REGISTERED NUMBER: 03200735 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

INTERMARINE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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)

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.

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

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.

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

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

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).