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Company No: 05754400 (England and Wales)

INSPIRATION MARINE GROUP LIMITED

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

INSPIRATION MARINE GROUP LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

INSPIRATION MARINE GROUP LIMITED

BALANCE SHEET

As at 31 August 2024
INSPIRATION MARINE GROUP LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 111,511 62,917
Investments 4 203 203
111,714 63,120
Current assets
Stocks 5 2,630,395 398,088
Debtors 6 1,462,932 1,740,941
Cash at bank and in hand 1,005,643 1,638,883
5,098,970 3,777,912
Creditors: amounts falling due within one year 7 ( 3,798,866) ( 2,700,468)
Net current assets 1,300,104 1,077,444
Total assets less current liabilities 1,411,818 1,140,564
Provision for liabilities ( 26,946) ( 14,505)
Net assets 1,384,872 1,126,059
Capital and reserves
Called-up share capital 800 800
Capital redemption reserve 20 20
Profit and loss account 1,384,052 1,125,239
Total shareholder's funds 1,384,872 1,126,059

For the financial year ending 31 August 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 Inspiration Marine Group Limited (registered number: 05754400) were approved and authorised for issue by the Board of Directors on 06 March 2025. They were signed on its behalf by:

J M J Stone
Director
INSPIRATION MARINE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
INSPIRATION MARINE GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 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

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 £.

Going concern

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

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, which for new boat sales is the point of handover. Brokerage and other commission income is recognised at the point of contract.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 5 years straight line
Vehicles 4 years straight line
Fixtures and fittings 5 years straight line
Office equipment 5 years straight line
Computer equipment 3 years straight line

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 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 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.

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 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 9

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £ £ £
Cost
At 01 September 2023 10,177 7,654 41,531 10,328 28,671 40,107 138,468
Additions 0 2,665 81,895 2,676 333 9,677 97,246
Disposals ( 2,167) ( 2,196) ( 28,536) 0 ( 3,320) ( 3,802) ( 40,021)
At 31 August 2024 8,010 8,123 94,890 13,004 25,684 45,982 195,693
Accumulated depreciation
At 01 September 2023 5,279 6,547 14,061 2,097 19,973 27,594 75,551
Charge for the financial year 855 1,048 13,575 2,116 2,247 8,495 28,336
Disposals ( 1,851) ( 2,161) ( 8,917) 0 ( 3,006) ( 3,770) ( 19,705)
28336 0 0 0 0 0 0 0
At 31 August 2024 4,283 5,434 18,719 4,213 19,214 32,319 84,182
Net book value
At 31 August 2024 3,727 2,689 76,171 8,791 6,470 13,663 111,511
At 31 August 2023 4,898 1,107 27,470 8,231 8,698 12,513 62,917

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 September 2023 200
At 31 August 2024 200
Carrying value at 31 August 2024 200
Carrying value at 31 August 2023 200

Other investments Total
£ £
Cost or valuation before impairment
At 01 September 2023 3 3
At 31 August 2024 3 3
Carrying value at 31 August 2024 3 3
Carrying value at 31 August 2023 3 3

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
Inspiration Motor Yachts Limited Chandlery Building Hamble Point Marina, Hamble, Southampton, Hampshire, England, SO31 4NB Yacht sales Ordinary 100.00% 100.00%
Inspiration Multihulls Limited Chandlery Building Hamble Point Marina, Hamble, Southampton, Hampshire, England, SO31 4NB Dormant company Ordinary 100.00% 100.00%

5. Stocks

2024 2023
£ £
Stocks 2,630,395 398,088

6. Debtors

2024 2023
£ £
Trade debtors 123,903 107,244
Amounts owed by Group undertakings 204,075 88,167
Prepayments and accrued income 1,117,169 1,541,871
Corporation tax 5,651 0
Other debtors 12,134 3,659
1,462,932 1,740,941

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 406,276 453,642
Accruals and deferred income 1,411,504 1,454,989
Taxation and social security 159,279 424,556
Other creditors 1,821,807 367,281
3,798,866 2,700,468

Included within other creditors are deposits paid by clients for yacht purchases. A corresponding amount of £nil (2023: £6,000) is held within a separate bank account included in the bank balance of £1,005,643 (2023: £1,638,883)

8. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 2,961 29,645

9. Related party transactions

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.