Company No: 03200735 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	4	148,971		190,417
Investments	5	2		2
		148,973		190,419
Current assets
Stocks		411,567		535,443
Debtors	6	790,821		1,748,301
Cash at bank and in hand		950,059		468,246
		2,152,447		2,751,990
Creditors: amounts falling due within one year	7	( 1,109,539)		( 1,750,174)
Net current assets		1,042,908		1,001,816
Total assets less current liabilities		1,191,881		1,192,235
Creditors: amounts falling due after more than one year	8	( 32,743)		( 84,807)
Provision for liabilities		( 36,314)		( 46,447)
Net assets		1,122,824		1,060,981
Capital and reserves
Called-up share capital	9	9,817		9,817
Capital redemption reserve		2,933		2,933
Profit and loss account		1,110,074		1,048,231
Total shareholders' funds		1,122,824		1,060,981

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Intermarine Limited (registered number: 03200735) were approved and authorised for issue by the Board of Directors on 18 September 2026. They were signed on its behalf by:

Scott Abbott Gaherty Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Intermarine Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Fleming Court Leigh Road, Eastleigh, Southampton, SO50 9PD, United Kingdom. The principal place of business is Unit 39, Romsey Industrial Estate, Greatbridge Road, Romsey, Hampshire, SO51 0HR.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	25 % reducing balance
Vehicles	4 years straight line
Office equipment	3 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in subsidiary undertakings are recognised at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	20		17

4. Tangible assets

	Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£
Cost
At 01 January 2025	191,123		265,838		81,743		538,704
Additions	5,500		0		8,978		14,478
At 31 December 2025	196,623		265,838		90,721		553,182
Accumulated depreciation
At 01 January 2025	159,637		118,400		70,250		348,287
Charge for the financial year	8,788		39,536		7,600		55,924
At 31 December 2025	168,425		157,936		77,850		404,211
Net book value
At 31 December 2025	28,198		107,902		12,871		148,971
At 31 December 2024	31,486		147,438		11,493		190,417

5. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 January 2025	2
At 31 December 2025	2
Carrying value at 31 December 2025	2
Carrying value at 31 December 2024	2

6. Debtors

	2025		2024
	£		£
Trade debtors	625,505		1,386,839
Amounts recoverable on contracts	142,622		345,118
Prepayments	22,694		16,344
	790,821		1,748,301

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	20,833		50,000
Trade creditors	280,689		591,702
Amounts owed to Group undertakings	308,753		310,479
Taxation and social security	187,693		304,003
Payments received on account	166,644		278,358
Obligations under finance leases and hire purchase contracts (secured)	32,567		30,900
Other creditors	112,360		184,732
	1,109,539		1,750,174

Bank loans are secured by a debenture and guarantee agreement. Bank Loans include £20,833 (2024: £50,833) borrowed under the Coronavirus Business Interruption Loan Scheme. The UK Government has provided the lender with a guarantee of up to 80% of the capital of the loan.

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

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans (secured)	0		20,833
Obligations under finance leases and hire purchase contracts (secured)	32,743		63,974
	32,743		84,807

Bank loans are secured by a debenture and guarantee agreement. Bank Loans include £nil (2024: £20,833) borrowed under the Coronavirus Business Interruption Loan Scheme. The UK Government has provided the lender with a guarantee of up to 80% of the capital of the loan.

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

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
9,816 A ordinary shares of £ 1.00 each	9,816		9,816
1 B ordinary share of £ 1.00	1		1
	9,817		9,817

10. Financial commitments

Other financial commitments

	2025		2024
	£		£
Total future commitments, guarantees and contingencies which are not included in the balance sheet amount to	11,525		34,575

This amount is in relation to operating lease commitments which are payable over the next year (2024: payable over the next 2 years).