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MarineCo Limited

Registered Number
08343440
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2024

MarineCo Limited
Company Information
for the year from 1 January 2024 to 31 December 2024

Directors

BRYAN BROWN, Thomas
DINHAM, Christopher Joseph
ROSIE, Craig Norman
WICK, Harry

Registered Address

Marineco House Gilston Road
Saltash Industrial Estate
Saltash
PL12 6LF

Registered Number

08343440 (England and Wales)
MarineCo Limited
Balance Sheet as at
31 December 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,136,6791,147,273
1,136,6791,147,273
Current assets
Stocks4924,151776,876
Debtors5396,002419,967
Cash at bank and on hand1,036,837901,959
2,356,9902,098,802
Creditors amounts falling due within one year6(613,672)(452,073)
Net current assets (liabilities)1,743,3181,646,729
Total assets less current liabilities2,879,9972,794,002
Provisions for liabilities7(8,070)(10,718)
Net assets2,871,9272,783,284
Capital and reserves
Called up share capital190,626190,626
Revaluation reserve219,853219,853
Profit and loss account2,461,4482,372,805
Shareholders' funds82,871,9272,783,284
The financial statements were approved and authorised for issue by the Board of Directors on 12 May 2025, and are signed on its behalf by:
BRYAN BROWN, Thomas
Director
DINHAM, Christopher Joseph
Director

Registered Company No. 08343440
MarineCo Limited
Notes to the Financial Statements
for the year ended 31 December 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. Previously the company operated a defined benefit pension scheme, which is now closed, however obligations existed under the scheme in the form of a recovery plan. This has been paid in full in the current year and no further obligations to the plan.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery25
Vehicles25
Office Equipment20
Stocks and work in progress
Stock is valued at the lower of cost and Net realisable Value after provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.
2.Average number of employees

20242023
Average number of employees during the year65
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 January 241,104,40099,09722,25013,7901,239,537
At 31 December 241,104,40099,09722,25013,7901,239,537
Depreciation and impairment
At 01 January 24-68,24412,71111,30992,264
Charge for year-7,7132,38549610,594
At 31 December 24-75,95715,09611,805102,858
Net book value
At 31 December 241,104,40023,1407,1541,9851,136,679
At 31 December 231,104,40030,8539,5392,4811,147,273
4.Stocks

2024

2023

££
Raw materials and consumables924,151776,876
Total924,151776,876
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables313,183350,530
Other debtors61,3851,729
Prepayments and accrued income21,43467,708
Total396,002419,967
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables182,035165,925
Taxation and social security181,44178,425
Dividends payable246,936194,478
Other creditors-10,095
Accrued liabilities and deferred income3,2603,150
Total613,672452,073
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)8,07010,718
Total8,07010,718
8.Revaluation reserve

£
Reserve at 01 January 24219,853
At 31 December 24219,853
9.Controlling party
No individual or small group of shareholders has control of the company.