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Registered number: SC781544














INTERMARA MARINE LIMITED





FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 DECEMBER 2024

 
INTERMARA MARINE LIMITED
 

COMPANY INFORMATION


Director
G West (appointed 5 September 2023)




Registered number
SC781544



Registered office
2 Marischal Square
Broad Street

Aberdeen

AB10 1DQ





 
INTERMARA MARINE LIMITED
 

CONTENTS



Page
Statement of financial position
1
Notes to the financial statements
2 - 7

 
INTERMARA MARINE LIMITED
REGISTERED NUMBER:SC781544

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
Note
£

Fixed assets
  

Tangible assets
 4 
1,581,319

  
1,581,319

Current assets
  

Debtors: amounts falling due within one year
 5 
117,441

  
117,441

Creditors: amounts falling due within one year
 6 
(360,209)

Net current (liabilities)/assets
  
 
 
(242,768)

Total assets less current liabilities
  
1,338,551

Creditors: amounts falling due after more than one year
 7 
(1,407,288)

  

Net (liabilities)/assets
  
(68,737)


Capital and reserves
  

Called up share capital 
  
100

Profit and loss account
  
(68,837)

  
(68,737)


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 have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




G West
Director

Date: 5 June 2025

The notes on pages 2 to 7 form part of these financial statements.
Page 1

 
INTERMARA MARINE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

1.


General information

Intermara Marine Limited is a limited liability company incorporated in Scotland. The registered office is 2 Marischal Square, Broad Street, Aberdeen, AB10 1DQ. The principal activities of the company are offshore services to the worldwide oil and gas and renewables market. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

As at 31 December 2024, the company has net current liabilities of £68,737 which includes £719,764 due to the joint venture parties. The company is reliant on the continued availability of advances from the shareholders. 
The director, with consideration given to the current and expected performance forecasts of the company and the continued support of the shareholders believe the company is a going concern.  Management have prepared forecasts for the period to 31 December 2025, which indicate that further funding will be required in the short term. The shareholders, George West Limited and Interocean Marine Services Limited, have provided confirmation that they will support the company for a period of at least 12 months from the date of signing these financial statements.
As with any company placing reliance on other entities for financial support, the director acknowledges there can be no certainty that this support will continue although, at the date of approval of these financial statements, he has no reason to believe that it will not do so.
On that basis, and along with recent results and forecasts, the director has made a reasonable expectation that it is appropriate to adopt the going concern basis in the preparation of the financial statements and are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements.

Page 2

 
INTERMARA MARINE LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational 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 except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Finance costs

Finance costs 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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 3

 
INTERMARA MARINE LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The company contributes to 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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model 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.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Vessels
-
10% on cost

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 profit or loss.

 
2.9

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.

 
2.10

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.


3.


Employees

The average monthly number of employees, including directors, during the period was 5.

Page 4

 
INTERMARA MARINE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Vessels

£



Cost or valuation


At 5 September 2023
-


Additions
1,741,083



At 31 December 2024

1,741,083



Depreciation


At 5 September 2023
-


Charge for the period on owned assets
159,764



At 31 December 2024

159,764



Net book value



At 31 December 2024
1,581,319


5.


Debtors

2024
£


Trade debtors
22,368

Amounts owed by shareholders
59,549

Prepayments and accrued income
35,524

117,441



6.


Creditors: Amounts falling due within one year

2024
£

Other loans
201,600

Trade creditors
43,562

Amounts owed to shareholders
3,789

Other taxation and social security
100,664

Accruals and deferred income
10,594

360,209


The amounts owed to joint ventures are interest free and repayable on demand.  

Page 5

 
INTERMARA MARINE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

7.


Creditors: Amounts falling due after more than one year

2024
£

Other loans
691,313

Amounts owed to shareholders
715,975

1,407,288


The amounts owed to joint ventures are interest free and repayable on demand.  


8.


Loans


Analysis of the maturity of loans is given below:


2024
£

Amounts falling due within one year

Other loans
201,600

Amounts falling due 1-5 years

Other loans
691,313



892,913


The outstanding loan balance is repayable in monthly instalments over a 3 year period. The first payment was made in October 2024. Interest is charged at 8.25% per annum.

9.


Share capital

2024
£
Allotted, called up and fully paid


100 Ordinary shares of £1.00 each
100

On 2 August 2024, 100 ordinary shares were issued at par value. 




10.


Pension commitments

The company contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £3,975. Contributions of £Nil were payable to the fund at the year end and are included in creditors.

Page 6

 
INTERMARA MARINE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024

11.


Related party transactions

Control
Throughout the period the company was controlled by the director.


Transactions
2024
Balance 2024
£
£

Transactions with shareholders - sales
65,297
59,549
Transactions with shareholders - purchases
(4,435)
(3,789)
Transactions with shareholders - loans
(715,975)
(715,975)
(655,113)
(660,215)


12.


Controlling party

The director does not consider there to be an ultimate controlling party of Intermara Marine Limited.

13.


Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2024 was unqualified.

The audit report was signed on 5 June 2025 by James Pirrie (Senior statutory auditor) on behalf of AAB Audit & Accountancy Limited.


Page 7