Silverfin false false 31/07/2024 01/08/2023 31/07/2024 I D Lines 05/07/2020 28 April 2025 The principal activity of the Company during the financial year was that of the repair and maintenance of ships and boats. 12720844 2024-07-31 12720844 bus:Director1 2024-07-31 12720844 2023-07-31 12720844 core:CurrentFinancialInstruments 2024-07-31 12720844 core:CurrentFinancialInstruments 2023-07-31 12720844 core:ShareCapital 2024-07-31 12720844 core:ShareCapital 2023-07-31 12720844 core:RetainedEarningsAccumulatedLosses 2024-07-31 12720844 core:RetainedEarningsAccumulatedLosses 2023-07-31 12720844 core:PlantMachinery 2023-07-31 12720844 core:ComputerEquipment 2023-07-31 12720844 core:PlantMachinery 2024-07-31 12720844 core:ComputerEquipment 2024-07-31 12720844 2023-08-01 2024-07-31 12720844 bus:FilletedAccounts 2023-08-01 2024-07-31 12720844 bus:SmallEntities 2023-08-01 2024-07-31 12720844 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 12720844 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 12720844 bus:Director1 2023-08-01 2024-07-31 12720844 core:PlantMachinery 2023-08-01 2024-07-31 12720844 core:ComputerEquipment core:TopRangeValue 2023-08-01 2024-07-31 12720844 2022-08-01 2023-07-31 12720844 core:ComputerEquipment 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Company No: 12720844 (England and Wales)

I LINES MARINE SERVICES LIMITED

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

I LINES MARINE SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

I LINES MARINE SERVICES LIMITED

BALANCE SHEET

As at 31 July 2024
I LINES MARINE SERVICES LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,238 450
2,238 450
Current assets
Stocks 4 17,610 13,704
Debtors 5 1,793 1,077
Cash at bank and in hand 33,114 2,278
52,517 17,059
Creditors: amounts falling due within one year 6 ( 28,146) ( 6,285)
Net current assets 24,371 10,774
Total assets less current liabilities 26,609 11,224
Net assets 26,609 11,224
Capital and reserves
Called-up share capital 1 1
Profit and loss account 26,608 11,223
Total shareholder's funds 26,609 11,224

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

Director's responsibilities:

The financial statements of I Lines Marine Services Limited (registered number: 12720844) were approved and authorised for issue by the Director on 28 April 2025. They were signed on its behalf by:

I D Lines
Director
I LINES MARINE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
I LINES MARINE SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 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

I Lines Marine Services 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 Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, 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 £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

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.

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 or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
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.

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 is calculated using the FIFO 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.

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 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.

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

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Computer equipment Total
£ £ £
Cost
At 01 August 2023 767 260 1,027
Additions 2,464 0 2,464
At 31 July 2024 3,231 260 3,491
Accumulated depreciation
At 01 August 2023 344 233 577
Charge for the financial year 649 27 676
At 31 July 2024 993 260 1,253
Net book value
At 31 July 2024 2,238 0 2,238
At 31 July 2023 423 27 450

4. Stocks

2024 2023
£ £
Stocks 17,610 13,704

5. Debtors

2024 2023
£ £
Trade debtors 1,793 1,077

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 8,999 3,105
Other creditors 19,147 3,180
28,146 6,285