost or valuation before impairment | |||
At 01 September 2023 |
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At 31 August 2024 |
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Carrying value at 31 August 2024 |
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Carrying value at 31 August 2023 |
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Other investments relate to 3 Ordinary B Class Non-Voting Shares held of £1 each in a fellow group company, Michael Schmidt & Partner Limited.
Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 31.08.2024 |
Ownership 31.08.2023 |
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Chandlery Building Hamble Point Marina, Hamble, Southampton, Hampshire, England, SO31 4NB | Yacht sales |
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Chandlery Building Hamble Point Marina, Hamble, Southampton, Hampshire, England, SO31 4NB | Dormant company |
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2024 | 2023 | ||
£ | £ | ||
Stocks |
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2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Prepayments and accrued income |
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Corporation tax |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Trade creditors |
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Accruals and deferred income |
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Taxation and social security |
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Other creditors |
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Commitments
Capital commitments are as follows:
2024 | 2023 | ||
£ | £ | ||
Contracted for but not provided for: | |||
Finance leases entered into | 2,961 | 29,645 |
The company is a wholly owned subsidiary of Inspiration Marine Holdings Limited and in accordance with paragraph 33.1A of FRS102 is therefore not required to disclose transactions with that company or its subsidiaries. The company has two wholly owned subsidiaries, Inspiration Motor Yachts Limited and Inspiration Multihulls Limited , and therefore in accordance with paragraph 33.1A of FRS102 is also not required to disclose transactions with those companies.