Imap Export U.K. Limited

	Page
Balance Sheet	1
Notes to the Financial Statements	2—7

1. General Information

Imap Export U.K. Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09624474 . The registered office is 19 The Circle , Queen Elizabeth Street, London, SE1 2JE.

The company's principal activity continues to be that of holding company.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The financial statements are prepared in sterling which is the functional currency of the company.

2.2. Going Concern Disclosure

At the balance sheet date the company had net liabilities and it is dependent on the continued support of the parent company. The parent company has confirmed its support for a period of 12 months from the date of approval of the financial statements and will not seek repayment of its loan until such time as the company is in a position to do so. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3. Turnover

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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases

Plant & Machinery	20%
Fixtures & Fittings	10%
Office Equipment	30%

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

2.5. Investments

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

...CONTINUED

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Imap Export U.K. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.5. Investments - continued

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

2.6. Leasing and Hire Purchase Contracts

2.7. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.8. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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Imap Export U.K. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.9. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.10. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.11. Employee Benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock of fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.12. Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2.13. Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 30 (2023: 20)

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Imap Export U.K. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Tangible Assets

	Plant & Machinery	Fixtures & Fittings	Office Equipment	Total
	£	£	£	£
Cost
As at 1 January 2024	8,818	38,862	35,655	83,335
Additions	4,346	4,706	9,904	18,956

As at 31 December 2024	13,164	43,568	45,559	102,291

Depreciation
As at 1 January 2024	4,527	17,187	20,657	42,371
Provided during the period	1,483	2,609	6,590	10,682

As at 31 December 2024	6,010	19,796	27,247	53,053

Net Book Value
As at 31 December 2024	7,154	23,772	18,312	49,238

As at 1 January 2024	4,291	21,675	14,998	40,964

5. Investments

	Unlisted
	£
Cost
As at 1 January 2024	79,434

As at 31 December 2024	79,434

Provision
As at 1 January 2024	-

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	79,434

As at 1 January 2024	79,434

The investments are as follows:

100% of the ordinary shares of: Original Marines HK Limited, a company incorporated in Hong Kong.

6. Debtors

	2024	2023
	£	£
Due within one year
Prepayments and accrued income	1,125	-

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	5,423	-
Accruals and deferred income	11,400	9,500
Amounts owed to group undertaking	450,561	1,729,146

	467,384	1,738,646

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Imap Export U.K. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	78,696	78,696

	2024	2023	2024	2023
	Number	Number	£	£
EUR Ordinary shares of €1 each	41,000	41,000	28,696	28,696
GBP Ordinary shares of £1 each	50,000	50,000	50,000	50,000
Total	91,000	91,000	78,696	78,696

Both the EUR and GBP Ordinary shares rank pari-passu with each other in all respects.

9. Other Commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

	2024	2023
	£	£
Not later than one year	32,935	11,500
Later than one year and not later than five years	59,819	-

	92,754	11,500

10. Reserves

During the year, a loan from shareholder amounting to £1,208,007 was formally waived.

The company has treated the waiver as a capital contribution from the parent company, the amount credited directly to equity within a capital contribution reserve.

The balance at 31 December 2024 is £1,208,007 (2023: £nil)

11. Related Party Disclosures

Original Marines S.p.A.

Common control

A loan of £450,561 (2023: £1,729,146) between the two companies exists. The loan is interest free and repayable on demand.

12. Controlling Parties

The company's immediate and ultimate parent undertaking is Original Marines S.p.A. (incorporated in Italy). Its registered office is Interporto di Nola Lot. H Boscofangione - Italy .

Copies of the group accounts may be obtained from the company's registered office.

The ultimate controlling party is Original Marines S.p.A. who controls 100% of the shares of Imap Export U.K. Limited.

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Imap Export U.K. Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

13. Audit Information

The auditor's report on the accounts of Imap Export U.K. Limited for the year ended 31 December 2024 was unqualified.

The auditor's report was signed by Ahsan Miraj (Senior Statutory Auditor) for and on behalf of Bright Grahame Murray Chartered Accountants , Statutory Auditor.

Bright Grahame Murray Chartered Accountants

Emperor’s Gate

114a Cromwell Road

London

SW7 4AG

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		49,238		40,964
Investments	5		79,434		79,434

			128,672		120,398
CURRENT ASSETS
Debtors	6	1,125		-
Cash at bank and in hand		31,865		98,083

		32,990		98,083
Creditors: Amounts Falling Due Within One Year	7	(467,384 )		(1,738,646 )

NET CURRENT ASSETS (LIABILITIES)			(434,394 )		(1,640,563 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(305,722 )		(1,520,165 )

NET LIABILITIES			(305,722 )		(1,520,165 )

CAPITAL AND RESERVES
Called up share capital	8		78,696		78,696
Capital Contribution Reserve			1,208,007		-
Profit and Loss Account			(1,592,425 )		(1,598,861 )

SHAREHOLDERS' FUNDS			(305,722)		(1,520,165)