Company Information
Contents
Strategic report
for the year ended 31 December 2024
The directors present the Strategic report of Clipper Marine Limited ('the company') for the year ended 31 December 2024.
The principal activity for the business is boat sales for both new and used boats, brokerage, along with service, spare parts, and maintenance of customers boats. We are appointed distributor for Bavaria Yachts, Greenline Yachts, Bali and Regal for the UK markets and Bavaria and Nautitech for Spain and Regal for the Balearics.
The year has presented some challenging market conditions with financing costs remaining high for the retail market and stock funding, additional pressure is being felt from high inflation and overall market confidence. Although the British and Spanish markets are different, they have both reacted similarly to world economic climate change. We have increased efforts into service and the brokerage sector where performance is steadily increasing with a significant increase possible, these activities also assist with building our customer base and will have a positive influence on new boat sales.
This year we have seen the launch of two new models which have received positive market feedback and in the later part of the year added Regal to our portfolio for the Spanish market and positioned us well for future demand.
This year we have seen the launch of two new models which have received positive market feedback and in the later part of the year added Regal to our portfolio for the Spanish market and positioned us well for future demand.
The management and growth of the company are subject to several risks related to general sales. The management and owners review these risks on a regular basis and can adapt the business and marketing strategy according to results of these changes. The continued slowdown in the global economy presents a significant risk for the forthcoming year. Economic uncertainty can reduce consumer spending on luxury items, under which sector we qualify. However, we do foresee that brokerage sales and second-hand boats, will continue to maintain a strong presence in the sales segment.
Currency Exchange Risks: Our products are purchased in Euros and USD for some UK products, exposing us to exchange rate fluctuations. However, we mitigate these risks by carefully managing forward currency contracts and adjusting our pricing to reflect changing rates.
Cost Efficiency: Several cost-saving measures, including with further automation and process optimisation being considered to further improve processes and supply chain management, which we hope to see a reduction in costs and improved margins.
Consumer interest rates and market confidence continue to generate difficult head winds a slowing property market is also of concern as this has historically been a source of funds being released.
With the above in mind will continue to look at potential growth areas and brands to gain market share, brokerage and service continue to perform well with steadily increasing values.
Currency Exchange Risks: Our products are purchased in Euros and USD for some UK products, exposing us to exchange rate fluctuations. However, we mitigate these risks by carefully managing forward currency contracts and adjusting our pricing to reflect changing rates.
Cost Efficiency: Several cost-saving measures, including with further automation and process optimisation being considered to further improve processes and supply chain management, which we hope to see a reduction in costs and improved margins.
Consumer interest rates and market confidence continue to generate difficult head winds a slowing property market is also of concern as this has historically been a source of funds being released.
With the above in mind will continue to look at potential growth areas and brands to gain market share, brokerage and service continue to perform well with steadily increasing values.
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Strategic report (continued)
for the year ended 31 December 2024
Sales performance against forecasted targets is our key indicator for the business and these forecasts are reactive to market changes and market conditions.
This report was approved by the board on 30 September 2025 and signed on its behalf by:
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Directors' report
for the year ended 31 December 2024
The directors present their report and the financial statements for the company for the year ended 31 December 2024.
The loss for the year, after taxation, amounted to £368,679 (2023 - profit £637,572).
During the year, dividends totalling £Nil were declared and paid (2023 - £300,000).
The directors who served during the year were:
The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
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;
∙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 2006. They 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.
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Directors' report (continued)
for the year ended 31 December 2024
Based on our reputation and success we have had with our brands; we shall be looking into continued marketing of our brands with the intention of increasing our turnover especially with the continued dealership appointment for Bali and Regal brands. These will put us in a stronger position in the multi hull category and open top boats too. We will continue maintaining a strong presence in boat shows both in the UK and Europe.
This coming year will shall be investing further in human resources, by restructuring our present administration setup and provide our sales brokerage team with specialist training on sales techniques.
This coming year will shall be investing further in human resources, by restructuring our present administration setup and provide our sales brokerage team with specialist training on sales techniques.
The company has chosen in accordance with s.414C(ll) Companies Act 2006 to set out in the company's Strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the Directors' report. It has done so in respect of discussion of the company's principal activity and principal risks and uncertainties.
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
This report was approved by the board on 30 September 2025 and signed on its behalf by:
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Independent auditor's report to the members of Clipper Marine Limited
for the year ended 31 December 2024
We have audited the financial statements of Clipper Marine Limited ('the company') for the year ended 31 December 2024, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 United Kingdom, including the Financial Reporting Council'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.
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.
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. 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.
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Independent auditor's report to the members of Clipper Marine Limited (continued)
for the year ended 31 December 2024
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the 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 Strategic report or the Directors' report.
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.
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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Independent auditor's report to the members of Clipper Marine Limited (continued)
for the year ended 31 December 2024
Auditor's responsibilities for the audit of the financial statements (continued)
How the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the Senior Statutory Auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we made enquires of management as to where they considered there was susceptability to fraud, and their knowledge of actual, suspected and alleged fraud;
∙we identified the laws and regulations that could reasonably be expected to have a material effect on the financial statements of the company through discussions with directors and other management at the planning stage;
∙the audit team held a discussion to identify any particular areas that were considered to be susceptible to misstatement, including with respect to fraud and non-compliance with laws and regulations; and
∙we focused our planned audit work on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company including the Companies Act 2006, and taxation legislation.
We assessed the extent of compliance with the laws and regulations identified above through:
∙making enquiries of management;
∙inspecting legal expenditure and correspondence throughout the year for any potential litigation or claims; and
∙considering the internal controls in place that are designed to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙determined the susceptibility of the company to management override of controls by checking the implementation of controls and enquiring of individuals involved in the financial reporting process;
∙performed analytical procedures to identify any large, unusual or unexpected transactions and investigated any large variances from the prior period;
∙reviewed journal entries throughout the year to identify unusual transactions;
∙reviewed accounting estimates and evaluated where judgements or decisions made by management indicated bias on the part of the company's management;
∙tested the occurrence and cut-off of turnover through vouching sales to supporting documentation; and
∙carried out substantive testing to check the occurrence and cut-off of expenditure.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation; and
∙enquiring of management as to actual and potential litigation and claims.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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Independent auditor's report to the members of Clipper Marine Limited (continued)
for the year ended 31 December 2024
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.
for and on behalf of
Statutory Auditor
130 Wood Street
EC2V 6DL
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Statement of income and retained earnings
for the year ended 31 December 2024
Page 9
Statement of financial position
as at 31 December 2024
The financial statements were approved and authorised for issue by the board on 30 September 2025 and were signed on its behalf by:
The notes on pages 11 to 21 form part of these financial statements.
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Notes to the financial statements
for the year ended 31 December 2024
The company is a private company limited by shares and incorporated in England and Wales. Its registered office is 84 Grosvenor Street, London, W1K 3JZ. Its principal place of business is Swanwick Marina, Swanwick, Southampton, Hampshire, SO31 1ZL. The registered number is 05837682.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') 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 (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102:
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Hilco London Limited as at 28 December 2024 and these financial statements may be obtained from Companies House.
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Notes to the financial statements
for the year ended 31 December 2024
2.Accounting policies (continued)
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:
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.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
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Notes to the financial statements
for the year ended 31 December 2024
2.Accounting policies (continued)
The company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration
expected to be paid or received.
Financial assets that are measured at 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
profit or loss.
financial assets and liabilities like trade and other debtors and creditors and loans to related parties.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration
expected to be paid or received.
Financial assets that are measured at 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
profit or loss.
Functional and presentation currency
Transactions and balances
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Notes to the financial statements
for the year ended 31 December 2024
2.Accounting policies (continued)
assumptions that affect the amounts reported for assets and liabilities as at the year end date and the amounts
reported for revenues and expenses during the year. However, the nature of estimation means that actual
outcomes could differ from those estimates.
The directors do not consider that there were any significant areas of estimation uncertainty or application of
judgement.
The whole of the turnover is attributable to the principal activity.
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Notes to the financial statements
for the year ended 31 December 2024
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Notes to the financial statements
for the year ended 31 December 2024
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Notes to the financial statements
for the year ended 31 December 2024
10.Taxation (continued)
There are no factors that may affect future tax charges.
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Notes to the financial statements
for the year ended 31 December 2024
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Notes to the financial statements
for the year ended 31 December 2024
Page 19
Notes to the financial statements
for the year ended 31 December 2024
Profit and loss account
The company had no contingent liabilities at 31 December 2024 or 31 December 2023.
The company had no capital commitments at 31 December 2024 or 31 December 2023.
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Notes to the financial statements
for the year ended 31 December 2024
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from
those of the company in independently administered funds. The pension cost charge represents contributions
payable by the company to the fund and amounted to £21,271 (2023 - £17,683). Contributions totalling £4,383
(2023 - £nil) were payable to the fund at the reporting date and are included in creditors.
those of the company in independently administered funds. The pension cost charge represents contributions
payable by the company to the fund and amounted to £21,271 (2023 - £17,683). Contributions totalling £
(2023 - £nil) were payable to the fund at the reporting date and are included in creditors.
The company has taken advantage of the exemption in Section 33.1A of FRS 102 and has not disclosed
transactions with its wholly owned subsidiaries.
During the year, the company made advances totalling £Nil (2023 - £Nil) toa director of the company . The amount repaid in the year was £11,127 (2023 - £7,744). During the year, the highest amount owed to the company from a director was £6,890 (2023 - £13,540) . At 31 December 2024, the total amount due to the director was £2,606 (2023 - due to company £7,700 ). This has been included within other creditors (2023 - other debtors).
During the year ended 31 December 2024 an amount due from a subsidiary of the company of £493,176 was written off.
transactions with its wholly owned subsidiaries.
During the year, the company made advances totalling £Nil (2023 - £Nil) to
During the year ended 31 December 2024 an amount due from a subsidiary of the company of £493,176 was written off.
The immediate parent undertaking of the company is Hilco Commercial Limited, a company registered in England and Wales with the same registered office as the company. The smallest group of undertakings for which consolidated group accounts, which include the company, have been drawn up is headed by Hilco London Limited.
The largest group of undertakings, at the reporting date, for which consolidated accounts have been drawn up is headed by Hilco Trading LLC, a company incorporated in the United States of America. In the opinion of the directors, there is no ultimate controlling party.
The largest group of undertakings, at the reporting date, for which consolidated accounts have been drawn up is headed by Hilco Trading LLC, a company incorporated in the United States of America. In the opinion of the directors, there is no ultimate controlling party.
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