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REGISTERED NUMBER: 03200735 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 DECEMBER 2024 |

| FOR |

| INTERMARINE LIMITED |

INTERMARINE LIMITED (REGISTERED NUMBER: 03200735)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

INTERMARINE LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

| DIRECTORS: | Mr S A Gaherty

| Mrs B J Gaherty

| REGISTERED OFFICE: | Fleming Court

| Leigh Road

| Eastleigh

| Southampton

| Hampshire

| SO50 9PD

| BUSINESS ADDRESS: | Unit 39

| Romsey Industrial Estate

| Greatbridge Road

| Romsey

| Hampshire

| SO51 0HR

| REGISTERED NUMBER: | 03200735 (England and Wales)

INTERMARINE LIMITED (REGISTERED NUMBER: 03200735)

BALANCE SHEET

31 DECEMBER 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 5 | 190,417 |  | 58,286 |  |

Investments | 6 | 2 |  | 2 |  |

190,419 |  | 58,288 |  |

CURRENT ASSETS

Stocks | 535,443 |  | 497,627 |  |

Debtors | 7 | 1,748,301 |  | 1,065,769 |  |

Cash at bank and in hand | 468,246 |  | 1,001,049 |  |

2,751,990 |  | 2,564,445 |  |

CREDITORS

Amounts falling due within one year | 8 | 1,750,174 |  | 1,560,194 |  |

NET CURRENT ASSETS | 1,001,816 |  | 1,004,251 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,192,235 |  | 1,062,539 |  |

CREDITORS

Amounts falling due after more than one year | 9 | (84,807 | ) | (70,833 | ) |

PROVISIONS FOR LIABILITIES | (46,447 | ) | (12,774 | ) |

NET ASSETS | 1,060,981 |  | 978,932 |  |

CAPITAL AND RESERVES

Called up share capital | 11 | 9,817 |  | 9,817 |  |

Capital redemption reserve | 2,933 |  | 2,933 |  |

Retained earnings | 1,048,231 |  | 966,182 |  |

SHAREHOLDERS' FUNDS | 1,060,981 |  | 978,932 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

INTERMARINE LIMITED (REGISTERED NUMBER: 03200735)

BALANCE SHEET - continued

31 DECEMBER 2024

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

Mr S A Gaherty - Director

INTERMARINE LIMITED (REGISTERED NUMBER: 03200735)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1. | STATUTORY INFORMATION

| Intermarine Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | STATEMENT OF COMPLIANCE

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| The financial statements have been prepared under the historical cost convention.

| Preparation of consolidated financial statements

| The financial statements contain information about Intermarine Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Plant and machinery | - | 25% on reducing balance

| Fixtures, fittings, equipment | - | 33% straight line

| Motor vehicles | - | 25% straight line

| All fixed assets are initially recorded at cost.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| 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.

INTERMARINE LIMITED (REGISTERED NUMBER: 03200735)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

3. | ACCOUNTING POLICIES - continued

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Pension costs and other post-retirement benefits

| The company contributes to a defined contribution pension scheme. Contributions payable to the pension scheme are charged to profit or loss in the period to which they relate.

| Debtors and creditors receivable / payable within one year

| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement in administrative expenses.

| Operating lease agreements

| Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

| Long term contracts

| Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

4. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 17 (2023 - 15 ) .

5. | TANGIBLE FIXED ASSETS

| Fixtures, |

| Plant and |  | fittings, |  | Motor |

| machinery |  | equipment |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 191,123 |  | 75,363 |  | 135,182 |  | 401,668 |  |

| Additions | - |  | 6,380 |  | 158,146 |  | 164,526 |  |

| Disposals | - |  | - |  | (27,490 | ) | (27,490 | ) |

| At 31 December 2024 | 191,123 |  | 81,743 |  | 265,838 |  | 538,704 |  |

| DEPRECIATION

| At 1 January 2024 | 149,141 |  | 62,483 |  | 131,758 |  | 343,382 |  |

| Charge for year | 10,496 |  | 7,767 |  | 14,132 |  | 32,395 |  |

| Eliminated on disposal | - |  | - |  | (27,490 | ) | (27,490 | ) |

| At 31 December 2024 | 159,637 |  | 70,250 |  | 118,400 |  | 348,287 |  |

| NET BOOK VALUE

| At 31 December 2024 | 31,486 |  | 11,493 |  | 147,438 |  | 190,417 |  |

| At 31 December 2023 | 41,982 |  | 12,880 |  | 3,424 |  | 58,286 |  |

INTERMARINE LIMITED (REGISTERED NUMBER: 03200735)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

6. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 2 |  |

| NET BOOK VALUE

| At 31 December 2024 | 2 |  |

| At 31 December 2023 | 2 |  |

7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade debtors | 1,386,839 |  | 895,393 |  |

| Amounts recoverable on contract | 345,118 |  | 160,637 |  |

| Other debtors | 16,344 |  | 9,739 |  |

1,748,301 |  | 1,065,769 |  |

8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Bank loans and overdrafts | 50,000 |  | 50,000 |  |

| Hire purchase contracts | 30,900 |  | 3,397 |  |

| Payments on account | 278,358 |  | 292,858 |  |

| Trade creditors | 591,703 |  | 369,692 |  |

| Amounts owed to group undertakings | 310,479 |  | 365,960 |  |

| Taxation and social security | 304,003 |  | 349,608 |  |

| Other creditors | 184,731 |  | 128,679 |  |

1,750,174 |  | 1,560,194 |  |

9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2024 | 2023 |

£ | £ |

| Bank loans | 20,833 |  | 70,833 |  |

| Hire purchase contracts | 63,974 |  | - |  |

84,807 |  | 70,833 |  |

INTERMARINE LIMITED (REGISTERED NUMBER: 03200735)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 DECEMBER 2024

10. | SECURED DEBTS

| The following secured debts are included within creditors:

2024 | 2023 |

£ | £ |

| Bank loans | 70,833 |  | 120,833 |  |

| Hire purchase contracts | 94,874 |  | 3,397 |  |

165,707 |  | 124,230 |  |

| Bank loans are secured by a debenture and guarantee agreement. Bank loans include £70,833 (2023: £120,833) borrowed under the Coronavirus Business Interruption Loan Scheme. The UK Government has provided the lender with a limited guarantee of up to 80% of the capital of the loan.

| Hire purchase contracts are secured over the assets acquired under the agreements.

11. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 9,816 | Ordinary A | £1 | 9,816 |  | 9,816 |  |

| 1 | Ordinary B | £1 | 1 |  | 1 |  |

9,817 |  | 9,817 |  |

12. | OTHER FINANCIAL COMMITMENTS

| Total future financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £34,575 (2023: £38,125).

| This amount is in relation to operating lease commitments which are payable over the next 2 years (2023: payable over the next 3 years).