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International Maritime Employers Council Limited (Limited by
guarantee)

Registered number: 05319705
Annual report
For the year ended 31 December 2024

 
INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED
 
(A Company Limited by Guarantee)
 
 
COMPANY INFORMATION


Directors
B Ahmed 
A Andreou 
V Chaika 
J Clodius 
J A Diercks 
M J Estaniel 
A Gkountaras 
S Kapoor 
S J Liu 
G Pitaoulis 
K Poulis 
S J A Spacey 
A Steffen 




Company secretary
F Gargiulo



Registered number
05319705



Registered office
2 Turnberry House
Solent Business Park Parkway

Whiteley

Fareham

England

PO15 7FJ




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

5th Floor

Merck House

Seldown Lane

Poole

BH15 1TW





 
INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED
 
(A Company Limited by Guarantee)
 

CONTENTS



Page
Directors' Report
 
 
1 - 3
Independent Auditor's Report
 
 
4 - 7
Statement of Comprehensive Income
 
 
8
Statement of Financial Position
 
 
9
Statement of Changes in Equity
 
 
10
Notes to the Financial Statements
 
 
11 - 19


 
INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED

(A Company Limited by Guarantee)
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the audited financial statements for the year ended 31 December 2024.

Principal activity

During 2024, the IMEC Board continued to support the recommendations of its Members and the advice provided by the Recruitment and Training Committee concerning ongoing IMEC projects and work.
The income for the operation of IMEC as an entity continues to be derived from membership fees and administration fees for maintenance and development of the SEPF (Seafarers' Employment Promotion Fund) process which are derived from negotiated agreements with the ITF (International Transport-Workers’ Federation), on behalf of the IMEC Membership. Expenditure continues to be in line with the purposes of IMEC as a Membership Association.

Directors

The directors who served during the year and to the date of this report were:

B Ahmed 
A Andreou 
V Chaika (appointed 16 May 2024)
J Clodius 
J A Diercks 
M J Estaniel 
A Gkountaras 
S Kapoor 
S J Liu 
G Pitaoulis 
K Poulis 
S J A Spacey 
A Steffen 

Political and Charitable donations

Donations in the year amounting to £3,058 (2023: £nil) were made to The Mission for Seafarers, £500 (2023: £nil) to the Oceans Conservation Trust and £1,848 (2023: £nil) to the Naval Connection. A donation of £nil (2023: £500) to Tall Ships Youth Trust is included within accruals and was settled subsequent to the year-end. No political donations have been made (2023: £nil).

Going concern

Taking account of the Company’s current position and principal risks, the directors have exercised their due diligence and having reviewed the Company’s liabilities versus its current assets have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due for a period of at least twelve months from when the financial statements are authorised for issue. Given the strength of the Statement of Financial Position which highlights a significant accumulated surplus, the accounts are prepared on the going concern basis. 

- 1 -

 
INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED

(A Company Limited by Guarantee)
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102   ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Provision of information to the auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

- 2 -

 
INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED

(A Company Limited by Guarantee)
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf by:
 




Captain Belal Ahmed
Director

Date: 17 April 2025

- 3 -

 
INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED

(A Company Limited by Guarantee)
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED
 

Opinion

We have audited the financial statements of International Maritime Employers Council Limited (the "Company") for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. 
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Company’s affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
 
- 4 -

 
INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED

(A Company Limited by Guarantee)
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED
 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Directors' Report for the financial year for which the financial statements is prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemption in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
 
Responsibilities of Directors
 
As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
 
- 5 -

 
INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED

(A Company Limited by Guarantee)
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED
 

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 

Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006.
- 6 -

 
INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED

(A Company Limited by Guarantee)
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED
 

In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed.




Lesley Fox (Senior statutory auditor)  
for and on behalf of Mazars LLP
Chartered Accountants and Statutory Auditor 
5th Floor
Merck House
Seldown Lane
Poole
BH15 1TW

17 April 2025
- 7 -

 
INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED
 
(A Company Limited by Guarantee)
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
     3
2,452,683
2,336,201

Administrative expenses
  
(1,382,094)
(1,610,891)

Operating profit
  
1,070,589
725,310

Interest receivable and similar income
 6 
497,079
346,198

Interest payable and similar expenses
 7 
(4,126)
(4,307)

Profit before tax
  
1,563,542
1,067,201

Tax on profit
 8 
(124,270)
(81,428)

Profit for the financial year
  
1,439,272
985,773

Other comprehensive income
  
-
-

Total comprehensive income for the year
  
1,439,272
985,773

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations. 

The notes on pages 11 to 19 form part of these financial statements.

- 8 -

 
INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 05319705

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 9 
483,106
478,187

  
483,106
478,187

Current assets
  

Debtors: amounts falling due within one year
 10 
1,324,983
1,300,154

Cash and cash equivalents
  
10,970,023
9,494,115

  
12,295,006
10,794,269

Creditors: amounts falling due within one year
 11 
(237,761)
(171,377)

Net current assets
  
 
 
12,057,245
 
 
10,622,892

Total assets less current liabilities
  
12,540,351
11,101,079

  

Net assets
  
12,540,351
11,101,079


Capital and reserves
  

Profit and loss account
  
12,540,351
11,101,079

Total equity
  
12,540,351
11,101,079


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Captain Belal Ahmed
Director

Date: 17 April 2025


The notes on pages 11 to 19 form part of these financial statements.

- 9 -

 
INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED
 
(A Company Limited by Guarantee)
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Profit and loss account
Total equity

£
£

At 1 January 2023
10,115,306
10,115,306



Profit for the year
985,773
985,773
Total comprehensive income for the year
985,773
985,773


At 1 January 2024
11,101,079
11,101,079



Profit for the year
1,439,272
1,439,272
Total comprehensive income for the year
1,439,272
1,439,272


At 31 December 2024
12,540,351
12,540,351


The notes on pages 11 to 19 form part of these financial statements.

- 10 -

 
INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

International Maritime Employer's Council Limited is a company limited by guarantee incorporated in England and Wales. The address of its registered office is 2 Turnberry House, Solent Business Park Parkway, Whiteley, Fareham, England, PO15 7FJ.
The principal activity of the Company is the IMEC Board continuing to support the recommendations of its Members and the advice provided by the Recruitment and Training Committee concerning ongoing IMEC projects and work.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The financial statements have been presented in Pounds Sterling as this is the currency of the primary economic environment in which the Company operates and are rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Going concern

Taking account of the Company’s current position and principal risks, the directors have exercised their due diligence and having reviewed the Company’s liabilities versus its current assets have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due for a period of at least twelve months from when the financial statements are authorised for issue. Given the strength of the Statement of Financial Position which highlights a significant accumulated surplus, the accounts are prepared on the going concern basis. 

  
2.3

Turnover

Membership fees represents the contributions from members (net of applicable Value Added Tax) measured at the fair value on the consideration received or receivable. 
Administrative income represents the fee receivable from the SEPF for management of the Fund. 

- 11 -

 
INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets held for the Company's own use are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. 
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold buildings
-
2% straight line basis
Fixtures & fittings
-
25% straight line basis
Office equipment
-
25% straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in Statement of Comprehensive Income.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Interest receivable and similar income

Interest receivable and similar income is recognised in the Statement of Comprehensive Income using the effective interest method.

- 12 -

 
INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Interest payable and similar expenses

Interest payable and similar expenses are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentation currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

  
2.11

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

- 13 -

 
INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

- 14 -

 
INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.


3.


Turnover

2024
2023
£
£



UK
52,250
42,469

EU member countries
646,750
595,562

Other countries
526,302
594,522

Total membership fees
1,225,302
1,232,553



Other services provided
1,227,381
1,103,648

2,452,683
2,336,201

All membership income relates to a single activity, the provision of services to members.
Other revenue relates to services provided to the Seafarers' Employment Promotion Fund.

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INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Auditor's remuneration

2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
16,000
14,500

Fees payable to the Company's auditor in respect of:

All other services
6,410
6,160

5.


Employees

The average monthly number of employees, excluding the directors, during the year was 9 (2023: 8).
During the year, directors emoluments of £nil were paid (2023: £nil).


6.


Interest receivable and similar income

2024
2023
£
£


Bank interest receivable
497,079
346,198


7.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
4,126
4,307


8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
124,270
81,428


Total current tax
124,270
81,428

Factors affecting tax charge for the year

The tax charge for the year has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 25% (2023: 23.52%).


- 16 -

 
INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
8.Taxation (continued)


Factors that may affect future tax charges

The UK Government announced in the 2021 budget that from 1 April 2023, the rate of corporation tax in the United Kingdom has increased from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.


9.


Tangible fixed assets





Freehold land and buildings
Fixtures & fittings
Office equipment
Total

£
£
£
£



Cost


At 1 January 2024
510,411
105,777
65,344
681,532


Additions
-
25,484
2,513
27,997



At 31 December 2024

510,411
131,261
67,857
709,529



Depreciation


At 1 January 2024
50,689
102,734
49,922
203,345


Charge for the year
8,449
7,385
7,244
23,078



At 31 December 2024

59,138
110,119
57,166
226,423



Net book value



At 31 December 2024
451,273
21,142
10,691
483,106



At 31 December 2023
459,722
3,043
15,422
478,187

Freehold land and buildings includes the purchase of a property for the Company's use.

- 17 -

 
INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Debtors

2024
2023
£
£


Trade debtors
1,212,010
1,164,919

Other debtors
2,147
1,402

Prepayments and accrued income
110,826
133,833

1,324,983
1,300,154



11.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
30,944
34,533

Corporation tax
124,270
81,428

Taxation and social security
47,737
27,455

Accruals and deferred income
34,810
27,961

237,761
171,377




12.


Company status

The Company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the Company in the event of liquidation.


13.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund.  Contributions totalling £621 (2023: £259) were payable to the fund at the reporting date and are included in creditors. 

- 18 -

 
INTERNATIONAL MARITIME EMPLOYERS COUNCIL LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Related party transactions

The Seafarers' Employment Promotion Fund (SEPF) is a fund set up with the joint purposes of assisting the development of Developed Economy Ratings and to provide assistance to the IMEC Members in the training and development of Seafarers in general. The control and management of the fund are the subject of an Agreement between the International Transport-Workers' Federation and the Company.  
During the year, the Company received £1,227,164 (2023: £1,103,648) from SEPF as administration fees. This relates to an agreement between the Company and SEPF, whereby the Company is due a proportion of SEPF deposits as a fee.
£1,227,164 (2023: £1,103,648) was outstanding from SEPF, £6,393 (2023: £4,596) was outstanding from IMEC Ltd (Philippines) and £nil (2023: £15,244) was outstanding from Amosup as at 31 December 2024. This has been settled post year-end. Travel and other associated costs of £39,333 (2023: £32,980) have been re-charged to IMEC Ltd (Philippines) and £nil (2023: £18,532) have been recharged to Amosup by the Company in its capacity of providing operational services. IMEC Ltd (Philippines) and Amosup are funded by one of the funds which the Company shares with the ITF. The recharges relate to the costs incurred by the Company are aimed at maintaining training schemes in the Philippines.
The Joint Negotiating Group (JNG) is an unincorporated joint venture to which the Company contributes 44% of required funds. The JNG is a membership organisation of Shipping Employers formed to promote the interests of Employers Associations globally. The Company acts as the agent for the JNG in providing operational services. 
The Company’s subscription expense to the JNG for the year was £nil (2023: £45,107). Travel and other associated costs of £nil (2023: £103,697) have been re-charged to the JNG by the Company in its capacity of providing operational services. 
£nil (2023: £20,618) were outstanding from JNG as at 31 December 2024.


15.


Post balance sheet events

There have been no significant events affecting the Company since the year end.


16.


Controlling party

The Company is controlled by its members who pay membership fees.

- 19 -